1 April 2023 false No description of principal activity Taxfiler 2024.6 05556461business:PrivateLimitedCompanyLtd2023-04-012024-03-31 055564612023-03-31 055564612023-04-012024-03-31 05556461business:AuditExemptWithAccountantsReport2023-04-012024-03-31 05556461business:FilletedAccounts2023-04-012024-03-31 055564612024-03-31 05556461business:Director12023-04-012024-03-31 05556461business:Director22023-04-012024-03-31 05556461business:CompanySecretary12023-04-012024-03-31 05556461business:RegisteredOffice2023-04-012024-03-31 055564612023-03-31 05556461core:WithinOneYear2024-03-31 05556461core:WithinOneYear2023-03-31 05556461core:AfterOneYear2024-03-31 05556461core:AfterOneYear2023-03-31 05556461core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 05556461core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 05556461core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 05556461core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 05556461core:PreviouslyStatedAmount2024-03-31 05556461core:PreviouslyStatedAmount2023-03-31 05556461business:SmallEntities2023-04-012024-03-31 05556461countries:EnglandWales2023-04-012024-03-31 05556461core:PlantMachinery2023-04-012024-03-31 05556461core:FurnitureFittings2023-04-012024-03-31 05556461core:ComputerEquipment2023-04-012024-03-31 05556461core:IntangibleAssetsOtherThanGoodwill2023-03-31 05556461core:IntangibleAssetsOtherThanGoodwill2024-03-31 05556461core:PlantMachinery2023-03-31 05556461core:ComputerEquipment2023-03-31 05556461core:PlantMachinery2024-03-31 05556461core:ComputerEquipment2024-03-31 05556461core:WithinOneYear2023-04-012024-03-31 05556461business:OrdinaryShareClass12023-04-012024-03-31 05556461business:OrdinaryShareClass12022-04-012023-03-31 05556461core:BetweenOneFiveYears2024-03-31 05556461core:BetweenOneFiveYears2023-03-31 055564612022-04-012023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 05556461 (England and Wales)
HCA Panels Limited Unaudited accounts for the year ended 31 March 2024
HCA Panels Limited Unaudited accounts Contents
Page
- 2 -
HCA Panels Limited Company Information for the year ended 31 March 2024
Directors
Mr A J Poyser Mrs T Poyser
Secretary
Mrs T Poyser
Company Number
05556461 (England and Wales)
Registered Office
Unit 6 Kingsway Andover Hampshire SP10 5LQ England
Accountants
Continuity Finance 95 Brownhill Road Chandlers Ford Eastleigh Hampshire SO53 2FH
- 3 -
HCA Panels Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
9,127 
12,303 
Current assets
Inventories
78,095 
116,640 
Debtors
772,898 
774,653 
Cash at bank and in hand
83,525 
352,461 
934,518 
1,243,754 
Creditors: amounts falling due within one year
(637,227)
(908,384)
Net current assets
297,291 
335,370 
Total assets less current liabilities
306,418 
347,673 
Creditors: amounts falling due after more than one year
(53,030)
(98,485)
Provisions for liabilities
Deferred tax
(2,214)
(2,776)
Net assets
251,174 
246,412 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
251,074 
246,312 
Shareholders' funds
251,174 
246,412 
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 11 November 2024 and were signed on its behalf by
Mr A J Poyser Director Company Registration No. 05556461
- 4 -
HCA Panels Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
HCA Panels Limited is a private company, limited by shares, registered in England and Wales, registration number 05556461. The registered office is Unit 6, Kingsway, Andover, Hampshire, SP10 5LQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover represents the value of services net of VAT provided under contracts to the extent that there is a right to consideration and is recorded at the value of consideration due. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered to customers and legal title has passed.
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation and any accumulated impairment losses. Computer software is being amortised evenly over its estimated useful life of three years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Fixtures & fittings
20% on reducing balance
Computer equipment
33% straight line
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Overheads are charged to the income statement as incurred. When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stock are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.
- 5 -
HCA Panels Limited Notes to the Accounts for the year ended 31 March 2024
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Debt factoring
The gross amount of trade debtors has been shown on the balance sheet within the current assets and the corresponding liability in respect of the proceeds received from the factor has been shown within current liabilities. The interest element of the factor's charges and other factoring costs are recognised as they accrue and are charged to the Income Statement.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
- 6 -
HCA Panels Limited Notes to the Accounts for the year ended 31 March 2024
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2023
4,250 
At 31 March 2024
4,250 
Amortisation
At 1 April 2023
4,250 
At 31 March 2024
4,250 
Net book value
At 31 March 2024
- 
Intangible assets relate to computer software.
5
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
138,566 
1,115 
139,681 
At 31 March 2024
138,566 
1,115 
139,681 
Depreciation
At 1 April 2023
127,347 
31 
127,378 
Charge for the year
2,804 
372 
3,176 
At 31 March 2024
130,151 
403 
130,554 
Net book value
At 31 March 2024
8,415 
712 
9,127 
At 31 March 2023
11,219 
1,084 
12,303 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
77,634 
27,375 
Trade debtors
272,252 
324,205 
Amounts due from group undertakings etc.
423,012 
423,073 
772,898 
774,653 
- 7 -
HCA Panels Limited Notes to the Accounts for the year ended 31 March 2024
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
45,455 
45,455 
Trade creditors
305,200 
4,278 
Amounts owed to group undertakings and other participating interests
- 
509,087 
Taxes and social security
38,141 
51,442 
Other creditors
241,888 
287,320 
Accruals
6,543 
10,802 
637,227 
908,384 
Included within creditors is a secured bank loan which is secured by a fixed and floating charge over all of the assets of the company. Included within creditors is a secured factoring facility with Close Invoice Finance Limited. This is secured by a fixed and floating charge dated 27 May 2010 over the company's trade debtors.
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
53,030 
98,485 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
10
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
17,685 
- 
Later than one year and not later than five years
38,319 
- 
56,004 
- 
11
Transactions with related parties
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies where any subsidiary that is party to the transaction is wholly owned within the group or where transactions have been undertaken under normal market conditions.
12
Average number of employees
During the year the average number of employees was 2 (2023: 2).
- 8 -