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REGISTERED NUMBER: 01705389 (England and Wales)















HOCO PARTS UK LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


HOCO PARTS UK LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M A Fenwick
A Van De Glind
B D Smaal



REGISTERED OFFICE: Unit 1 Station Road
Bradley
Huddersfield
HD2 1US



REGISTERED NUMBER: 01705389 (England and Wales)



SENIOR STATUTORY AUDITOR: Timothy Godson FCA



AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
4 Henley Way
Doddington Road
Lincoln
Lincolnshire
LN6 3QR

HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,405,275 858,764
Tangible assets 5 562,187 431,652
Investments 6 1 304,391
1,967,463 1,594,807

CURRENT ASSETS
Stocks 4,402,167 2,606,618
Debtors 7 1,273,130 1,151,810
Cash at bank and in hand 494,839 326,054
6,170,136 4,084,482
CREDITORS
Amounts falling due within one year 8 7,569,123 5,216,632
NET CURRENT LIABILITIES (1,398,987 ) (1,132,150 )
TOTAL ASSETS LESS CURRENT LIABILITIES 568,476 462,657

PROVISIONS FOR LIABILITIES 17,093 -
NET ASSETS 551,383 462,657

CAPITAL AND RESERVES
Called up share capital 10 2,000 2,000
Capital redemption reserve 1,000 1,000
Other reserves 98,511 98,511
Retained earnings 449,872 361,146
SHAREHOLDERS' FUNDS 551,383 462,657

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 19 September 2024 and were signed on its behalf by:





M A Fenwick - Director


HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Hoco Parts UK Ltd 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 presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Hoco Parts UK Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

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 in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Goodwill
Goodwill, being the amounts paid in connection with acquisitions of business in 2019, 2020 and 2023, are being amortised evenly over its estimated useful life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and impairment losses.

Patents and licences are being amortised at a rate of 20% per annum

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 20% on cost and 15% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2022 - 29 ) .

HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023 1,014,785 4,200 1,018,985
Additions 657,525 - 657,525
At 31 December 2023 1,672,310 4,200 1,676,510
AMORTISATION
At 1 January 2023 158,541 1,680 160,221
Charge for year 110,174 840 111,014
At 31 December 2023 268,715 2,520 271,235
NET BOOK VALUE
At 31 December 2023 1,403,595 1,680 1,405,275
At 31 December 2022 856,244 2,520 858,764

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 838,739
Additions 265,761
Disposals (44,205 )
At 31 December 2023 1,060,295
DEPRECIATION
At 1 January 2023 407,087
Charge for year 135,226
Eliminated on disposal (44,205 )
At 31 December 2023 498,108
NET BOOK VALUE
At 31 December 2023 562,187
At 31 December 2022 431,652

HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 304,391
Impairments (304,390 )
At 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 304,391

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 890,459 848,046
Amounts owed by group undertakings 341,581 241,489
Other debtors 41,090 62,275
1,273,130 1,151,810

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 900,362 631,228
Amounts owed to group undertakings 5,967,530 4,217,393
Taxation and social security 197,953 129,706
Other creditors 503,278 238,305
7,569,123 5,216,632

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 503,999 182,881
Between one and five years 1,809,442 1,217,410
In more than five years 465,767 576,158
2,779,208 1,976,449

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
2,000 Ordinary £1 2,000 2,000

HOCO PARTS UK LTD (REGISTERED NUMBER: 01705389)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Timothy Godson FCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

12. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions payable to the company pension scheme are charged to the income statement in the period they related. Pension contributions outstanding at the period end total £4,641 (2022: £2,814).

13. ULTIMATE CONTROLLING PARTY

The parent undertaking and the smallest and largest Group of which the company was a member during the year and for which the group financial statements were prepared was Powersports Distribution Group BV, a company incorporated in the Netherlands.

Copies of the Powersports Distribution Group Bv group financial statements are available to the public at the following address, Harselaarseweg 104, 3771 MB Barneveld, The Netherlands.