REGISTERED NUMBER: |
Bulk Hardware Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
REGISTERED NUMBER: |
Bulk Hardware Limited |
Strategic Report, Report of the Directors and |
Audited Financial Statements for the Year Ended 31 December 2023 |
Bulk Hardware Limited (Registered number: 01177960) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
Bulk Hardware Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Accountants and Business Advisers |
& Statutory Auditor |
One New Street |
Wells |
Somerset |
BA5 2LA |
Bulk Hardware Limited (Registered number: 01177960) |
Strategic Report |
for the year ended 31 December 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY AND REVIEW OF BUSINESS |
The principal activity of the company is that of packaging and selling of hardware products. There were no significant changes therein. |
The key financial highlights are as follows based on the non-complex nature of the business: |
2023 | 2022 | 2021 |
Turnover Growth | (17%) | (15%) | 4% |
Net Asset Value (£ ) | 3369 | 3765 | 4009 |
In line with the size and non-complex nature of the company the directors are content that given the current economic climate the company has produced results which are in line with their expectations. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The directors are watchful of the risks that exist in the day-to-day operations. In the opinion of the directors they have established review systems which, under normal conditions, should allow these risks to be mitigated to an acceptable level. |
FUTURE DEVELOPMENTS |
Looking forward, the company remains focused to uphold its high level of service for its valued customers. The current inflation and interest rate levels are not of any significant risk to the company, although the directors recognise the potential implications stemming from any potential changes in the future. |
ON BEHALF OF THE BOARD: |
Bulk Hardware Limited (Registered number: 01177960) |
Report of the Directors |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
Interim dividends per share were paid during the year as follows: |
Ordinary B 1p | - | £ |
Ordinary C 1p | - | £ |
Ordinary D 1p | - | £220.425 |
Ordinary E 1p | - | £1137.50 |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Bulk Hardware Limited (Registered number: 01177960) |
Report of the Directors |
for the year ended 31 December 2023 |
AUDITORS |
The auditors, Webb & Co Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Bulk Hardware Limited |
Qualified opinion |
We have audited the financial statements of Bulk Hardware Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements: |
- give a true and fair view of the state of the company’s affairs as at 31 December 2023 and of the company’s |
loss 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 qualified opinion |
The introduction of a new advanced computerised stock system resulted in numerous errors on stock quantities and values. Whilst steps have been taken to resolve these issues, as of the date of our report, management were still in the process of rectifying the system deficiencies and correcting the errors. We were unable to satisfy ourselves by alternative means concerning the stock quantities of £3.03 million held on 31 December 2023. |
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 qualified 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our 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. In connection with our audit of the financial statements, 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 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. |
As described in the Basis for Qualified opinion section of our report we were unable to satisfy ourselves as to the stock quantities and values of £3.03 million held on 31 December 2023. We have concluded that where the other information refers to net assets, this may be materially misstated for the same reason. |
Report of the Independent Auditors to the Members of |
Bulk Hardware Limited |
Opinions on other matters prescribed by the Companies Act 2006 |
The introduction of a new advanced computerised stock system resulted in numerous errors on stock quantities and values. Whilst steps have been taken to resolve these issues, as of the date of our report, management were still in the process of rectifying the system deficiencies and correcting the errors. We were unable to satisfy ourselves by alternative means concerning the stock quantities and values of £3.03 million held on 31 December 2023. |
Consequently, we were unable to determine whether any adjustment to this amount were necessary. In addition, were any adjustment to the stocks balance to be required, the Strategic Report would also need to be amended |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report. |
Arising solely from the limitation on the scope of our work relating to stocks, referred to above: |
- we have not obtained all the information and explanations that we considered necessary for the purpose of |
our audit; and |
- we were unable to determine whether adequate accounting records have been kept |
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: |
- returns adequate for our audit have not been received from branches not visited by us; or |
- the financial statements are not in agreement with the accounting records and returns; or |
- certain disclosures of directors’ remuneration specified by law are not made; |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Bulk Hardware Limited |
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 a Report of the Auditors 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 financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined in the Auditors' responsibilities for the audit of the financial statements section, to detect material misstatements in respect of irregularities, including fraud. |
Based on our understanding of the company and industry we identified that the principal risks of non-compliance and we considered the extent to which non-compliance 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. 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 manipulation of financial results and potential management bias in accounting estimates. Audit procedures performed by the engagement team included: |
- Discussions with the Directors and Financial Controller including consideration of known or suspected |
instances of non-compliance with laws and regulations and fraud; |
- Identifying and testing the validity of journal entries; |
- Challenging assumptions made by management in its significant accounting estimates |
- Reviewing disclosures for accounting estimates |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Bulk Hardware Limited |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Accountants and Business Advisers |
& Statutory Auditor |
One New Street |
Wells |
Somerset |
BA5 2LA |
Bulk Hardware Limited (Registered number: 01177960) |
Statement of Comprehensive |
Income |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 2 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
OPERATING (LOSS)/PROFIT | 4 | ( |
) |
Interest receivable and similar income |
(109,891 | ) | 279,406 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
(LOSS)/PROFIT BEFORE TAXATION | ( |
) |
Tax on (loss)/profit | 7 | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Bulk Hardware Limited (Registered number: 01177960) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 18 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Bulk Hardware Limited (Registered number: 01177960) |
Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 |
Bulk Hardware Limited (Registered number: 01177960) |
Cash Flow Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 21 |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - | 429,629 |
Amount withdrawn by directors | (7,571 | ) | (536,132 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
22 |
(768,762 |
) |
173,595 |
Cash and cash equivalents at end of year |
22 |
( |
) |
( |
) |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | ACCOUNTING POLICIES |
General information and basis of preparing the financial statements |
The company is a private company limited by shares, registered in England, United Kingdom. The address of the registered office is One New Street, Wells, Somerset,BA5 2LA. |
The principal place of business is Parsonage Way Industrial Estate, Chippenham, Wiltshire, SN15 5QQ. |
The nature of the company's operations and principal activities are the packaging and selling of hardware products. |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future period where the revision affects both current and future periods. |
Critical Judgements |
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. |
Impairment of assets |
The tangible fixed assets are periodically reviewed for impairment by the directors based on their knowledge and judgements. |
Key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows; |
Depreciation and amortisation |
The directors use their knowledge of the business and the industry to estimate the useful life and residual value of tangible assets in order to arrive at applicable deprecation and amortisation rates. In accordance with section 17 of FRS 102, the directors review and update these estimates if there are indicators that current estimates should change. |
It must be noted that there is inherent uncertainty within these estimates as factors such as unexpected wear and tear, technological advancement and changes in market prices may result in future changes to the appropriate rate of deprecation. |
Turnover |
Turnover is measured at the fair value of consideration received or receivable, excluding discounts, rebates and value added tax. |
Sale of goods |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on insert detail dispatch of the goods. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
The computer software amortisation rate has been reviewed by management and adjusted from 1 January 2023 to a useful life of 4 years. |
Tangible fixed assets |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
Depreciation is calculated on a straight line basis so as to write off the cost of tangible assets, less their residual value, over the useful economic life of that asset as follows: |
Freehold property | - Land not depreciated |
Plant and equipment | - 10% on cost |
Computer equipment | - 33.33% on cost |
Fixtures and fittings | - 10% on cost |
Leasehold | - over the period of the lease |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are measured at the lower of cost and estimated net realisable value. Costs include all costs of purchase and other costs incurred in bringing the stock to its present location and condition, Stock is calculated using the first in first out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
1. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Consolidation |
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 402 of the Companies Act 2006 on the basis that its subsidiary is excluded from consolidation on the grounds that its inclusion is not material for the purpose of giving a true and fair view. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
2. | TURNOVER |
The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2023 | 2022 |
Administration (including directors) | 10 | 11 |
Warehouse | 25 | 26 |
Packing | 11 | 14 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Computer software amortisation |
Foreign exchange differences | ( |
) |
5. | AUDITORS' REMUNERATION |
2023 | 2022 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
19,100 |
16,350 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Other interest payable |
Interest on bank loans |
and overdraft |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
7. | TAXATION |
Analysis of the tax (credit)/charge |
The tax (credit)/charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax | ( |
) |
Tax on (loss)/profit | ( |
) |
Reconciliation of total tax (credit)/charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
(Loss)/profit before tax | ( |
) |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Deferred taxation adjustment | (13,132 | ) | 7,869 |
Marginal tax rate adjustment | 9,099 | - |
Total tax (credit)/charge | (41,947 | ) | 64,693 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary A shares of 1p each |
Interim |
Ordinary B shares of 1p each |
Interim |
Ordinary C shares of 1p each |
Interim |
Ordinary D shares of 1p each |
Interim |
Ordinary E shares of 1p each |
Interim |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
9. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | FIXED ASSET INVESTMENTS |
Shares in |
group |
under- |
takings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
11. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: One New Street, Wells, Somerset, BA5 2LA |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
Consumable stock | 3,000 | 3,000 |
Stocks are measured at the lower of cost and estimated net realisable value. Costs include all costs of purchase and other costs incurred in bringing the stock to its present location and condition, Stock is |
calculated using the first in first out formula. Provision is made for damaged, obsolete and slow-moving |
stock where appropriate |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Tax |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Taxation |
Social security and other taxes |
VAT | 77,627 | 66,635 |
Other creditors |
Directors' current accounts | 515,069 | 522,640 |
Accruals and deferred income |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
16. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank overdrafts |
The bank overdraft is secured by a debenture and first priority legal charge over the commercial Freehold Warehouse at Parsonage Way Industrial Estate, Chippenham, as well as a fixed and floating charge covering all property and undertakings of the company. |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Utilised during year | ( |
) |
Balance at 31 December 2023 |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 1p | 898 | 898 |
Ordinary B | 1p | 99 | 99 |
Ordinary C | 1p | 1 | 1 |
Ordinary D | 1p | 1 | 1 |
Ordinary E | 1p | 1 | 1 |
1,000 | 1,000 |
20. | RELATED PARTY DISCLOSURES |
The directors charge interest to the company at 10% on their credit loan account balances. Interest charged to the company during the year amounted to £45,133 (2022 £34,538). |
Dividends were paid to key management personnel totalling £82,000 (2022 £282,000) and other related parties totalling £126,268 during the year (2022 £113,430). |
21. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | ( |
) |
Depreciation charges |
Finance costs | 119,238 | 64,181 |
Finance income | (640 | ) | (227 | ) |
153,927 | 613,979 |
Decrease/(increase) in stocks | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations |
Bulk Hardware Limited (Registered number: 01177960) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
22. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 2,167 | 20,679 |
Bank overdrafts | ( |
) | ( |
) |
(1,091,680 | ) | (768,762 | ) |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 20,679 | 173,595 |
Bank overdrafts | ( |
) |
(768,762 | ) | 173,595 |
23. | ANALYSIS OF CHANGES IN NET DEBT |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 20,679 | (18,512 | ) | 2,167 |
Bank overdrafts | (789,441 | ) | (304,406 | ) | (1,093,847 | ) |
(768,762 | ) | ( |
) | (1,091,680 | ) |
Total | (768,762 | ) | (322,918 | ) | (1,091,680 | ) |