Company registration number 06932457 (England and Wales)
HUNTER PRICE INTERNATIONAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
HUNTER PRICE INTERNATIONAL LIMITED
COMPANY INFORMATION
Directors
Mr J S Eden
Mr J S Winburn
Company number
06932457
Registered office
Devon Mill
Chapel Road
Hollinwood
Oldham
OL8 4QJ
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Devon Mill
Chapel Road
Hollinwood
Oldham
OL8 4QJ
HUNTER PRICE INTERNATIONAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 22
HUNTER PRICE INTERNATIONAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Review of the business

The results for the period and the financial position at the balance sheet date are considered satisfactory by the directors who expect continued growth in the foreseeable future.

Principal risks and uncertainties

The Companies Act 2006 requires that the business review contains a description of the principal risks and uncertainties facing the company. It is true that the company, like most businesses is subject to a variety of risks which could have a negative impact on its performance and financial condition, including the general economic climate as well as specific industry sectors.

The directors believe that regular reviews ensure that the business is well placed to deal with any challenges, though the continuing economic uncertainties relating to Brexit present additional risks in the short to medium term.

The Board is responsible for the entity’s systems of internal control and risk management, and for reviewing its effectiveness. In discharging and delegating that responsibility, the Board has regard to the balance of risk, cost and opportunity. The monitoring of risk by the company is also undertaken with the preparation of monthly management accounts comparing actual with budgeted figures, with material variances being reported on.

So far as imports and overseas sourcing is concerned, quality control is a fundamental feature of the companies operations.

Foreign exchange is to a degree managed by the forward buying of currency to match orders placed.

Development and performance

The position of the company at the balance sheet date remains reasonably strong, is in line with with directors expectations and can be summarised as follows:

Gross assets - £15.39 million (2022: £16.39 million)

Shareholders funds - £8.87 million (2022: £7.31 million)

Key performance indicators

The company monitors cash flow as part of its day to day control procedures. Current cash position and future cash requirements are closely tracked to ensure appropriate facilities are available as and when required.

Other financial key performance indicators include turnover, gross profit margin and operating profit which are summarised below:

Turnover £46,132,035 (2022: £35,041,910)

Gross profit £11,054,948 (2022: £5,235,250)

Operating profit £2,549,896 (2022: £675,024)

On behalf of the board

Mr J S Eden
Director
26 September 2024
HUNTER PRICE INTERNATIONAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of wholesale of branded and licenced products.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £180,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr J S Eden
Mr J S Winburn
Financial instruments
Liquidity risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

The group manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Credit risk

Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

Auditor

Lopian Gross Barnett & Co were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

HUNTER PRICE INTERNATIONAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
Mr J S Eden
Director
26 September 2024
HUNTER PRICE INTERNATIONAL LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The directors are responsible for preparing the annual 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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.

HUNTER PRICE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HUNTER PRICE INTERNATIONAL LIMITED
- 5 -
Opinion

We have audited the financial statements of Hunter Price International Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HUNTER PRICE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUNTER PRICE INTERNATIONAL LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

HUNTER PRICE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUNTER PRICE INTERNATIONAL LIMITED
- 7 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

 

 

 

 

 

 

 

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

 

HUNTER PRICE INTERNATIONAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HUNTER PRICE INTERNATIONAL LIMITED
- 8 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Nathaniel Davidson BA(Hons) ACA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
26 September 2024
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
HUNTER PRICE INTERNATIONAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
2023
2022
Notes
£
£
Turnover
3
46,132,035
35,041,910
Cost of sales
(35,077,087)
(29,716,660)
Gross profit
11,054,948
5,325,250
Distribution costs
(46,368)
(36,623)
Administrative expenses
(8,458,684)
(4,613,603)
Operating profit
4
2,549,896
675,024
Interest receivable and similar income
6
6,372
-
0
Interest payable and similar expenses
7
(259,026)
(154,710)
Profit before taxation
2,297,242
520,314
Tax on profit
8
(557,381)
(108,664)
Profit for the financial year
1,739,861
411,650

The profit and loss account has been prepared on the basis that all operations are continuing operations.

HUNTER PRICE INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
203,824
185,262
Current assets
Stocks
11
3,384,893
5,219,739
Debtors
12
9,308,976
10,960,716
Cash at bank and in hand
2,487,524
23,597
15,181,393
16,204,052
Creditors: amounts falling due within one year
13
(6,464,904)
(9,033,782)
Net current assets
8,716,489
7,170,270
Total assets less current liabilities
8,920,313
7,355,532
Provisions for liabilities
Deferred tax liability
14
49,684
44,764
(49,684)
(44,764)
Net assets
8,870,629
7,310,768
Capital and reserves
Called up share capital
16
2
2
Profit and loss reserves
8,870,627
7,310,766
Total equity
8,870,629
7,310,768

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr J S Eden
Director
Company registration number 06932457 (England and Wales)
HUNTER PRICE INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
2
6,899,116
6,899,118
Year ended 31 December 2022:
Profit and total comprehensive income
-
411,650
411,650
Balance at 31 December 2022
2
7,310,766
7,310,768
Year ended 31 December 2023:
Profit and total comprehensive income
-
1,739,861
1,739,861
Dividends
9
-
(180,000)
(180,000)
Balance at 31 December 2023
2
8,870,627
8,870,629
HUNTER PRICE INTERNATIONAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
19
3,307,277
657,855
Interest paid
(259,026)
(154,710)
Income taxes paid
(306,371)
(677,961)
Net cash inflow/(outflow) from operating activities
2,741,880
(174,816)
Investing activities
Purchase of tangible fixed assets
(104,325)
(101,868)
Interest received
6,372
-
0
Net cash used in investing activities
(97,953)
(101,868)
Financing activities
Dividends paid
(180,000)
-
0
Net cash used in financing activities
(180,000)
-
Net increase/(decrease) in cash and cash equivalents
2,463,927
(276,684)
Cash and cash equivalents at beginning of year
23,597
300,281
Cash and cash equivalents at end of year
2,487,524
23,597
HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
1
Accounting policies
Company information

Hunter Price International Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devon Mill, Chapel Road, Hollinwood, Oldham, OL8 4QJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Hunter Price International Limited is a wholly owned subsidiary of Fredizz Holdings limited and the results of Hunter Price International Limited are included in the consolidated financial statements of Fredizz Holdings Limited which are available from its registered office at Devon Mill Chapel Road, Hollinwood, Oldham, England, OL8 4QJ.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts received from the wholesale of branded and licenced products in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use.

1.6
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 cost 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.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Retirement benefits

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

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
2
Judgements and key sources of estimation uncertainty

Due to the nature of the company's business, the Directors were not required to make significant judgements in applying the company's accounting policies for the year ended 31 December 2023. In the Directors' assessment there are no accounting estimates subject to material estimation uncertainty in these financial statements.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Turnover from wholesale trade
46,132,035
35,041,910
2023
2022
£
£
Turnover analysed by geographical market
U.K
38,134,715
35,041,910
Europe
2,885,194
-
Rest of the World
5,112,126
-
46,132,035
35,041,910
2023
2022
£
£
Other revenue
Interest income
6,372
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(841,598)
161,360
Fees payable to the company's auditor for the audit of the company's financial statements
20,000
20,000
Depreciation of owned tangible fixed assets
84,695
54,679
Loss on disposal of tangible fixed assets
1,068
743
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
70
60
HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2023
2022
as restated
£
£
Wages and salaries
3,258,104
2,582,918
Social security costs
338,880
282,347
Pension costs
86,770
68,108
3,683,754
2,933,373
6
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
6,372
-
0
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on invoice finance arrangements
259,026
150,413
Other finance costs:
Other interest
-
0
4,297
259,026
154,710
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
552,461
87,117
Deferred tax
Origination and reversal of timing differences
4,920
21,547
Total tax charge
557,381
108,664
HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,297,242
520,314
Expected tax charge based on the standard rate of corporation tax in the UK of 23.50% (2022: 19.00%)
539,852
98,860
Tax effect of expenses that are not deductible in determining taxable profit
18,498
13,678
Net capital allowances
(5,889)
(25,421)
Deferred tax movement in current year
4,920
21,547
Taxation charge for the year
557,381
108,664
9
Dividends
2023
2022
£
£
Final paid
180,000
-
0
10
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 January 2023
43,397
118,610
119,556
281,563
Additions
23,135
26,768
54,422
104,325
Disposals
(1,250)
-
0
-
0
(1,250)
At 31 December 2023
65,282
145,378
173,978
384,638
Depreciation and impairment
At 1 January 2023
16,479
49,625
30,197
96,301
Depreciation charged in the year
14,804
32,315
37,576
84,695
Eliminated in respect of disposals
(182)
-
0
-
0
(182)
At 31 December 2023
31,101
81,940
67,773
180,814
Carrying amount
At 31 December 2023
34,181
63,438
106,205
203,824
At 31 December 2022
26,918
68,985
89,359
185,262
HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
11
Stocks
2023
2022
£
£
Finished goods and goods for resale
3,384,893
5,219,739
12
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,432,182
8,995,419
Corporation tax recoverable
-
0
46,240
Other debtors
1,640,713
1,084,687
Prepayments and accrued income
236,081
834,370
9,308,976
10,960,716
13
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,446,060
1,378,499
Corporation tax
199,850
-
0
Other taxation and social security
546,097
374,176
Other creditors
2,187,337
6,526,369
Accruals and deferred income
1,085,560
754,738
6,464,904
9,033,782

As at year end, there is a general pledge and several fixed and floating charges outstanding from HSBC Bank plc and HSBC Invoice Finance (UK) Ltd covering all assets of the company.

14
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
49,684
44,764
HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Deferred taxation
(Continued)
- 21 -
2023
Movements in the year:
£
Liability at 1 January 2023
44,764
Charge to profit or loss
4,920
Liability at 31 December 2023
49,684
15
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
86,770
68,108

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

16
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
17
Related party transactions
2023
2022
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
489,135
131,480
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
1,577,852
1,084,687
18
Ultimate controlling party

The immediate parent company is Fredizz Holdings Limited which is owned by ultimate controlling parties 'Joshua Eden' and 'Jeremy Winburn'.

 

HUNTER PRICE INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
19
Cash generated from operations
2023
2022
£
£
Profit for the year after tax
1,739,861
411,650
Adjustments for:
Taxation charged
557,381
108,664
Finance costs
259,026
154,710
Investment income
(6,372)
-
0
Loss on disposal of tangible fixed assets
1,068
743
Depreciation and impairment of tangible fixed assets
84,695
54,679
Movements in working capital:
Decrease/(increase) in stocks
1,834,846
(941,497)
Decrease in debtors
1,605,500
2,344,091
Decrease in creditors
(2,768,728)
(1,475,185)
Cash generated from operations
3,307,277
657,855
HUNTER PRICE INTERNATIONAL LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Mr J S EdenMr J S Winburnfalsetrue069324572023-01-012023-12-3106932457bus:Director12023-01-012023-12-3106932457bus:Director22023-01-012023-12-3106932457bus:RegisteredOffice2023-01-012023-12-31069324572023-12-31069324572022-01-012022-12-3106932457core:RetainedEarningsAccumulatedLosses2022-01-012022-12-3106932457core:RetainedEarningsAccumulatedLosses2023-01-012023-12-31069324572022-12-3106932457core:PlantMachinery2023-12-3106932457core:FurnitureFittings2023-12-3106932457core:ComputerEquipment2023-12-3106932457core:PlantMachinery2022-12-3106932457core:FurnitureFittings2022-12-3106932457core:ComputerEquipment2022-12-3106932457core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3106932457core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3106932457core:CurrentFinancialInstruments2023-12-3106932457core:CurrentFinancialInstruments2022-12-3106932457core:ShareCapital2023-12-3106932457core:ShareCapital2022-12-3106932457core:RetainedEarningsAccumulatedLosses2023-12-3106932457core:RetainedEarningsAccumulatedLosses2022-12-3106932457core:ShareCapital2021-12-3106932457core:RetainedEarningsAccumulatedLosses2021-12-31069324572022-12-31069324572021-12-3106932457core:PlantMachinery2023-01-012023-12-3106932457core:FurnitureFittings2023-01-012023-12-3106932457core:ComputerEquipment2023-01-012023-12-310693245712023-01-012023-12-310693245712022-01-012022-12-3106932457core:UKTax2023-01-012023-12-3106932457core:UKTax2022-01-012022-12-310693245722023-01-012023-12-310693245722022-01-012022-12-3106932457core:PlantMachinery2022-12-3106932457core:FurnitureFittings2022-12-3106932457core:ComputerEquipment2022-12-3106932457core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-12-3106932457bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106932457bus:FRS1022023-01-012023-12-3106932457bus:Audited2023-01-012023-12-3106932457bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP