REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Humber Industrials Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
Humber Industrials Limited |
Humber Industrials Limited (Registered number: 14048283) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Humber Industrials Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
Humber Industrials Limited (Registered number: 14048283) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
as restated |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Humber Industrials Limited (Registered number: 14048283) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Humber Industrials 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
During the year the company has acquired and prepared for onward sale a significant amount of stock financed primarily by a loan from the ultimate parent company of £6,852,681 which, due to its repayable on demand nature, is included in current liabilities. However, due to the proximity to the year end of the stock purchase, no sales have occurred before the year end and as a result of operational costs incurred during the year a trading loss of £90,946 has been reported. This has resulted in a net liabilities figure on the Balance Sheet of the same amount. |
However, notwithstanding this financial performance in the current year, the directors have prepared these financial statements on a going concern basis. This is due to their knowledge of post year end trading results, future budgeted performance and written confirmation from the ultimate parent company that repayment of the above-mentioned loan will not be demanded to the detriment of the company's ability to trade. |
Accordingly, the directors are of the opinion that it is wholly appropriate for these financial statements to be prepared on a going concern basis. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
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. |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses. |
Humber Industrials Limited (Registered number: 14048283) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | DEBTORS |
2023 | 2022 |
as restated |
£ | £ |
Amounts falling due within one year: |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
Amounts falling due after more than one year: |
Prepayments |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 6,696 | - |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | as restated |
£ | £ |
Ordinary | £1 | 1 | 1 |
Humber Industrials Limited (Registered number: 14048283) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
During the year the company undertook transactions with various related parties, and/or provided or received funds to assist or to be assisted with working capital requirements as detailed below: |
Group companies |
2023 | 2022 |
£ | £ |
Loan provided to Humber Industrials Limited | 6,262,000 | 580,000 |
Costs paid on behalf of Humber Industrials Limited | 174,181 | - |
Total amount owed by Humber Industrials Limited at the year end | 7,016,181 | 580,000 |
Interest is charged on the loan at a rate of 4% per annum. |
Other related parties - common control |
2023 | 2022 |
£ | £ |
Costs paid on behalf of Humber Industrials Limited | 6,696 | - |
Total amount owed by Humber Industrials Limited at the year end | 6,696 | - |
9. | ULTIMATE HOLDING COMPANY |
The parent company is Grimsby Investments LLC, 410 Princeton Highstown Road, Princeton Junction, New Jersey, a company incorporated in United States of America. |
The ultimate holding company is International Process Plants & Equipment Corporation, 410 Princeton Highstown Road, Princeton Junction, New Jersey, a company incorporated in United States of America. |