Registered number:
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
COMPANY INFORMATION
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
CONTENTS
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 OCTOBER 2023
The directors present their report and financial statements for the period ended 31 October 2023.
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.
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.
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
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
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.
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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.
The directors who served during the period were:
The profit for the period, after taxation, amounted to £1,244,274.
The directors do not recommend the payment of a dividend.
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.
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 2006. They 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.
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2023
There have been no significant events affecting the Group since the year end.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
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 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).
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.
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED (CONTINUED)
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 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.
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.
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED (CONTINUED)
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;
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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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
32 Portland Terrace
NE2 1QP
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
REGISTERED NUMBER: 14259404
CONSOLIDATED BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2024.
The notes on pages 16 to 32 form part of these financial statements.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
REGISTERED NUMBER: 14259404
COMPANY BALANCE SHEET
AS AT 31 OCTOBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 32 form part of these financial statements.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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
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:
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.
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.
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
2.Accounting policies (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:
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
2.Accounting policies (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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
2.Accounting policies (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.
99.95% of the turnover is attributable to Automotive Group sales of wheel chair accessible vehicles, with the balance being from property rental & investment.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
8.Taxation (continued)
There were no factors that may affect future tax charges.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
The 2023 valuations were made by the directors, on an open market value for existing use basis.
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
12.Investment property (continued)
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
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.
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HIND HOLDINGS (NEWCASTLE UPON TYNE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2023
Other reserves
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.
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.
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