Hubb Systems Ltd
Financial Statements
For the year ended 30 April 2024
Pages for Filing with Registrar
Company Registration No. 07089546 (England and Wales)
Hubb Systems Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 12
Hubb Systems Ltd
Balance Sheet
As at 30 April 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
68,808
20,123
Tangible assets
6
386,822
266,031
455,630
286,154
Current assets
Stock
7
1,008,670
437,256
Debtors
8
920,106
147,384
Cash at bank and in hand
255,963
8,865
2,184,739
593,505
Creditors: amounts falling due within one year
9
(1,952,130)
(557,265)
Net current assets
232,609
36,240
Total assets less current liabilities
688,239
322,394
Creditors: amounts falling due after more than one year
10
(7,103)
(21,309)
Provisions for liabilities
11
(88,023)
(15,820)
Net assets
593,113
285,265
Capital and reserves
Called up share capital
13
3
3
Capital contribution reserve
459,180
459,180
Profit and loss reserves
133,930
(173,918)
Total equity
593,113
285,265

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Hubb Systems Ltd
Balance Sheet (Continued)
As at 30 April 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
J  Prince
S  Egerton
Director
Director
Company Registration No. 07089546
Hubb Systems Ltd
Notes to the Financial Statements
For the year ended 30 April 2024
Page 3
1
Accounting policies
Company information

Hubb Systems Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rhino House, Deans Road, Ellesmere Port, England, CH65 4DR.

1.1
Reporting period

The accompanying financial statements present the results for the year end 30 April 2024 and the comparative result for the period from 7 April 2022 to 30 April 2023. Consequently, the presented financials are not directly comparable, given the time periods presented.

1.2
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 as applicable to companies subject to the small companies regime.

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.

1.3
Exemptions for qualifying entities under FRS 102

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Kruger Bidco Limited. These consolidated financial statements are available from its registered office, Rhino House, Deans Road, Ellesmere Port, United Kingdom, CH65 4DR.

1.4
Going concern

The company made a trueprofit of £307,848 for the period, had net assets of £593,113 and net current assets of £232,609 at the balance sheet date. The company has traded positively since the year-end. The directors have produced forecasts and as a result, they have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months from the date of approval of the financial statements.

 

Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 4
1.5
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 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.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

 

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation 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:

Software
4 years straight line
Development costs
4 years straight line
1.7
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:

Leasehold improvements
25% straight line
Plant and equipment
10-20% straight line and 20% reducing balance
Fixtures, fittings and computer equipment
25-33% 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.

Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 5
1.8
Stock

Stock 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 stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock 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.

1.9
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.

1.10
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.

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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 6
Derecognition of financial liabilities

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

1.11
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.

1.12
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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those 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 immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
1
Accounting policies
(Continued)
Page 7
1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation/amortisation

The annual depreciation and amortisation charges in respect of tangible and intangible fixed assets are based on the directors' best estimate of the useful economic lives and residual values of each asset class. The useful economic lives and residual values of each asset class are reassessed annually. Annual impairment reviews are performed on each class of asset to ensure that the carrying values are appropriate.

Stock provisions

The company makes an estimate of the value of obsolete and slow moving stock lines based on the ageing of the stock in hand. Provisions are made where the estimated selling price less is less than the original cost.

Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 8
3
Employees

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

2024
2023
Number
Number
Total
12
6
4
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
72,203
3,567
5
Intangible fixed assets
Software
Development costs
Total
£
£
£
Cost
At 1 May 2023
1,500
20,110
21,610
Additions
37,950
20,166
58,116
At 30 April 2024
39,450
40,276
79,726
Amortisation and impairment
At 1 May 2023
275
1,212
1,487
Amortisation charged for the year
2,547
6,884
9,431
At 30 April 2024
2,822
8,096
10,918
Carrying amount
At 30 April 2024
36,628
32,180
68,808
At 30 April 2023
1,225
18,898
20,123
Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 9
6
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures, fittings and computer equipment
Total
£
£
£
£
Cost
At 1 May 2023
40,269
667,074
15,225
722,568
Additions
117,000
95,263
2,365
214,628
At 30 April 2024
157,269
762,337
17,590
937,196
Depreciation and impairment
At 1 May 2023
8,030
445,216
3,291
456,537
Depreciation charged in the year
12,226
76,384
5,227
93,837
At 30 April 2024
20,256
521,600
8,518
550,374
Carrying amount
At 30 April 2024
137,013
240,737
9,072
386,822
At 30 April 2023
32,239
221,858
11,934
266,031
7
Stock
2024
2023
£
£
Raw materials and consumables
231,326
101,995
Work in progress
4,699
36,566
Finished goods and goods for resale
772,645
298,695
1,008,670
437,256
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
413,691
129,003
Amounts owed by group undertakings
13,011
2,122
Other debtors
128,610
13,880
Prepayments and accrued income
364,794
2,379
920,106
147,384
Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 10
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
293,316
133,526
Amounts owed to group undertakings
1,585,664
374,205
Other creditors
14,206
34,660
Accruals and deferred income
58,944
14,874
1,952,130
557,265
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
7,103
21,309
11
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
12
88,023
15,820
12
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
88,023
15,820
2024
Movements in the year:
£
Liability at 1 May 2023
15,820
Charge to profit or loss
72,203
Liability at 30 April 2024
88,023
Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 11
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
B Ordinary shares of £1 each
2
2
2
2
3
3
3
3

The Ordinary shares have attached to them full voting rights as well as equity rights.

 

The B Ordinary shares do not confer any voting rights and do not have any other rights attached to them.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jeremy Read
Statutory Auditor:
Moore Kingston Smith LLP
15
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
195,207
-
0
Between two and five years
841,444
-
0
In over five years
1,394,389
-
0
2,431,040
-
0
Hubb Systems Ltd
Notes to the Financial Statements (Continued)
For the year ended 30 April 2024
Page 12
16
Financial commitments, guarantees and contingent liabilities

Rhino Products Limited, Rhino Products Holdings Limited, Kruger Bidco Limited, Rhino Products BV and AVS Steps Limited have given a multilateral guarantee in favour of HSBC bank. A second multilateral guarantee in favour of HSBC bank given by Kruger Bidco Limited, AVS Steps Limited, Rhino Products Holdings Limited, Rhino Products Limited, Hubb Systems Limited and Rhino Products BV. Total borrowings at the year end were £7,952,714.

 

The debentures held by the group are secured by way of fixed and floating charges in favour of the bank, against the assets of Kruger Bidco Limited, AVS Steps Limited, Rhino Products Holdings Limited, Rhino Products Limited, Hubb Systems Limited and Rhino Products BV.

17
Related party transactions

Hubb Systems Limited has taken the exemption to not disclose related party transactions with companies under the same control in accordance with FRS 102 - Section 33 "Related Party Disclosures".

18
Parent company

The immediate parent company of Hubb Systems Limited is Rhino Products Holdings Limited, a company incorporated in the United Kingdom. The ultimate parent company of Hubb Systems Limited is Kruger Bidco Limited, a company incorporated in the United Kingdom.

 

The consolidated financial statements of Kruger Bidco Limited can be obtained from Rhino House, Deans Road, Ellesmere Port, Cheshire, CH65 4DR.

 

Since the balance sheet date Kruger Midco Limited have obtained significant influence over the group, by virtue of holding more than 75% of the issued share capital of Kruger Bidco Limited. Kruger Midco Limited itself is a wholly owned subsidiary of Kruger Topco Limited, a company incorporated in the United Kingdom.

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