Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2023-01-01false1922true 01967612 2023-01-01 2023-12-31 01967612 2023-12-31 01967612 2022-01-01 2022-12-31 01967612 2022-12-31 01967612 c:CompanySecretary1 2023-01-01 2023-12-31 01967612 c:Director1 2023-01-01 2023-12-31 01967612 c:Director2 2023-01-01 2023-12-31 01967612 c:Director3 2023-01-01 2023-12-31 01967612 c:Director4 2023-01-01 2023-12-31 01967612 c:Director5 2023-01-01 2023-12-31 01967612 c:RegisteredOffice 2023-01-01 2023-12-31 01967612 c:Agent1 2023-01-01 2023-12-31 01967612 d:Buildings 2023-01-01 2023-12-31 01967612 d:Buildings 2023-12-31 01967612 d:Buildings 2022-12-31 01967612 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01967612 d:PlantMachinery 2023-01-01 2023-12-31 01967612 d:PlantMachinery 2023-12-31 01967612 d:PlantMachinery 2022-12-31 01967612 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01967612 d:MotorVehicles 2023-01-01 2023-12-31 01967612 d:MotorVehicles 2023-12-31 01967612 d:MotorVehicles 2022-12-31 01967612 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01967612 d:FurnitureFittings 2023-01-01 2023-12-31 01967612 d:FurnitureFittings 2023-12-31 01967612 d:FurnitureFittings 2022-12-31 01967612 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01967612 d:ComputerEquipment 2023-01-01 2023-12-31 01967612 d:ComputerEquipment 2023-12-31 01967612 d:ComputerEquipment 2022-12-31 01967612 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01967612 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01967612 d:CurrentFinancialInstruments 2023-12-31 01967612 d:CurrentFinancialInstruments 2022-12-31 01967612 d:Non-currentFinancialInstruments 2023-12-31 01967612 d:Non-currentFinancialInstruments 2022-12-31 01967612 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01967612 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01967612 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01967612 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01967612 d:ShareCapital 2023-12-31 01967612 d:ShareCapital 2022-12-31 01967612 d:CapitalRedemptionReserve 2023-12-31 01967612 d:CapitalRedemptionReserve 2022-12-31 01967612 d:RetainedEarningsAccumulatedLosses 2023-12-31 01967612 d:RetainedEarningsAccumulatedLosses 2022-12-31 01967612 c:FRS102 2023-01-01 2023-12-31 01967612 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01967612 c:FullAccounts 2023-01-01 2023-12-31 01967612 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01967612 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 01967612







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


HILTON BANKS LTD






































img2e4a.png                        

 


HILTON BANKS LTD
 


 
COMPANY INFORMATION


Directors
C F McAleese-Banks 
S M McAleese-Banks 
A Butler 
M G McAleese 
R C Banks 




Company secretary
R C Banks



Registered number
01967612



Registered office
HB42 House
Unit 9, Maple Grove Business Centre

Lawrence Road

Hounslow

Middlesex

TW4 6DR




Accountants
Menzies LLP
Chartered Accountants

1st Floor

Midas House

62 Goldsworth Road

Woking

Surrey

GU21 6LQ




Bankers
Barclays Bank plc
Ranger House

Walnut Tree Close

Guildford

Surrey

GU1 4UL





 


HILTON BANKS LTD
 



CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8

 


HILTON BANKS LTD
REGISTERED NUMBER:01967612



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
82,478
95,543

Investments
 6 
36,340
36,340

  
118,818
131,883

Current assets
  

Stocks
 7 
543,544
745,978

Debtors: amounts falling due within one year
 8 
388,176
419,001

Cash at bank and in hand
  
1,624
1,725

  
933,344
1,166,704

Creditors: amounts falling due within one year
 9 
(580,089)
(548,481)

Net current assets
  
 
 
353,255
 
 
618,223

Total assets less current liabilities
  
472,073
750,106

Creditors: amounts falling due after more than one year
 10 
(55,000)
(75,000)

Provisions for liabilities
  

Deferred tax
  
(11,121)
(13,729)

  
 
 
(11,121)
 
 
(13,729)

Net assets
  
405,952
661,377


Capital and reserves
  

Allotted, called-up and fully-paid share capital
  
16,000
16,000

Capital redemption reserve
  
100,340
100,340

Profit and loss account
  
289,612
545,037

  
405,952
661,377

Page 1

 


HILTON BANKS LTD
REGISTERED NUMBER:01967612


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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


................................................
C F McAleese-Banks
................................................
S M McAleese-Banks
Director
Director


Date: 25 September 2024
Date:25 September 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


HILTON BANKS LTD
 


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

1.


General information

Hilton Banks Ltd is a private Company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Engand and Wales. The address of the Company's registered office and principal place of business is shown on the company information page. 

2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historic cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The following principles have been applied:

  
2.2

Revenue

Turnover, which is stated net of Value Added Tax, represents the sale of DIY and associated products through wholesaling activity. Sales are recognised when the risks and rewards of goods have been passed over to the customer. 

 
2.3

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:

Land and buildings
-
25%
reducing balance
Plant and machinery
-
10%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Computer equipment
-
10%
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 the Statement of Income and Retained Earnings.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

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 weighted average basis. 

At each reporting 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 the Statement of Income and Retained Earnings. 

Page 3

 


HILTON BANKS LTD
 


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

2.Accounting policies (continued)

 
2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.7

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.

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 


HILTON BANKS LTD
 


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

2.Accounting policies (continued)

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
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 reporting date.


3.


Exemption from preparing consolidated financial statements

The Company, and the group headed by it, qualify as small as set out in Section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

4.


Employees

The average monthly number of employees, including directors, during the year was 19 (2022 - 22).

Page 5


HILTON BANKS LTD
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023



5.


Tangible fixed assets






Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
127,912
99,207
155,918
136,580
35,946
555,563


Additions
-
3,728
-
-
1,141
4,869



At 31 December 2023

127,912
102,935
155,918
136,580
37,087
560,432



Depreciation


At 1 January 2023
124,065
85,901
111,162
132,062
6,830
460,020


Charge for the year on owned assets
962
1,703
11,339
904
3,026
17,934



At 31 December 2023

125,027
87,604
122,501
132,966
9,856
477,954



Net book value



At 31 December 2023
2,885
15,331
33,417
3,614
27,231
82,478



At 31 December 2022
3,847
13,306
44,756
4,518
29,116
95,543

Page 6

 


HILTON BANKS LTD
 


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

6.


Investments





Investments in group companies

£



Cost or valuation


At 1 January 2023
202,840



At 31 December 2023

202,840



Impairment


At 1 January 2023
166,500



At 31 December 2023

166,500



Net book value



At 31 December 2023
36,340



At 31 December 2022
36,340


7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
543,544
745,978

543,544
745,978



8.


Debtors

2023
2022
£
£


Trade debtors
356,648
396,781

Other debtors
8,069
-

Prepayments and accrued income
23,459
22,220

388,176
419,001


Page 7

 


HILTON BANKS LTD
 


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

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
169,331
145,571

Other loans
20,000
20,000

Trade creditors
221,295
206,063

Amounts owed to group undertakings
63,830
63,830

Corporation tax
48
48

Other taxation and social security
64,456
72,189

Other creditors
34,529
34,780

Accruals and deferred income
6,600
6,000

580,089
548,481


There is a cross guarantee and debenture in places between the Company and Gripping Stuff International, a company under common control. 
There is a charge over the property at 74 Oldfield Road, Hampton, Middlesex, TW12 2HR. 


10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
55,000
75,000

55,000
75,000



11.


Contingencies

At 31 December 2023 the Company had guaranteed an indemnity in favour of HM Customs and Excise for £13,000 (2022 - £13,000).


12.


Related party transactions

At 31 December 2023 L J A Field, a Director of the Company's parent company, has provided a loan of £75,000 (2022 - £95,000) to the Company with interest payable at a rate of 6% (2022 - 4.25% above base rate).
At the year end the company was owed £8,000 (2022 - £nil) from a related company.


13.Directors' personal guarantees

R C Banks, a Director, has provided a personal guarantee in relation to the loan balance of £75,000 as at 31 December 2023 (2022 - £95,000). 

 
Page 8