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Company No: 03041024 (England and Wales)

HENCHMAN LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

HENCHMAN LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

HENCHMAN LIMITED

BALANCE SHEET

As at 31 December 2023
HENCHMAN LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 44,487 85,701
Tangible assets 4 149,840 87,542
Investments 5 86 86
194,413 173,329
Current assets
Stocks 416,173 472,482
Debtors 6 615,411 205,206
Cash at bank and in hand 712,425 799,357
1,744,009 1,477,045
Creditors: amounts falling due within one year 7 ( 364,026) ( 236,812)
Net current assets 1,379,983 1,240,233
Total assets less current liabilities 1,574,396 1,413,562
Provision for liabilities ( 30,476) ( 26,831)
Net assets 1,543,920 1,386,731
Capital and reserves
Called-up share capital 8 160 160
Capital redemption reserve 40 40
Profit and loss account 1,543,720 1,386,531
Total shareholders' funds 1,543,920 1,386,731

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Henchman Limited (registered number: 03041024) were approved and authorised for issue by the Director on 26 September 2024. They were signed on its behalf by:

T E J Kitching
Director
HENCHMAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
HENCHMAN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Henchman Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 10 Snarlton Farm, Melksham, SN12 7QP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 2 - 5 years straight line
Trademarks, patents and licences 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings depreciated over the life of the lease
Plant and machinery 3 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of costs and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Grant Income

Grants are recognised based on the accrual model and the income is recognised in the period to which it relates.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 10

3. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 January 2023 143,302 48,026 191,328
Additions 0 14,135 14,135
Disposals ( 30,592) 0 ( 30,592)
At 31 December 2023 112,710 62,161 174,871
Accumulated amortisation
At 01 January 2023 92,876 12,751 105,627
Charge for the financial year 19,099 5,658 24,757
At 31 December 2023 111,975 18,409 130,384
Net book value
At 31 December 2023 735 43,752 44,487
At 31 December 2022 50,426 35,275 85,701

4. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 80,771 56,911 40,636 22,902 14,532 215,752
Additions 2,428 71,170 0 3,112 4,595 81,305
Disposals ( 238) 0 0 ( 1,718) 0 ( 1,956)
At 31 December 2023 82,961 128,081 40,636 24,296 19,127 295,101
Accumulated depreciation
At 01 January 2023 56,076 9,672 35,005 18,762 8,695 128,210
Charge for the financial year 3,607 6,674 1,408 1,664 4,518 17,871
Disposals ( 19) 0 0 ( 801) 0 ( 820)
At 31 December 2023 59,664 16,346 36,413 19,625 13,213 145,261
Net book value
At 31 December 2023 23,297 111,735 4,223 4,671 5,914 149,840
At 31 December 2022 24,695 47,239 5,631 4,140 5,837 87,542
Leased assets included above:
Net book value
At 31 December 2023 0 0 0 0 0 0
At 31 December 2022 24,695 0 0 0 0 24,695

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 January 2023 86
At 31 December 2023 86
Carrying value at 31 December 2023 86
Carrying value at 31 December 2022 86

6. Debtors

2023 2022
£ £
Trade debtors 36,483 27,970
Amounts owed by Group undertakings 205,302 28,520
Amounts owed by director 144,662 21,280
Prepayments and accrued income 75,188 67,898
Corporation tax 0 1,411
Other debtors 153,776 58,127
615,411 205,206

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 130,880 149,659
Accruals and deferred income 34,254 41,516
Corporation tax 55,802 ( 7,182)
Other taxation and social security 60,662 38,998
Other creditors 82,428 13,821
364,026 236,812

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
160 Ordinary A shares of £ 1.00 each 160 160

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 639,000 877,915