Company registration number 01006414 (England and Wales)
HINDLE & WALKER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Ridehalgh Limited
Chartered Accountants
Guardian House
42 Preston New Road
Blackburn
Lancashire
BB2 6AH
HINDLE & WALKER LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
247
Investment property
4
5,760,000
5,760,000
Investments
5
160,145
500,100
5,920,145
6,260,347
Current assets
Debtors
7
2,763,511
2,856,969
Cash at bank and in hand
1,588,189
673,447
4,351,700
3,530,416
Creditors: amounts falling due within one year
8
(188,232)
(150,749)
Net current assets
4,163,468
3,379,667
Total assets less current liabilities
10,083,613
9,640,014
Provisions for liabilities
(429,395)
(348,736)
Net assets
9,654,218
9,291,278
Capital and reserves
Called up share capital
15,000
15,000
Profit and loss reserves
9,639,218
9,276,278
Total equity
9,654,218
9,291,278
HINDLE & WALKER LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
MN Hindle
Director
Company registration number 01006414 (England and Wales)
HINDLE & WALKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Hindle & Walker Limited is a private company limited by shares incorporated in England and Wales. The registered office is Haydock House, Pleckgate Road, Blackburn, Lancashire, UK, BB1 8QW.
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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents, service charges and other sales. Rental income is recognised over the lease term. Service charges are recognised in accordance with the period of consumption.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
15% per annum, reducing balance
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.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
HINDLE & WALKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets are recognised at transaction price.
Basic financial liabilities
Basic financial liabilities are recognised at transaction price.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HINDLE & WALKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 April 2023
7,181
Disposals
(7,181)
At 31 March 2024
Depreciation and impairment
At 1 April 2023
6,934
Depreciation charged in the year
37
Eliminated in respect of disposals
(6,971)
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
247
4
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
5,760,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
HINDLE & WALKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings
100
100
Other investments other than loans
160,045
500,000
160,145
500,100
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2023
100
500,000
500,100
Disposals
-
(339,955)
(339,955)
At 31 March 2024
100
160,045
160,145
Carrying amount
At 31 March 2024
100
160,045
160,145
At 31 March 2023
100
500,000
500,100
6
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Hindle & Walker (Property) Limited
1
Property management
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Haydock House, Pleckgate Road, Blackburn, BB1 8QW
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
6,451
160
Amounts owed by group undertakings
1,611,980
1,711,980
Other debtors
1,144,829
1,144,829
Prepayments and accrued income
251
2,763,511
2,856,969
HINDLE & WALKER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
14,435
8,981
Corporation tax
145,485
109,619
Other creditors
25,451
25,451
Accruals and deferred income
2,861
6,698
188,232
150,749
9
Related party transactions
Transactions with related parties
The company has previously provided loan finance to its subsidiary undertaking, Hindle & Walker (Property) Limited, and the amount brought forward at the start of the year was £1,711,980. Repayments totalling £100,000 have been received during the year leaving £1,611,980 owed to the company at 31 March 2024. No interest has been charged and there are no specific terms of repayment.
Mr M.N. Hindle is both a shareholder and director of Driverhelpline Limited and as such he has an interest in the loan previously made by the company to Driverhelpline Limited amounting to £944,829. There have been no movements on the loan balance in the year and the amount owed at 31 March 2024 was £944,829. No interest has been charged in the year. The directors have included a provision of £745,000 against this loan based on their assessment of its recoverability.
Mr J.C. Hindle is both a shareholder and director of Haydock Developments Limited and as such he has an interest in the loan previously made by the company to Haydock Developments Limited amounting to £945,000. There have been no movements on the loan balance in the year and the amount owed at 31 March 2024 was £945,000. No interest has been charged in the year.