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REGISTERED NUMBER: 02708264 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023

for

Hartford Steam Boiler UK Limited

Hartford Steam Boiler UK Limited (Registered number: 02708264)






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


Hartford Steam Boiler UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Baxley
J Cohn
G R Edley
M H Masters





REGISTERED OFFICE: Chancery Place
50 Brown Street
Manchester
M2 2JT





REGISTERED NUMBER: 02708264 (England and Wales)





AUDITORS: Haines Watts
Statutory Auditor
3rd Floor Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Hartford Steam Boiler UK Limited (Registered number: 02708264)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 19,751 35,147

CURRENT ASSETS
Debtors 5 208,617 224,527
Cash at bank 185,426 132,263
394,043 356,790
CREDITORS
Amounts falling due within one year 6 681,593 434,778
NET CURRENT LIABILITIES (287,550 ) (77,988 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(267,799

)

(42,841

)

CAPITAL AND RESERVES
Called up share capital 402 402
Share premium 1,019,600 1,019,600
Retained earnings (1,287,801 ) (1,062,843 )
(267,799 ) (42,841 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2024 and were signed on its behalf by:





M H Masters - Director


Hartford Steam Boiler UK Limited (Registered number: 02708264)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hartford Steam Boiler UK Limited 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.

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.

Turnover
Turnover is generated through the provision of a range of engineering services for industrial processes and production. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other taxes and is recognised at the point of completion of the service.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its useful economic life:

Motor vehicles-25% per annum
Computers & IT equipment-33% per annum

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Hartford Steam Boiler UK Limited (Registered number: 02708264)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position when the company becomes party to the contractual provision 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 trade and other receivables and cash and cash equivalents, are initially measured at transaction price, including transaction costs, and are then subsequently carried at amortised cost using the effective interest method, less provision for impairment, unless arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future lease receipts discounted at a market rate of interest Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future
cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying value amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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 the deduction of its liabilities.

Basic financial instruments, which include trade and other payables are initially measured at their transaction price after transaction costs. When this constitute a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Hartford Steam Boiler UK Limited (Registered number: 02708264)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Derecognition of financial instruments

Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flows expire, or are settled, or when the company transfers the asset and substantially all of the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire, are discharged or cancelled.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Computers &
Motor IT
vehicles equipment Totals
£ £ £
COST
At 1 January 2023 74,012 7,134 81,146
Additions - 1,045 1,045
Disposals (49,013 ) - (49,013 )
At 31 December 2023 24,999 8,179 33,178
DEPRECIATION
At 1 January 2023 38,874 7,125 45,999
Charge for year 10,472 52 10,524
Eliminated on disposal (43,096 ) - (43,096 )
At 31 December 2023 6,250 7,177 13,427
NET BOOK VALUE
At 31 December 2023 18,749 1,002 19,751
At 31 December 2022 35,138 9 35,147

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade debtors 55,730 96,726
Amounts owed by group undertakings 110,646 94,551
Other debtors 42,241 33,250
208,617 224,527

Hartford Steam Boiler UK Limited (Registered number: 02708264)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£ £
Trade creditors 848 26,659
Amounts owed to group undertakings 606,228 315,949
Taxation and social security 4,384 10,045
Other creditors 70,133 82,125
681,593 434,778

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£ £
Within one year 10,318 4,641
Between one and five years 22,663 -
32,981 4,641

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

The Report of the Auditors was unqualified.

Michael J Forshaw FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

9. RELATED PARTY DISCLOSURES

The Company is a wholly-owned subsidiary of Global Standards, LLC, a limited liability company incorporated in the United States of America. Global Standards, LLC is a wholly-owned subsidiary of HSBIIC. HSBIIC is the smallest group of undertakings of which the Company is a member for which group accounts are drawn up. HSBIIC's corporate address is One State Street, Hartford, Conneticut, 06102 USA.

The ultimate parent company is Munich Re (corporate address - Koniginstr. 107, 80802 Munich Germany), which is incorporated in Germany.

As a wholly owned subsidiary, the Company has taken advantage of the exemption available under paragraph 33.1A of FRS102 to not disclose related party transactions with wholly owned group members.

10. GOING CONCERN

The Directors have considered the position of the company and its future plans and prospects and deem the
company to be a going concern due to the support of its parent company.