Company Registration No. 10588031 (England and Wales)
H Group PTY Limited
Financial statements
for the year ended 30 June 2024
Pages for filing with the registrar
H Group PTY Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
H Group PTY Limited
Statement of financial position
As at 30 June 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
1,895
Tangible assets
4
69
132
69
2,027
Current assets
Stocks
-
35,829
Debtors
5
227,182
178,687
Cash at bank and in hand
14,469
55,266
241,651
269,782
Creditors: amounts falling due within one year
6
(1,074,837)
(1,038,722)
Net current liabilities
(833,186)
(768,940)
Net liabilities
(833,117)
(766,913)
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(833,217)
(767,013)
Total equity
(833,117)
(766,913)

The directors of the company have elected not to include a copy of the income statement 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.

The financial statements were approved by the board of directors and authorised for issue on 13 October 2024 and are signed on its behalf by:
Gavin Rundle
Director
Company Registration No. 10588031
H Group PTY Limited
Notes to the financial statements
For the year ended 30 June 2024
2
1
Accounting policies
Company information

H Group PTY Limited is a private company limited by shares incorporated in England and Wales. The registered office is Westpoint, Peterborough Business Park, Lynch Wood, Peterborough, PE2 6FZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Going concern

The company has a deficit of shareholders' funds of £83true2,730 at year end. The parent undertakings have provided letters of support for the 12 months from the date of signing these financial statements. Liabilities include £1,054,286 of inter company payables which will not be called due for payment in that period.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Commission revenue is receivable from overseas suppliers where goods are delivered directly from the supplier to the buyer. Commission revenue is recognised at the point the buyer takes ownership of the goods from the overseas supplier. The amount of revenue is determined by the difference between the buyers agreed price and the suppliers cost price exclusive of any freight or custom duties except to the port of loading.

1.4
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.

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:

Website development costs
33.33% straight line
1.5
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.

H Group PTY Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
3

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

Plant and equipment
33.33% 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

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

1.8
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position 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, 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.

Basic financial liabilities

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

H Group PTY Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies (continued)
4
1.9
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.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.11
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
Employees

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

2024
2023
Number
Number
Total
3
3
H Group PTY Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
5
3
Intangible fixed assets
Website development costs
£
Cost
At 1 July 2023 and 30 June 2024
4,220
Amortisation and impairment
At 1 July 2023
2,325
Amortisation charged for the year
1,508
Impairment losses
387
At 30 June 2024
4,220
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
1,895
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2023 and 30 June 2024
1,259
Depreciation and impairment
At 1 July 2023
1,127
Depreciation charged in the year
63
At 30 June 2024
1,190
Carrying amount
At 30 June 2024
69
At 30 June 2023
132
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
6,039
Amounts owed by group undertakings
225,372
171,780
Other debtors
1,810
868
227,182
178,687
H Group PTY Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
6
6
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
5,638
2,775
Amounts owed to group undertakings
1,054,286
1,010,937
Other creditors
14,913
25,010
1,074,837
1,038,722
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
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:
Alistair Hunt FCA
Statutory Auditors:
Saffery LLP
Date of audit report:
14 October 2024
9
Parent company

The parent undertaking is Hartman Pacific Pty. Limited and its registered office is 1/1 Federation Way, Mentone, Victoria, 3194, Australia. The ultimate parent undertaking is Miberlan Industrial Co Ltd of 207 Chien Chia Rd, Hsin Chu, Taiwan. The ultimate owners of Miberlan Industrial Co Ltd are Mr Ching- Hai Wang and Mr Ching Ting Wang.

10
Prior period adjustment

The restatement during the financial year was a reclassification of an intercompany loan from a long-term liability to a short-term liability

H Group PTY Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
10
Prior period adjustment (continued)
7
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 30 Jun 2023
£
£
£
Creditors due within one year
Other creditors
(694,648)
(344,074)
(1,038,722)
Creditors due after one year
Other creditors
(344,074)
344,074
-
0
Net assets
(766,913)
-
(766,913)
Capital and reserves
Total equity
(766,913)
-
(766,913)
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
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