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Company registration number: 01495129
Hi-Shear Holdings Limited
Trading as Hi-Shear Holdings Limited
Filleted financial statements
31 December 2023
Hi-Shear Holdings Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Hi-Shear Holdings Limited
Directors and other information
Directors E Viellard
C Dejean
M Capell
E Neildez
Secretary S Tomes
Company number 01495129
Registered office 38 Butlers Leap
Rugby
CV21 3RQ
Business address 38 Butlers Leap
Rugby
CV21 3RQ
Auditor Clifford Towers
Office Suite 3 The Hall
Priory Hill
Rugby Road
Wolston
CV8 3FZ
Hi-Shear Holdings Limited
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report 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 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 judgments and accounting estimates that are reasonable and prudent; and
- 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.
Hi-Shear Holdings Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Investments 4 360,619 360,619
_______ _______
360,619 360,619
Current assets
Debtors 5 111 111
_______ _______
111 111
Creditors: amounts falling due
within one year 6 ( 317,981) ( 317,981)
_______ _______
Net current liabilities ( 317,870) ( 317,870)
_______ _______
Total assets less current liabilities 42,749 42,749
_______ _______
Net assets 42,749 42,749
_______ _______
Capital and reserves
Called up share capital 50,000 50,000
Profit and loss account ( 7,251) ( 7,251)
_______ _______
Shareholder funds 42,749 42,749
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
M Capell
Director
Company registration number: 01495129
Hi-Shear Holdings Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 50,000 ( 7,251) 42,749
Profit for the year - -
_______ _______ _______
Total comprehensive income for the year - - -
_______ _______ _______
At 31 December 2022 and 1 January 2023 50,000 ( 7,251) 42,749
Profit for the year 35,000,000 35,000,000
_______ _______ _______
Total comprehensive income for the year - 35,000,000 35,000,000
Dividends paid and payable ( 35,000,000) ( 35,000,000)
_______ _______ _______
Total investments by and distributions to owners - ( 35,000,000) ( 35,000,000)
_______ _______ _______
At 31 December 2023 50,000 ( 7,251) 42,749
_______ _______ _______
Hi-Shear Holdings Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 38 Butlers Leap, Rugby, CV21 3RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income statement policy
The company is dormant as defined by section 1169 of the Companies Act 2006. The company incurred no significant transactions during the current year or prior year.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of any part of the United Kingdom.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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.
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 360,619 360,619
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 360,619 360,619
_______ _______
At 31 December 2022 360,619 360,619
_______ _______
5. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 111 111
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 317,731 317,731
Other creditors 250 250
_______ _______
317,981 317,981
_______ _______
7. Summary audit opinion
The auditor's report for the year dated 25 September 2024 was unqualified.
The senior statutory auditor was Simon Towers BSc FCA for and on behalf of Clifford Towers
8. Controlling party
The parent and controlling company is Société LISI SA , a company incorporated in France. A copy of the parent company's consolidated financial statements may be obtained from 6 rue Juvenal Viellard, F-90600 Grandvillars, France .The ultimate holding company is Compagnie Industrielle de Delle SA, a company incorporated in France.