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Registered number: 14259404










HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 OCTOBER 2023

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
COMPANY INFORMATION


Directors
P Hind (appointed 27 July 2022)
J Hind (appointed 27 July 2022)




Registered number
14259404



Registered office
222 Darras Road
Ponteland

Newcastle upon Tyne

NE20 9AJ




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

NE2 1QP





 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

CONTENTS



Page
Group Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Consolidated Statement of Comprehensive Income
9
Consolidated Balance Sheet
10
Company Balance Sheet
11
Consolidated Statement of Changes in Equity
12
Company Statement of Changes in Equity
13
Consolidated Statement of Cash Flows
14
Consolidated Analysis of Net Debt
15
Notes to the Financial Statements
16 - 32

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2023

Introduction
 
The directors present their report and financial statements for the period ended 31 October 2023.

Business review
 
The results of the group for the period as set out on page 10 show a profit on ordinary activities before tax of £1,583,080.  The shareholders' funds of the group total £13,687,403.
The performance of the group, in its first period of existence was acceptable, bearing in mind the external influences affecting the trade of its subsidiary and market factors affecting property rental businesses.  
The group is affected by the UK economy generally, and by specific factors directly related to the trade of each company, such as price pressures from wheelchair accessible vehicle competitors and UK Government and from UK rental market supply and demand.  The group has minimised the impact of these pressures by securing good tenants and monitoring and controlling costs, especially those appertaining to construction of wheel chair accessible vehicles.

Principal risks and uncertainties
 
The process of risk management is addressed through a framework of policies, procedures and internal controls.  All policies are subject to review and approval by the directors and compliance with regulation, legal and ethical standards are a high priority for the board.
As indicated below, three simple key performance indicators are used in monitoring performance of group businesses which in turn assist the board in managing generic risk of business performance within the current economic climate, together with specific risk as appertains to the relevant market of each company..
Pricing is therefore vital and the board keep close control of margin through shrewd purchasing and accurate sales pricing/rental agreements.
The board also monitor the cash position on a daily basis ensuring the business always has sufficient funds to manage its extensive working capital requirements.

Financial key performance indicators
 
Although the board monitors many elements of the business, the three main factors used in monitoring performance and their status are as follows:
Element          2023
       
  Turnover   £16.02m
  Gross margin         10.6%
  Cash at Bank           £6.79m

Page 1

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023

Business environment
 
UK rental and wheelchair accessible vehicle (WAV) markets are price sensitive and extremely competitive.  For WAVs, significant investment is required in research and development to acquire the appropriate European safety standard on any modified vehicle and for UK property rentals, upkeep and maintenance of properties is essential.  The group takes strategic decisions in selecting appropriate vehicles periodically (undertaking the appropriate research and development on vehicles in order to provide market leading design and quality, helping it to maintain its position against competitors) and after reviewing regional demand, property price movements and property condition, selecting appropriate properties to enable good, renewable, tenancies.


This report was approved by the board on 30 September 2024 and signed on its behalf.



P Hind
Director
Page 2

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2023

The directors present their report and the financial statements for the period ended 31 October 2023.

Directors

The directors who served during the period were:

P Hind (appointed 27 July 2022)
J Hind (appointed 27 July 2022)

Results and dividends

The profit for the period, after taxation, amounted to £1,244,274.

The directors do not recommend the payment of a dividend.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

As mentioned in the group strategic review, above, market pressure on achievable margins and occupancy rates  mean that the board need to constantly monitor the group's position and look to either increase turnover in order to maintain profitability as margins are squeezed or buy properties which offer capital growth and/or good rental returns. 
To date, the board have been able to manage this risk very well and there is no indication of a change in the market place which is not capable of management through this careful policy of monitoring, maintaining and acquisition.

Page 3

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 30 September 2024 and signed on its behalf.
 





P Hind
Director
Page 4

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

Opinion


We have audited the financial statements of Hind Holdings (Newcastle upon Tyne) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 October 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 October 2023 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group financial statements.


The extent to which the audit was considered capable of detecting irregularities including fraud
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:

• the responsible individual ensured that the engagement team collectively had the appropriate                                competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the Group through discussions with directors and
         other management, and from our commercial knowledge and experience of the sector in which the    Group operates;
• we focused on specific laws and regulations which we considered may have a direct material effect on    the financial statements or the operations of the Group, including the Companies Act 2006 and taxation
          legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management, inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: -
• making enquiries of management as to where they considered there was susceptibility to fraud and      their knowledge of actual, suspected and alleged fraud.
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we: -
• performed analytical procedures to identify any unusual or unexpected relationships;
 
Page 7

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED (CONTINUED)


• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were    indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: -
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims;
• reviewing correspondence with HMRC, and the Group’s legal advisers where appropriate.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be more difficult to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' 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 2006Our 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 Auditors' 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.





Ian Smith (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
NE2 1QP

30 September 2024
Page 8

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2023

2023
Note
£

  

Turnover
 4 
16,018,102

Cost of sales
  
(14,313,238)

Gross profit
  
1,704,864

Administrative expenses
  
(571,530)

Fair value movements
  
435,000

Operating profit
  
1,568,334

Interest receivable and similar income
  
14,746

Profit before taxation
  
1,583,080

Tax on profit
 8 
(338,806)

Profit for the financial period
  
1,244,274

  

Total comprehensive income for the period
  
1,244,274

Profit for the period attributable to:
  

Owners of the parent Company
  
1,244,274

  
1,244,274

Total comprehensive income for the period attributable to:
  

Owners of the parent Company
  
1,244,274

  
1,244,274

The notes on pages 16 to 32 form part of these financial statements.
Page 9

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
REGISTERED NUMBER: 14259404

CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
Note
£

Fixed assets
  

Tangible assets
  
751,318

Investment property
  
3,208,149

  
3,959,467

Current assets
  

Stocks
  
3,489,406

Debtors: amounts falling due after more than one year
 14 
37,151

Debtors: amounts falling due within one year
 14 
1,862,101

Cash at bank and in hand
 15 
6,792,111

  
12,180,769

Creditors: amounts falling due within one year
 16 
(2,312,864)

Net current assets
  
 
 
9,867,905

Total assets less current liabilities
  
13,827,372

Provisions for liabilities
  

Deferred taxation
  
(139,969)

  
 
 
(139,969)

Net assets excluding pension asset
  
13,687,403

Net assets
  
13,687,403


Capital and reserves
  

Called up share capital 
 19 
2,002

Other reserves
 20 
451,124

Profit and loss account
 20 
13,234,277

Equity attributable to owners of the parent Company
  
13,687,403

  
13,687,403


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.

P Hind
Director

The notes on pages 16 to 32 form part of these financial statements.
Page 10

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
REGISTERED NUMBER: 14259404

COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023

2023
Note
£

Fixed assets
  

Investments
 11 
2

Investment property
 12 
2,783,149

  
2,783,151

Current assets
  

Debtors: amounts falling due within one year
 14 
1,272,603

Cash at bank and in hand
 15 
750,622

  
2,023,225

Creditors: amounts falling due within one year
 16 
(4,329,189)

Net current (liabilities)/assets
  
 
 
(2,305,964)

Total assets less current liabilities
  
477,187

  

Provisions for liabilities
  

Deferred taxation
 18 
(108,750)

  
 
 
(108,750)

Net assets excluding pension asset
  
368,437

Net assets
  
368,437


Capital and reserves
  

Called up share capital 
 19 
2,002

Other reserves
 20 
326,250

Profit for the period
  
366,435

Other changes in the profit and loss account

  

(326,250)

Profit and loss account carried forward
  
40,185

  
368,437


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.


P Hind
Director

The notes on pages 16 to 32 form part of these financial statements.
Page 11

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023


Called up share capital
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 27 July 2022
-
124,874
12,316,253
12,441,127
12,441,127


Comprehensive income for the period

Profit for the period
-
-
1,244,274
1,244,274
1,244,274

Deficit on revaluation of freehold property
-
-
(326,250)
(326,250)
(326,250)

Shares issued during the period
2,002
-
-
2,002
2,002

Transfer to/from profit and loss account
-
326,250
-
326,250
326,250


At 31 October 2023
2,002
451,124
13,234,277
13,687,403
13,687,403

The notes on pages 16 to 32 form part of these financial statements.

Page 12

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023


Called up share capital
Other reserves
Profit and loss account
Total equity

£
£
£
£


Comprehensive income for the period

Profit for the period
-
-
366,435
366,435

Deficit on revaluation of freehold property
-
-
(326,250)
(326,250)

Shares issued during the period
2,002
-
-
2,002

Transfer to/from profit and loss account
-
326,250
-
326,250


At 31 October 2023
2,002
326,250
40,185
368,437

The notes on pages 16 to 32 form part of these financial statements.

Page 13

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2023
£

Cash flows from operating activities

Profit for the financial period
1,244,274

Adjustments for:

Depreciation of tangible assets
45,332

Interest received
(14,746)

Taxation charge
338,806

(Increase)/decrease in stocks
(3,489,406)

(Increase)/decrease in debtors
(544,784)

Increase in creditors
1,735,929

Net fair value (gains)/losses recognised in P&L
(435,000)

Corporation tax (paid)/received
(74,648)

Net cash generated from operating activities

(1,194,243)


Cash flows from investing activities

Purchase of tangible fixed assets
(30,079)

Purchase of investment properties
(2,348,149)

Purchase of fixed asset investments
(1,191,571)

Interest received
14,746

Assets introduced upon acquisition of subsidiary
12,521,458

Net cash from investing activities

8,966,405

Cash flows from financing activities

Loans to/(from) directors
(946,922)

Loans to staff
(29,030)

Loans to associated companies
(4,099)

Net cash used in financing activities
(980,051)

Net increase in cash and cash equivalents
6,792,111

Cash and cash equivalents at the end of period
6,792,111


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
6,792,111

6,792,111


The notes on pages 16 to 32 form part of these financial statements.

Page 14

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2023



Cash flows
At 31 October 2023
£

£

Cash at bank and in hand

6,792,111

6,792,111


-

-


6,792,111
6,792,111

The notes on pages 16 to 32 form part of these financial statements.
Page 15

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

1.


General information

Hind Holdings (Newcastle upon Tyne) Limited is a private company limited by shares, incorporated in England and Wales. The registered office is 222 Darras Road, Ponteland, Newcastle Upon Tyne, United Kingdom, NE20 9AJ. The Company's number is 14259404. 
The Company's principal activity is a property investment company. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 27 July 2022.

  
2.3

Reporting period

Hind Holdings (Newcastle upon Tyne) Limited was incorporated on 27 July 2022. The year end was changed to coincide with the rest of the group entities and therefore the first period of accounts is a longer period to 31 October 2023. 

 
2.4

Going concern

The Company and the Group have considerable financial resources and, as a consequence, the directors believe that the Group is well placed to manage it's business risks successfully and continue in existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis of preparation for these financial statements. 

Page 16

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Pensions

Defined contribution pension plan

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

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 17

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

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.

Page 18

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and the reducing balance method..

Depreciation is provided on the following basis:

Long-term leasehold property
-
2.5% straight line
Short-term leasehold property
-
12.5% straight line
Plant and machinery
-
20% reducing balance / 20% straight line
Fixtures and fittings
-
15% reducing balance / 20% straight line

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 profit or loss.

 
2.11

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks, other than vehicles, 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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

Stocks of cars are valued at cost, which is written down by 25% per annum, straight line, for any vehicle held for more than one year, as this is considered to be a fair reflection of the value ascribed to second hand wheelchair accessible vehicles.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 19

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 20

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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 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 instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes 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.

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

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 21

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)


Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors are satisfied that there are no critical judgements used in applying the accounting policies applied or any key sources of estimation uncertainty in these financial statements


4.


Turnover

99.95% of the turnover is attributable to Automotive Group sales of wheel chair accessible vehicles, with the balance being from property rental & investment.

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

2023
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
25,100

Page 22

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
1,859,002
-
-
-

Social security costs
182,141
-
-
-

Cost of defined contribution scheme
29,386
-
-
-

2,070,529
-
-
-


The average monthly number of employees, including the directors, during the period was as follows:



Group
Company
        2023
        2023
            No.
            No.







Production
34
-



Administration
29
2

63
2


7.


Interest receivable

2023
£


Other interest receivable
14,746

14,746

Page 23

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

8.


Taxation


2023
£

Corporation tax


Current tax on profits for the year
260,230

Adjustments in respect of previous periods
(30,174)


230,056


Total current tax
230,056

Deferred tax


Deferred tax on revaluation surplus
108,750

Total deferred tax
108,750


Tax on profit
338,806

Factors affecting tax charge for the period

The tax assessed for the period is lower than the standard rate of corporation tax in the UK of 21.77%. The differences are explained below:

2023
£


Profit on ordinary activities before tax
1,583,080


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.77%
344,637

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
124

Capital allowances for period in excess of depreciation
4,284

Overprovision from prior years in subsidiaries
(30,174)

Other differences leading to an increase (decrease) in the tax charge
19,935

Total tax charge for the period
338,806
Page 24

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
 
8.Taxation (continued)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


9.


Intangible assets

Group and Company




Computer software

£



Cost


On acquisition of subsidiaries
75,000



At 31 October 2023

75,000



Amortisation


On revalued assets
75,000



At 31 October 2023

75,000



Net book value



At 31 October 2023
-



Page 25

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

10.


Tangible fixed assets

Group






Long-term leasehold property
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


Additions
-
-
28,091
1,988
30,079


Acquisition of subsidiary
683,615
29,585
19,800
33,571
766,571



At 31 October 2023

683,615
29,585
47,891
35,559
796,650



Depreciation


Charge for the period on owned assets
21,107
1,402
11,953
10,870
45,332



At 31 October 2023

21,107
1,402
11,953
10,870
45,332



Net book value



At 31 October 2023
662,508
28,183
35,938
24,689
751,318




The net book value of land and buildings may be further analysed as follows:


2023
£

Long leasehold
662,508

Short leasehold
28,182

690,690


Page 26

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


Additions
2



At 31 October 2023
2





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Automotive Group (Newcastle upon Tyne) Limited
Newcastle upon Tyne
Ordinary
100%

The aggregate of the share capital and reserves as at 31 October 2023 and the profit or loss for the period ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit

Automotive Group (Newcastle upon Tyne) Limited
13,318,968
877,839

Page 27

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

12.


Investment property

Group


Freehold investment property

£



Valuation


Additions at cost
2,348,149


Surplus on revaluation
435,000


On acquisition of subsidiaries
425,000



At 31 October 2023
3,208,149

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 31 October 2023


2023
£


Historic cost
2,648,275

Accumulated depreciation and impairments
(21,719)

2,626,556

Company





Freehold investment property

£



Valuation


Additions at cost
2,348,149


Surplus on revaluation
435,000



At 31 October 2023
2,783,149

The 2023 valuations were made by the directors, on an open market value for existing use basis.

The revaluation surplus related to the commerical Nursery unit which was sold post year end for £1m.
Page 28

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
 
12.Investment property (continued)

2023
£

Revaluation amounts


Net surplus/(deficit)
435,000

At 31 October 2023
435,000


13.


Stocks

Group
2023
£

Finished goods and goods for resale
3,489,406

3,489,406



14.


Debtors

Group
Company
2023
2023
£
£

Due after more than one year

Mortgage due to company
37,151
-

37,151
-


Group
Company
2023
2023
£
£

Due within one year

Trade debtors
313,903
-

Other debtors
1,031,847
949,982

Called up share capital not paid
2,002
2,002

Prepayments and accrued income
164,640
-

Amounts recoverable on long-term contracts
29,090
-

Tax recoverable
320,619
320,619

1,862,101
1,272,603


Page 29

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

15.


Cash and cash equivalents

Group
Company
2023
2023
£
£

Cash at bank and in hand
6,792,111
750,622

6,792,111
750,622



16.


Creditors: Amounts falling due within one year

Group
Company
2023
2023
£
£

Trade creditors
1,171,206
-

Amounts owed to group undertakings
-
3,982,427

Corporation tax
576,932
331,462

Other taxation and social security
145,476
-

Other creditors
178,246
-

Accruals and deferred income
241,004
15,300

2,312,864
4,329,189



17.


Financial instruments

Group
Company
2023
2023
£
£

Financial assets

Financial assets measured at fair value through profit or loss
6,792,111
750,622




Financial assets measured at fair value through profit or loss comprise of bank balances and financial instruments. 
Page 30

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

18.


Deferred taxation


Group



2023


£






Charged to profit or loss
(108,750)


Arising on business combinations
(31,219)



At end of year
(139,969)

Company


2023


£






Charged to profit or loss
(108,750)



At end of year
(108,750)

Group
Company
2023
2023
£
£

Revaluation of investment properties
(139,969)
(108,750)

(139,969)
(108,750)


19.


Share capital

2023
£
Allotted, called up and fully paid


200,200 Ordinary shares of £0.01 each
2,002


200 Ordinary shares were issued on the formation of the Company on 26 July 2022 at £0.01 each. On 16 November 2022, a further 200,000 Ordinary shares were issued at £0.01 each.

Page 31

 
HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023

20.


Reserves

Other reserves

Other reserves include all current revaluations of investment properties.


21.


Pension commitments

Subsidiaries within the Group operate a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £29,386 (2022 - £32,020). Contributions totalling £8,074 (2022 - £9,140) were payable to the fund at the balance sheet date and are included in creditors.


22.


Transactions with directors

During the year, Mr Jon Hind, a group director, borrowed £950,984 and remained outstanding at year end.  Interest is charged in April each year, on any unpaid element.

 
Page 32