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Registered number: 01849424










Holmbury Limited










Annual report and financial statements

For the year ended 29 February 2024

 
Holmbury Limited
 

Company Information


Directors
D French 
J G French 




Company secretary
P M French



Registered number
01849424



Registered office
Premier House
1 Vale Rise

Tonbridge

Kent

TN9 1TB




Independent auditors
Kreston Reeves LLP
Statutory Auditor & Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU





 
Holmbury Limited
 

Contents



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Notes to the financial statements
 
15 - 36


 
Holmbury Limited
 

Group strategic report
For the year ended 29 February 2024

Introduction
 
The directors present their strategic report of the company and the group for the year ended 29th February 2024.

Business review
 
The principal activity of the group remains the design and distribution of hydraulic components.
Holmbury group operates internationally, Holmbury Inc has extensive sales within the USA and a high proportion of Holmbury Ltd's sales are to customers outside of the UK.

Principal risks and uncertainties
 
The directors constantly review the market and the business to ensure that trading risk is minimised.
The group has some exposure to foreign exchange risk, which it manages through various means in the international currency markets. As well as these measures, Holmbury Inc's sales are predominatly invoiced in US Dollars. This in turn provides a natural hedge against any group purchases invoiced in US Dollars.
The group holds significant cash balances, a high proportion of which are invested through a variety of short-term investments.
The group would normally look at bank loans when financing longer term projects. However, its financial strength meant that in the 2024 financial year, Holmbury Ltd made early settlement of its remaining bank loan, which had been in place for some ten years to help finance the purchase of its UK offices and warehouse at Tonbridge. The Tonbridge property is now totally debt free.
Holmbury Ltd has taken a lot of steps to mitigate the effects of Brexit. These include establishing a warehouse facility in The Netherlands, these measure has allowed Holmbury Ltd to continue its strong European sales and enjoy an excellent reputation for performance with its European customers.

Performance during the year and post year end
 
The company has enjoyed an excellent year, its key customers have all reported very favourably on Holmbury's performance, which is reflected within the sales figures reported as financial key performance indicators below.
The group prepares internal sales and profit forecasts. These show that the group is expecting to enjoy another very healthy year to end February 2025.
Taking account of Holmbury Inc's USA sales, group turnover is now predominantly outside of the UK. The group's directors regard this as a very important factor, as it provides a hedge against a downturn in a single market.
Looking at events post the 29th February 2024 year end, there is nothing of significance to report nor is the group currently engaged in any R&D projects. Sales continue to hold up well and Directors are confident that group is well placed for future success.
Financial key performance indicators
The key financial indicators contained within these accounts are:
Group turnover for the year was £14,202,142 (2023 : £15,415,576), a decrease of 7.9%
Group profit after tax for the year was £956,707 (2023 : £1,411,410), a decrease of 32.2%
Group net assets at year end was £7,358,144 (2023 : £6,940,026), an increase of 6.02%

Page 1

 
Holmbury Limited
 

Group strategic report (continued)
For the year ended 29 February 2024

Other key performance indicators
 
The group values its employees very highly and makes all reasonable efforts to ensure their well-being and career progression.
Understanding the needs of our customers is the utmost importance to the group. The group does so through various channels, not only through its sales force but also constant development of its websites and various advertising channels.
The group is well aware of environmental and social issues and continues to make every effort to manage these.


This report was approved by the board and signed on its behalf.



J G French
Director
Date: 18 September 2024

Page 2

 
Holmbury Limited
 

 
Directors' report
For the year ended 29 February 2024

The directors present their report and the financial statements for the year ended 29 February 2024.

Principal activity

The principal activity of the group in the year under review was that of the design and distribution of hydraulic components.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £816,154 (2023 - £1,252,493).

Holmbury Limited paid dividends of £380,899 during the year (2023: £280,899). 
The group paid gross dividends of £62,048 to Matt Mulder during the year (2023: Nil), due to his minority shareholding in Holmbury US Holdings Limited. 

Research and development activities

Items required to be disclosed in relation to research and development are set out in the strategic report.

Future developments

Items required to be disclosed in relation to future development are set out in the strategic report.

Directors

The directors who served during the year were:

D French 
J G French 

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
Holmbury Limited
 

 
Directors' report (continued)
For the year ended 29 February 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Kreston Reeves LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





J G French
Director
Date: 18 September 2024

Page 4

 
Holmbury Limited
 

 
Independent auditors' report to the members of Holmbury Limited
 

Opinion


We have audited the financial statements of Holmbury Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 29 February 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 February 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
Holmbury Limited
 

 
Independent auditors' report to the members of Holmbury Limited (continued)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
Holmbury Limited
 

 
Independent auditors' report to the members of Holmbury Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety and employment law. We considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and taxation legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure. Audit procedures performed by the engagement team included: 
 
Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud; and
Checking the reconciliation of key control accounts; and
Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and
Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and
Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation; and
Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
 
Page 7

 
Holmbury Limited
 

 
Independent auditors' report to the members of Holmbury Limited (continued)


Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statementsWe are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Tracey Becker (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Statutory Auditor
Chartered Accountants
Canterbury

19 September 2024
Page 8

 
Holmbury Limited
 

Consolidated statement of comprehensive income
For the year ended 29 February 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,202,142
15,415,576

Cost of sales
  
(9,170,755)
(9,917,089)

Gross profit
  
5,031,387
5,498,487

Administrative expenses
  
(3,657,023)
(3,660,105)

Operating profit
 5 
1,374,364
1,838,382

Interest receivable and similar income
 8 
25,391
1,686

Interest payable and similar expenses
 9 
(15,588)
(27,627)

Profit before taxation
  
1,384,167
1,812,441

Tax on profit
 10 
(427,460)
(401,031)

Profit for the financial year
  
956,707
1,411,410

  

Currency translation differences
  
(95,642)
162,367

Other comprehensive income for the year
  
(95,642)
162,367

Profit for the year attributable to:
  

Non-controlling interests
  
140,553
158,917

Owners of the parent Company
  
816,154
1,252,493

  
956,707
1,411,410

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
720,512
1,414,860

Non-controlling interest
  
140,553
158,917

  
861,065
1,573,777

The notes on pages 15 to 36 form part of these financial statements.

Page 9

 
Holmbury Limited
Registered number: 01849424

Consolidated balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,175,161
1,046,494

  
1,175,161
1,046,494

Current assets
  

Stocks
 15 
3,777,806
3,630,206

Debtors
 16 
2,438,782
2,704,070

Cash at bank and in hand
 17 
2,206,358
1,472,895

  
8,422,946
7,807,171

Creditors: amounts falling due within one year
 18 
(1,952,797)
(1,638,309)

Net current assets
  
 
 
6,470,149
 
 
6,168,862

Total assets less current liabilities
  
7,645,310
7,215,356

Creditors: amounts falling due after more than one year
  
(100,363)
(202,511)

Provisions for liabilities
  

Deferred taxation
 21 
(186,803)
(72,819)

  
 
 
(186,803)
 
 
(72,819)

Net assets
  
7,358,144
6,940,026


Capital and reserves
  

Called up share capital 
 22 
200
200

Profit and loss account
  
6,605,315
6,237,318

Equity attributable to owners of the parent Company
  
6,605,515
6,237,518

Non-controlling interests
  
752,629
702,508

  
7,358,144
6,940,026


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J G French
Director
Date: 18 September 2024

The notes on pages 15 to 36 form part of these financial statements.

Page 10

 
Holmbury Limited
Registered number: 01849424

Company balance sheet
As at 29 February 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
1,098,709
1,034,643

Investments
 14 
692
792

  
1,099,401
1,035,435

Current assets
  

Stocks
 15 
2,142,540
1,819,594

Debtors: amounts falling due within one year
 16 
1,270,913
1,393,927

Cash at bank and in hand
 17 
1,092,525
954,185

  
4,505,978
4,167,706

Creditors: amounts falling due within one year
 18 
(1,005,691)
(847,368)

Net current assets
  
 
 
3,500,287
 
 
3,320,338

Total assets less current liabilities
  
4,599,688
4,355,773

  

Creditors: amounts falling due after more than one year
  
(100,363)
(202,511)

Provisions for liabilities
  

Deferred taxation
 21 
(186,803)
(72,819)

  
 
 
(186,803)
 
 
(72,819)

Net assets excluding pension asset
  
4,312,522
4,080,443

Net assets
  
4,312,522
4,080,443


Capital and reserves
  

Called up share capital 
 22 
200
200

Profit and loss account brought forward
  
4,080,243
3,596,410

Profit for the year
  
612,978
764,732

Other changes in the profit and loss account

  

(380,899)
(280,899)

Profit and loss account carried forward
  
4,312,322
4,080,243

  
4,312,522
4,080,443


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J G French
Director
Date: 18 September 2024

The notes on pages 15 to 36 form part of these financial statements.

Page 11

 

 
Holmbury Limited


 

Consolidated statement of changes in equity
For the year ended 29 February 2024



Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£



At 1 March 2022
200
5,103,357
5,103,557
490,855
5,594,412



Comprehensive income for the year


Profit for the year
-
1,252,493
1,252,493
158,917
1,411,410


Functional Currency translation differences
-
162,367
162,367
52,736
215,103


Dividends
-
(280,899)
(280,899)
-
(280,899)





At 1 March 2023
200
6,237,318
6,237,518
702,508
6,940,026





Profit for the year
-
816,154
816,154
140,553
956,707


Currency translation differences
-
(67,258)
(67,258)
(28,384)
(95,642)


Dividends
-
(380,899)
(380,899)
(62,048)
(442,947)



At 29 February 2024
200
6,605,315
6,605,515
752,629
7,358,144



The notes on pages 15 to 36 form part of these financial statements.

Page 12

 
Holmbury Limited
 

Company statement of changes in equity
For the year ended 29 February 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 March 2022
200
3,596,410
3,596,610



Profit for the year
-
764,732
764,732

Dividends
-
(280,899)
(280,899)



At 1 March 2023
200
4,080,243
4,080,443


Comprehensive income for the year

Profit for the year
-
612,978
612,978

Dividends
-
(380,899)
(380,899)


At 29 February 2024
200
4,312,322
4,312,522


The notes on pages 15 to 36 form part of these financial statements.

Page 13

 
Holmbury Limited
 

Consolidated statement of cash flows
For the year ended 29 February 2024

29 February
28 February
2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
956,707
1,411,410

Adjustments for:

Depreciation of tangible assets
116,781
95,121

Loss on disposal of tangible assets
(22,874)
-

Interest paid
15,588
27,627

Interest received
(25,391)
(1,686)

Taxation charge
(427,460)
(393,246)

(Increase)/decrease in stocks
(147,600)
938,084

Decrease/(increase) in debtors
265,288
(149,240)

Increase/(decrease) in creditors
779,971
(1,828,919)

Corporation tax paid
457,190
401,031

Foreign exchange gains/losses
(95,642)
213,846

Net cash generated from operating activities

1,872,558
714,028


Cash flows from investing activities

Purchase of intangible fixed assets
-
(65,338)

Purchase of tangible fixed assets
(287,142)
-

Sale of tangible fixed assets
63,695
-

Interest received
25,391
1,686

Net cash from investing activities

(198,056)
(63,652)

Cash flows from financing activities

Repayment of loans
(237,789)
-

Dividends paid
(380,899)
(280,899)

Interest paid
(15,588)
(27,627)

Dividends paid to non-controlling interests
(62,048)
-

Foreign exchange gains/losses
873
-

Net cash used in financing activities
(695,451)
(308,526)

Net increase in cash and cash equivalents
979,051
341,850

Cash and cash equivalents at beginning of year
1,227,307
885,457

Cash and cash equivalents at the end of year
2,206,358
1,227,307


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,206,358
1,472,895

Bank overdrafts
-
(245,588)

2,206,358
1,227,307


Page 14

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

1.


General information

Holmbury Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The presentational currency of the financial statement is the pound sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 15

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Straight line over 75 years. Land nil.
Motor vehicles
-
25%
on reducing balance
Fixtures and fittings
-
20%
on reducing balance
Other fixed assets
-
10%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 16

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.10

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
 
Page 17

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
 
Page 18

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)


If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 19

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 20

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.15

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.16

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.18

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 21

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

2.Accounting policies (continued)

 
2.20

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 22

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgements, estimates and
assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
The nature of estimation is such though that actual outcomes could differ significantly from those
estimates.
The following are the group's key sources of estimation uncetainty:
Tangible fixed assets
The group has recognised tangible fixed assets with a carrying value of £1,175,161 at the reporting date (see note 13). These assets are stated at their cost less provision for depreciation and impairment. The group’s accounting policy sets out the approach to calculating depreciation for immaterial assets acquired. For material assets such as land and buildings the group determines at acquisition reliable estimates for the useful life of the asset, its residual value and decommissioning costs. These estimates are based upon such factors as the expected use of the acquired asset and market conditions. At subsequent reporting dates the directors consider whether there are any factors such as technological advancements or changes in market conditions that indicate a need to reconsider the estimates used.
Where there are indicators that the carrying value of tangible assets may be impaired the group undertakes tests to determine the recoverable amount of assets. These tests require estimates of the fair value of assets less cost to sell and of their value in use. Wherever possible the estimate of the fair value of assets is based upon observable market prices less incremental cost for disposing of the asset. The value in use calculation is based upon a discounted cash flow model, based upon the group’s forecasts for the foreseeable future which do not include any restructuring activities that the group is not yet committed to or significant future investments that will enhance the asset’s performance. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as expected future cash flows and the growth rate used for extrapolation purposes.


4.


Turnover

The turnover and profit before taxation are attributable to the once principal activity of the group.
All turnover relates to the sale of goods, including freight charges.
The directors have chosen not to disclose the group's turnover by geographical markets as it considers such information to be commercially sensitive and could be seriously prejudicial to the interest of the group.


An analysis of turnover by class of business is as follows:


2024
2023
£
£

Product sales
14,202,142
15,415,576

14,202,142
15,415,576


Page 23

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Auditors' Remuneration
26,625
21,250

Exchange differences
51,152
54,786

Other operating lease rentals
110,153
103,833

Depreciation
116,781
95,439


6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Wages and salaries
2,140,552
2,314,259
866,057
898,969

Social security costs
361,714
149,748
104,861
93,952

Cost of defined contribution scheme
49,882
47,928
49,882
47,928

2,552,148
2,511,935
1,020,800
1,040,849


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Administration
24
25
15
16



Warehouse
6
6
4
4

30
31
19
20

Page 24

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
332,073
218,728

Group contributions to defined contribution pension schemes
25,000
25,000

357,073
243,728


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received total remuneration of £242,120 (2023 - £150,272).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £25,000 (2023 - £25,000).

The total accrued pension provision of the highest paid director at 29 February 2024 amounted to £10,000 (2023 - £10,000).


8.


Interest receivable

2024
2023
£
£


Other interest receivable
25,391
1,686

25,391
1,686


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
2,893
27,627

Finance leases and hire purchase contracts
12,695
-

15,588
27,627

Page 25

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
304,046
397,407


304,046
397,407

Foreign tax


Foreign tax on income for the year
9,430
-

9,430
-

Total current tax
313,476
397,407

Deferred tax


Origination and reversal of timing differences
113,984
3,624

Total deferred tax
113,984
3,624


Tax on profit
427,460
401,031

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the effective rate of corporation tax in the UK of 24.49% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,384,167
1,812,441


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24.49% (2023 - 19%)
339,007
344,364

Effects of:


Origination and reversal of timing differences not recognised
113,984
3,624

Expenses not deductible for tax purposes
27,640
19,411

Capital allowances for year in excess of depreciation
(17,552)
(23,159)

Profit not taxed in UK
(114,096)
(165,010)

US corporation tax
122,124
221,801

Other differences leading to an increase (decrease) in the tax charge
(43,647)
-

Total tax charge for the year
427,460
401,031





Page 26

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

11.


Dividends

29 February
28 February
2024
2023
£
£


Dividends
380,899
280,899

380,899
280,899

The group also paid gross dividends of £62,048 to Matt Mulder during the year (2023: Nil), due to his minority shareholding in Holmbury US Holdings Limited. 


12.


Intangible assets

Group







Goodwill

£



Cost


At 1 March 2023
270,054



At 29 February 2024

270,054



Amortisation


At 1 March 2023
270,054



At 29 February 2024

270,054



Net book value



At 29 February 2024
-



At 28 February 2023
-



Page 27

 


 
Holmbury Limited


 

 
Notes to the financial statements
For the year ended 29 February 2024


13.


Tangible fixed assets


Group










Freehold property
Motor vehicles
Fixtures and fittings
Improvements  to property
Total

£
£
£
£
£



Cost or valuation


At 1 March 2023
731,096
351,808
452,383
150,590
1,685,877


Additions
-
217,538
54,698
14,906
287,142


Disposals
-
(120,340)
-
-
(120,340)


Exchange adjustments
-
-
(1,148)
-
(1,148)



At 29 February 2024

731,096
449,006
505,933
165,496
1,851,531



Depreciation


At 1 March 2023
62,600
208,677
291,058
77,048
639,383


Charge for the year on owned assets
6,829
68,573
33,788
7,591
116,781


Disposals
-
(79,519)
-
-
(79,519)


Exchange adjustments
-
-
(275)
-
(275)



At 29 February 2024

69,429
197,731
324,571
84,639
676,370



Net book value



At 29 February 2024
661,667
251,275
181,362
80,857
1,175,161



At 28 February 2023
668,496
143,131
161,325
73,542
1,046,494

Page 28

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

           13.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


29 February
28 February
2024
2023
£
£



Motor vehicles
96,824
-

96,824
-

Page 29

 


 
Holmbury Limited


 

 
Notes to the financial statements
For the year ended 29 February 2024

           13.Tangible fixed assets (continued)



Company











Freehold property
Motor vehicles
Fixtures and fittings
Improvement to property
Total

£
£
£
£
£

Cost or valuation


At 1 March 2023
731,096
351,808
434,393
150,590
1,667,887


Additions
-
217,538
-
-
217,538


Disposals
-
(120,340)
-
-
(120,340)



At 29 February 2024

731,096
449,006
434,393
150,590
1,765,085



Depreciation


At 1 March 2023
62,600
208,677
284,919
77,048
633,244


Charge for the year on owned assets
6,829
68,573
29,895
7,354
112,651


Disposals
-
(79,519)
-
-
(79,519)



At 29 February 2024

69,429
197,731
314,814
84,402
666,376



Net book value



At 29 February 2024
661,667
251,275
119,579
66,188
1,098,709



At 28 February 2023
668,496
143,131
149,474
73,542
1,034,643






Page 30

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

14.


Fixed asset investments

Company








Investments in subsidiary companies

£



Cost or valuation


At 1 March 2023
792


Disposals
(100)



At 29 February 2024
692





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Holding

Holmbury US Holdings Ltd
Premier House, 1 Vale Rise, Tonbridge, Kent, TN9, 1TB
75.44%

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Holmbury US Holdings Ltd
910
-


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Holding

Holmbury Inc*
Curtis Centre, 33801 Curtis Blvd., Suite 104, Eastlake, Ohio, 44095, United States of America
75.44%

Page 31

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024
Indirect subsidiary undertaking (continued)

The aggregate of the share capital and reserves as at 29 February 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Holmbury Inc*
3,045,625
534,325

*The company is a 100% owned subsidiary of Holmbury US Holdings Ltd. 


15.


Stocks

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Stock and goods in transit
3,893,752
3,690,321
2,212,634
1,832,391

Stock Provision
(115,946)
(60,115)
(70,094)
(12,797)

3,777,806
3,630,206
2,142,540
1,819,594




Page 32

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

16.


Debtors

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£


Trade debtors
2,156,601
2,562,005
1,184,731
1,315,257

Amounts owed by group undertakings
-
-
64
-

Other debtors
178,714
29,592
7,490
2,125

Prepayments and accrued income
103,467
112,473
78,628
76,545

2,438,782
2,704,070
1,270,913
1,393,927



17.


Cash and cash equivalents

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,206,358
1,472,895
1,092,525
954,185

Less: bank overdrafts
-
(245,588)
-
-

2,206,358
1,227,307
1,092,525
954,185



18.


Creditors: Amounts falling due within one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
-
245,588
-
-

Bank loans
-
35,278
-
35,278

Trade creditors
828,074
788,998
645,136
370,859

Corporation tax
91,352
175,606
91,352
175,606

Other taxation and social security
184,649
208,109
184,649
208,109

Obligations under finance lease and hire purchase contracts
9,920
-
9,920
-

Other creditors
647,664
2,001
4,833
2,001

Accruals and deferred income
191,138
182,729
69,801
55,515

1,952,797
1,638,309
1,005,691
847,368


Page 33

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

19.


Creditors: Amounts falling due after more than one year

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Bank loans
-
202,511
-
202,511

Net obligations under finance leases and hire purchase contracts
100,363
-
100,363
-

100,363
202,511
100,363
202,511





20.


Loans


Analysis of the maturity of loans is given below:


Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
-
35,278
-
35,278


-
35,278
-
35,278


Amounts falling due 2-5 years

Bank loans
-
202,511
-
202,511


-
202,511
-
202,511


-
237,789
-
237,789



21.


Deferred taxation


Group



2024


£






At beginning of year
(72,819)


Utilised in year
(113,984)



At end of year
(186,803)

Page 34

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024
 
21.Deferred taxation (continued)

Group
29 February
Group
28 February
Company
29 February
Company
28 February
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(186,803)
(72,819)
(186,803)
(72,819)

(186,803)
(72,819)
(186,803)
(72,819)


22.


Share capital

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £1.00 each
200
200


23.


Analysis of net debt





At 1 March 2023
Cash flows
New finance leases
At 29 February 2024
£

£

£

£

Cash at bank and in hand

1,472,895

733,463

-

2,206,358

Bank overdrafts

(245,588)

245,588

-

-

Debt due after 1 year

(202,511)

202,511

-

-

Debt due within 1 year

(35,278)

35,278

-

-

Finance leases

-

18,816

(129,099)

(110,283)


989,518
1,235,656
(129,099)
2,096,075


24.


Commitments under operating leases

At 29 February 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group

29 February
Group
As restated
28 February
2024
2023
£
£

Not later than 1 year
97,035
87,633

Later than 1 year and not later than 5 years
295,083
245,442

Later than 5 years
126,504
-

518,622
333,075
Page 35

 
Holmbury Limited
 

 
Notes to the financial statements
For the year ended 29 February 2024

25.


Related party transactions

Key management personnel include the Directors and Matt Mulder, the President and CEO of Holmbury Inc. Total key management personnel compensation was £948,126 (2023: £807,685).
Due to Holmbury US Holdings not being a 100% owned subsidiary of Holmbury Limited all of the intercompany transactions are to be disclosed as follows: 
During the year Holmbury Limited made sales of £7,577 to Holmbury Inc (2023: £6,462). Holmbury limited received management charges of £139,959 from Holmbury Inc (2023: £143,926). Holmbury Inc made sales of £747 to Holmbury Limited (2023: £Nil). Holmbury Inc paid a dividend to Holmbury US Holdings of £178,211, who in turn paid this same amount to Holmbury Limited (2023: £Nil). 
The group paid gross dividends of £62,048 to Matt Mulder during the year (2023: Nil), due to his minority shareholding in Holmbury US Holdings Limited. 


Page 36