Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31false2023-02-01provision of builsing services, property development and property investmentfalse1617trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 00787518 2023-02-01 2024-01-31 00787518 2022-02-01 2023-01-31 00787518 2024-01-31 00787518 2023-01-31 00787518 2022-02-01 00787518 c:Director1 2023-02-01 2024-01-31 00787518 d:PlantMachinery 2023-02-01 2024-01-31 00787518 d:PlantMachinery 2024-01-31 00787518 d:PlantMachinery 2023-01-31 00787518 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00787518 d:MotorVehicles 2023-02-01 2024-01-31 00787518 d:MotorVehicles 2024-01-31 00787518 d:MotorVehicles 2023-01-31 00787518 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00787518 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 00787518 d:FreeholdInvestmentProperty 2023-02-01 2024-01-31 00787518 d:FreeholdInvestmentProperty 2024-01-31 00787518 d:FreeholdInvestmentProperty 2023-01-31 00787518 d:FreeholdInvestmentProperty 2 2023-02-01 2024-01-31 00787518 d:FreeholdInvestmentProperty 3 2023-02-01 2024-01-31 00787518 d:CurrentFinancialInstruments 2024-01-31 00787518 d:CurrentFinancialInstruments 2023-01-31 00787518 d:Non-currentFinancialInstruments 2024-01-31 00787518 d:Non-currentFinancialInstruments 2023-01-31 00787518 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 00787518 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 00787518 d:Non-currentFinancialInstruments d:AfterOneYear 2024-01-31 00787518 d:Non-currentFinancialInstruments d:AfterOneYear 2023-01-31 00787518 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-01-31 00787518 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-01-31 00787518 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-01-31 00787518 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-01-31 00787518 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-01-31 00787518 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-01-31 00787518 d:ShareCapital 2024-01-31 00787518 d:ShareCapital 2023-01-31 00787518 d:RetainedEarningsAccumulatedLosses 2024-01-31 00787518 d:RetainedEarningsAccumulatedLosses 2023-01-31 00787518 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 00787518 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 00787518 d:TaxLossesCarry-forwardsDeferredTax 2024-01-31 00787518 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 00787518 d:RetirementBenefitObligationsDeferredTax 2024-01-31 00787518 d:RetirementBenefitObligationsDeferredTax 2023-01-31 00787518 c:OrdinaryShareClass1 2023-02-01 2024-01-31 00787518 c:OrdinaryShareClass1 2024-01-31 00787518 c:OrdinaryShareClass1 2023-01-31 00787518 c:FRS102 2023-02-01 2024-01-31 00787518 c:IndependentExaminationCharity 2023-02-01 2024-01-31 00787518 c:FullAccounts 2023-02-01 2024-01-31 00787518 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 00787518 f:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 00787518









N. HILLMAN & SONS CONTRACTORS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
N. HILLMAN & SONS CONTRACTORS LIMITED
REGISTERED NUMBER: 00787518

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
52,423
21,445

Investment property
 6 
17,477,300
18,292,300

  
17,529,723
18,313,745

Current assets
  

Stocks
 7 
2,869,249
3,924,970

Debtors: amounts falling due within one year
 8 
229,009
188,044

Cash at bank and in hand
 9 
39,602
347,631

  
3,137,860
4,460,645

Creditors: amounts falling due within one year
 10 
(1,243,040)
(2,427,899)

Net current assets
  
 
 
1,894,820
 
 
2,032,746

Total assets less current liabilities
  
19,424,543
20,346,491

Creditors: amounts falling due after more than one year
 11 
(11,432,906)
(10,229,230)

Provisions for liabilities
  

Deferred tax
 13 
(1,592,318)
(2,050,453)

  
 
 
(1,592,318)
 
 
(2,050,453)

Net assets
  
6,399,319
8,066,808


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
  
6,399,219
8,066,708

  
6,399,319
8,066,808


Page 1

 
N. HILLMAN & SONS CONTRACTORS LIMITED
REGISTERED NUMBER: 00787518
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 October 2024.




G A Hillman Esq
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

N. Hillman & Sons Contractors Limited is a private company, limited by shares and incorporated in England and Wales. The address of the registered office is 46-48 Ennersdale Road, London, SE13 6JB. The principal activities of the company during the year continue to be the provision of building services, property development and property investment.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company 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 company has transferred the significant risks and rewards of ownership to the buyer;
the company 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 company 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year 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 operates and generates 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.

Page 4

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:


Plant and machinery
-
33% straight line
Motor vehicles
-
25% reducing balance

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually either by external valuers or by the directors 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 the Statement of comprehensive income

 
2.9

Stocks and work in progress

Stocks and work in progress are valued at cost plus profit to stage of completion. Cost includes development land and buildings, materials, direct labour, sub-contract labour and plant costs.
At each balance sheet date, stock and work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete. The impairment loss is recognised immediately in the Statement of comprehensive income.



 
2.10

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 5

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the the obligation.
Provisions are charged as an expense to the profit and loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
 
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

  
2.14

Financial instruments

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

a) Critical judgments in applying the company's accounting policies
No significant judgments have been made by management in the preparation of the financial statements.
b) Key accounting estimates and assumptions
The company has made key assumptions regarding the valuation of investment properties and this is further described in note 2.8 of the accounting policies.
The company has also made key assumptions regarding the work in progress balances of projects at the year-end. This is further described in note 2.9 of the accounting policies. 


4.


Employees

The average monthly number of employees, including directors, during the year was 16 (2023 - 17).

Page 6

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 February 2023
50,769
85,488
136,257


Additions
-
37,499
37,499


Disposals
-
(8,894)
(8,894)



At 31 January 2024

50,769
114,093
164,862



Depreciation


At 1 February 2023
50,769
64,043
114,812


Charge for the year on owned assets
-
6,039
6,039


Disposals
-
(8,412)
(8,412)



At 31 January 2024

50,769
61,670
112,439



Net book value



At 31 January 2024
-
52,423
52,423



At 31 January 2023
-
21,445
21,445

Page 7

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
18,292,300


Additions
565,344


Disposals
(94,587)


Impairment
(1,060,344)


Reversal of revaluation on disposal
(225,413)



At 31 January 2024
17,477,300

The 2023 valuation for the properties located at 42-50 Ennersdale Road was made by Ringley Group, a firm of Chartered Surveyors and Commercial Property Advisers. 
The 2024 valuations for all other properties were made by the directors, on an open market value for existing use basis.






7.


Stocks

2024
2023
£
£

Work in progress
2,869,249
3,924,970

2,869,249
3,924,970


The company had  £1,096,872 impairment loss on the year end work-in-progress balance as Royal Bell project sold significantly less than the original costs after the year end. 

Page 8

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
173,370
127,659

Other debtors
49,680
55,085

Prepayments and accrued income
5,959
5,300

229,009
188,044



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
39,602
347,631

Less: bank overdrafts
(45,467)
-

(5,865)
347,631



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
45,467
-

Bank loans
647,905
1,902,074

Trade creditors
280,048
352,113

Other taxation and social security
46,875
17,616

Other creditors
149,371
146,096

Accruals and deferred income
73,374
10,000

1,243,040
2,427,899


Page 9

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,448,613
9,276,023

Other creditors
984,293
953,207

11,432,906
10,229,230


Bank loans due within and after one year totalling £11,096,519 (2023: £11,178,097) are secured by way
of fixed charges over investment properties owned by the company and by way of a floating charge over
the assets of the company.
The director has provided personal guarantees in respect of loans from Metro Bank and Cynergy Bank.
The personal guarantees are limited to the value of the loan for Metro Bank with a value at the year-end of £2,902,583 (2023: £2,900,372), and for a sum of £5,812,895 (2023: £500,000) for Cynergy Bank.


12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
647,905
1,902,074

Amounts falling due 1-2 years

Bank loans
1,961,512
360,270

Amounts falling due 2-5 years

Bank loans
489,347
2,732,616

Amounts falling due after more than 5 years

Bank loans
7,997,754
6,183,137

11,096,518
11,178,097


Page 10

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

13.


Deferred taxation




2024
2023


£

£






At beginning of year
(2,050,453)
(1,353,173)


Credited/(charged) to profit or loss
458,135
(697,280)



At end of year
(1,592,318)
(2,050,453)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax on revalued properties
(1,850,331)
(2,047,373)

Accelerated capital allowances
(13,106)
(3,080)

Deferred tax on losses carried forward
271,119
-

(1,592,318)
(2,050,453)


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



15.


Related party transactions

Included within other creditors due after one year is an amount totalling £984,293 (2023: £953,507) owed to the director of the company.


16.


Controlling party

The ultimate controlling party during the year and at the year end was Mr G A Hillman.


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 31 October 2024 by Mario Cientanni (Senior statutory auditor) on behalf of Barnes Roffe LLP.

Page 11

 
N. HILLMAN & SONS CONTRACTORS LIMITED
 
 
 Page 12