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REGISTERED NUMBER: NI039845 (Northern Ireland)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Hilmark Limited

Hilmark Limited (Registered number: NI039845)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


Hilmark Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Elliott
K Elliott
M Elliott
S Elliott



REGISTERED OFFICE: 19 Church Road
Portadown
Co. Armagh
BT63 5HY



REGISTERED NUMBER: NI039845 (Northern Ireland)



AUDITORS: WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG



BANKERS: Barclays Bank Plc
6th Floor Donegall House
Donegall Square North
Belfast
BT1 5GB



SOLICITORS: T.D. Gibson & Co.
Montrose House
17-21 Church Street
Portadown
BT62 3LN

Hilmark Limited (Registered number: NI039845)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
Hilmark Limited's trading results for the year ended 31 December 2023 show a profit of £417,278 (2022: £323,073).

The business has continued its development of land sites during the year.

The key financial and other performance indicators during the year were as follows:

2023 2022
Turnover £10,954,363 £11,983,030
GP % 15.61% 10.5%
NP% 3.9% 2.7%
Current Ratio 1.69:1 1.50:1

PRINCIPAL RISKS AND UNCERTAINTIES
There are certain risk factors which could affect the company's future results and cause them to be materially different from expected results. The factors considered should not be regarded as a complete and comprehensive statement of all risks and uncertainties.

Market risk
The principal risk is a reduction in sales volume in response to the macroeconomic environment including the availability of mortgage finance for house purchases. The company manages this risk by strengthening the sales team and reviewing sales targets on a regular basis.

Liquidity risk
The company manages financial risk by monitoring cashflow to ensure that the company is able to meet its foreseeable debts as they fall due.

Financial key performance indicators
The business produces a range of Key Performance Indicators to aid the effective management of the business.

ON BEHALF OF THE BOARD:





A Elliott - Director


15 November 2024

Hilmark Limited (Registered number: NI039845)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of residential property development.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A Elliott
K Elliott
M Elliott

Other changes in directors holding office are as follows:

S Elliott - appointed 1 August 2023

POLITICAL DONATIONS AND EXPENDITURE
The company did not make any disclosable political donations in the current financial year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Hilmark Limited (Registered number: NI039845)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, WHR Accountants Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Elliott - Director


15 November 2024

Report of the Independent Auditors to the Members of
Hilmark Limited

Opinion
We have audited the financial statements of Hilmark Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern
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 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Hilmark Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Hilmark Limited


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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 financial statements.

Irregularities, including fraud, and 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 Company's own assessment of the risk that irregularities may occur either as a result of fraud or error;
-the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

In addition to the above, our procedures to respond to risks identified included the following:
-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management, directors concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reading minutes of meeting of directors, reviewing internal audit reports and reviewing correspondence with HMRC; and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;
-assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
-evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment,forgery,collusion,omission or misrepresentation.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Hilmark Limited


Use of our 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 a Report of the Auditors 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.




James Robinson (Senior Statutory Auditor)
for and on behalf of WHR Accountants Ltd
Chartered Certified Accountants
Statutory Auditors
56 English Street
Armagh
Co. Armagh
BT61 7LG

15 November 2024

Hilmark Limited (Registered number: NI039845)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 3 10,954,363 11,983,030

Cost of sales 9,244,518 10,727,275
GROSS PROFIT 1,709,845 1,255,755

Administrative expenses 1,300,368 946,695
409,477 309,060

Other operating income 128,138 121,287
OPERATING PROFIT 5 537,615 430,347

Income from fixed asset investments 142,321 -
Interest receivable and similar income 6 18,416 10,268
160,737 10,268
698,352 440,615

Interest payable and similar expenses 7 275,445 117,542
PROFIT BEFORE TAXATION 422,907 323,073

Tax on profit 8 - -
PROFIT FOR THE FINANCIAL YEAR 422,907 323,073

Hilmark Limited (Registered number: NI039845)

Other Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 422,907 323,073


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 422,907 323,073

Hilmark Limited (Registered number: NI039845)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 47,731 19,256
Investments 10 272,587 1,323,924
Investment property 11 742,333 643,778
1,062,651 1,986,958

CURRENT ASSETS
Stocks 12 28,561,122 28,788,179
Debtors 13 3,926,508 6,800,630
Cash at bank 716,336 1,107,417
33,203,966 36,696,226
CREDITORS
Amounts falling due within one year 14 19,636,476 24,475,950
NET CURRENT ASSETS 13,567,490 12,220,276
TOTAL ASSETS LESS CURRENT LIABILITIES 14,630,141 14,207,234

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 14,630,041 14,207,134
SHAREHOLDERS' FUNDS 14,630,141 14,207,234

The financial statements were approved by the Board of Directors and authorised for issue on 15 November 2024 and were signed on its behalf by:





A Elliott - Director


Hilmark Limited (Registered number: NI039845)

Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 100 13,884,061 13,884,161

Changes in equity
Total comprehensive income - 323,073 323,073
Balance at 31 December 2022 100 14,207,134 14,207,234

Changes in equity
Total comprehensive income - 422,907 422,907
Balance at 31 December 2023 100 14,630,041 14,630,141

Hilmark Limited (Registered number: NI039845)

Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,378,288 1,012,960
Interest paid (275,445 ) (117,542 )
Net cash from operating activities 4,102,843 895,418

Cash flows from investing activities
Purchase of tangible fixed assets (38,800 ) (48,282 )
Purchase of investment property (98,555 ) (643,778 )
Sale of tangible fixed assets - 43,350
Increase in fixed asset investments 118,393 85,247
Loan repayment participating interest - 220,609
Interest received 18,416 10,268
Dividends received 142,321 -
Net cash from investing activities 141,775 (332,586 )

Cash flows from financing activities
Proceeds from loans group undertakings (4,635,699 ) (1,941,656 )
Net cash from financing activities (4,635,699 ) (1,941,656 )

Decrease in cash and cash equivalents (391,081 ) (1,378,824 )
Cash and cash equivalents at beginning of year 2 1,107,417 2,486,241

Cash and cash equivalents at end of year 2 716,336 1,107,417

Hilmark Limited (Registered number: NI039845)

Notes to the Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.23 31.12.22
£    £   
Profit before taxation 422,907 323,073
Depreciation charges 10,325 4,213
Loss on disposal of fixed assets 397,685 133,118
Finance costs 275,445 117,542
Finance income (160,737 ) (10,268 )
945,625 567,678
Decrease in stocks 227,057 3,146,198
Decrease/(increase) in trade and other debtors 3,389,514 (2,309,863 )
Decrease in trade and other creditors (183,908 ) (391,053 )
Cash generated from operations 4,378,288 1,012,960

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 716,336 1,107,417
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 1,107,417 2,486,241


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 1,107,417 (391,081 ) 716,336
1,107,417 (391,081 ) 716,336
Total 1,107,417 (391,081 ) 716,336

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Hilmark Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 401 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is not established under the law of an EEA State.

Significant judgements and estimates
Management is required to make key decisions and judgements in the process of applying the company's accounting policies. Management has not made any critical judgements that have a significant effect on the amounts recognised in the financial statements. The key source of estimation uncertainty is the valuation of work in progress. Where judgement and estimation has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Investments in subsidiaries and associates
Investments in subsidiary and associate undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit of loss.
All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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 of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

31.12.23 31.12.22
£    £   
Residential Property sales 10,954,363 11,983,030
10,954,363 11,983,030

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 536,681 518,402
Other pension costs 21,471 20,541
558,152 538,943

The average number of employees during the year was as follows:
31.12.23 31.12.22

Staff 10 10

31.12.23 31.12.22
£    £   
Directors' remuneration 160,833 140,000

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Other operating leases 4,089 5,446
Depreciation - owned assets 10,325 4,214
Loss on disposal of fixed assets 397,685 133,118
Auditors' remuneration 16,697 13,975

6. INTEREST RECEIVABLE AND SIMILAR INCOME
31.12.23 31.12.22
£    £   
Deposit account interest 18,416 10,268

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 275,445 117,542

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

9. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023 25,752
Additions 38,800
Disposals (5,203 )
At 31 December 2023 59,349
DEPRECIATION
At 1 January 2023 6,496
Charge for year 10,325
Eliminated on disposal (5,203 )
At 31 December 2023 11,618
NET BOOK VALUE
At 31 December 2023 47,731
At 31 December 2022 19,256

10. FIXED ASSET INVESTMENTS

31.12.23 31.12.22
£    £   
Shares in group undertakings 102 102
Participating interests 184,985 184,985
Loans to undertakings in which the company has a
participating interest

87,500

622,759
Other investments not loans - 516,078
272,587 1,323,924

Additional information is as follows:
Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
COST
At 1 January 2023 102 184,985 516,078 701,165
Disposals - - (516,078 ) (516,078 )
At 31 December 2023 102 184,985 - 185,087
NET BOOK VALUE
At 31 December 2023 102 184,985 - 185,087
At 31 December 2022 102 184,985 516,078 701,165

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. FIXED ASSET INVESTMENTS - continued

Investments are shown at cost.

The market value of Loans to undertakings in which the company has a participating interest and other investments not loans amounted to £87,500 at the balance sheet date.
Loans to
other
participating
interests
£   
At 1 January 2023 622,759
Repayment in year (535,259 )
At 31 December 2023 87,500

Investments in group undertakings

Subsidiary undertakings

Registered Office

Class of share
Percentage of
shares held

LMG Developments Limited
19 Church Road, Portadown,
BT63 5HY

ordinary

100

Regent Park Developments Limited
19 Church Road, Portadown,
BT63 5HY

ordinary

2

11. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 643,778
Additions 98,555
At 31 December 2023 742,333
NET BOOK VALUE
At 31 December 2023 742,333
At 31 December 2022 643,778

12. STOCKS
31.12.23 31.12.22
£    £   
Stocks 26,336,533 27,095,574
Work-in-progress 2,224,589 1,692,605
28,561,122 28,788,179

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 140,000 268,000
Amounts owed by group undertakings 1,070,000 1,400,365
Amounts owed by participating interests 2,247,348 3,288,757
Other debtors 445,541 1,838,039
VAT 23,119 4,969
Accrued income 500 500
3,926,508 6,800,630

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 285,205 421,939
Amounts owed to group undertakings 19,229,731 23,885,297
Social security and other taxes 15,399 14,263
Other creditors 103,139 108,611
Accrued expenses 3,002 45,840
19,636,476 24,475,950

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
100 Ordinary 1 100 100

16. RESERVES
Retained
earnings
£   

At 1 January 2023 14,207,134
Profit for the year 422,907
At 31 December 2023 14,630,041

Hilmark Limited (Registered number: NI039845)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

17. RELATED PARTY DISCLOSURES

During the year the company entered into the following transactions with related parties:



Transaction value

Balance owed
by/(owed to

)

2023 2022 2023 2022
£    £    £    £   
Hilmark Blue Horizon Developments LLP (547,972 ) (706,681 ) 137,384 1,089,411
Pharmapac (UK) Limited (120,000 ) (120,000 ) 126,000 26,000
Mercia Square - - 87,750 87,750
Hydebank Developments Limited - - - 1,375,074
Kamell Ltd - - 122,645 122,645
Toberhewny Developments LLP (113,251 ) (54,942 ) 568,195 529,942
Farleigh Hilmark (Tower Bridge) LLP 288,528 117,451 1,540,936 1,669,404
Mountnorris Developments LLP 165 835 -

The company is a 50% partner in Hilmark Blue Horizon Developments LLP. Sales included £3,402,101 from Hillmark Blue Horizon Developments LLP and expenditure included £2,854,128.

The company is a 50% partner in Toberhewny Developments LLP. Sales included £409,116 from Toberhewny Developments LLP and expenditure included £295,847.

The company is a 50% partner in Farleigh Hilmark (Tower Bridge) LLP. Expenditure included from Farleigh Hilmark (Tower Bridge) LLP included £288,528.

The company is a 33.3% partner in Mountnorris Developments LLP. Expenditure included from Mountnorris Developments LLP included £165.

Hydebank Developments Limited in now a 100% owned subsidiary of Hilmark Ltd therefore now a group company.

18. ULTIMATE CONTROLLING PARTY

Pincap Limited has control of the company, and the group, by way of a 100% shareholding. Pincap Limited is a company incorporated on the Isle of Man therefore group accounts for this company are not publicly available.