Company registration number 09990656 (England and Wales)
HERTFORDSHIRE BUILDING CONTROL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HERTFORDSHIRE BUILDING CONTROL LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
HERTFORDSHIRE BUILDING CONTROL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
5
63,817
120,883
Tangible assets
6
140,984
120,095
204,801
240,978
Current assets
Debtors
7
466,607
1,285,863
Cash at bank and in hand
993,222
1,000,026
1,459,829
2,285,889
Creditors: amounts falling due within one year
8
(1,194,749)
(1,694,019)
Net current assets
265,080
591,870
Total assets less current liabilities
469,881
832,848
Creditors: amounts falling due after more than one year
9
(856,000)
(856,000)
Net assets excluding pension surplus
(386,119)
(23,152)
Defined benefit pension surplus
1,171,092
286,092
Net assets
784,973
262,940
Capital and reserves
Called up share capital
11
1
1
Profit and loss reserves
784,972
262,939
Total equity
784,973
262,940
The directors of the company have elected not to include a copy of the profit and loss account 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 22 November 2024 and are signed on its behalf by:
Matthew Lawrence Bunyon
Director
Company Registration No. 09990656
HERTFORDSHIRE BUILDING CONTROL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
1
(2,059,223)
(2,059,222)
Year ended 31 March 2023:
Loss for the year
-
(217,838)
(217,838)
Other comprehensive income:
Remeasurements relating to valuation of Defined Benefit Obligation
-
2,540,000
2,540,000
Total comprehensive income for the year
2,322,162
2,322,162
Balance at 31 March 2023
1
262,939
262,940
Year ended 31 March 2024:
Loss for the year
-
(354,967)
(354,967)
Other comprehensive income:
Remeasurements relating to valuation of Defined Benefit Obligation
-
877,000
877,000
Total comprehensive income for the year
522,033
522,033
Balance at 31 March 2024
1
784,972
784,973
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Hertfordshire Building Control Limited is a private company limited by shares incorporated in England and Wales. The registered office is Welwyn Hatfield Borough Council Office, The Campus, Welwyn Garden City, United Kingdom, AL8 6AE.
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.
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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
At the time of approving the financial statements, the directors have a reasonable expectation that the company, with support of its ultimate shareholders, has adequate resources to continue in operational existence for the foreseeable future. The directors also assess that the group has sufficient resources and assets to meet its liabilities and support also available from other associated companies controlled by the directors. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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:
Software
4 to 5 years straight line basis
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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.
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:
Leasehold improvements
10 years straight line basis
Plant and equipment
5 years straight line basis
Fixtures and fittings
5 years straight line basis
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
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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
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.
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.
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.9
Retirement benefits
NEST is a defined contribution scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The Company shares in a multi-employer defined benefit plan Local Government Pension Scheme ('LGPS') which is available for certain employees. The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Operating loss
2024
2023
Operating loss for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
57,222
50,087
(Profit)/loss on disposal of tangible fixed assets
-
6,922
Amortisation of intangible assets
33,914
32,611
Loss on disposal of intangible assets
30,504
-
Operating lease charges
52,680
43,670
4
Employees
The average monthly number of persons (excluding directors) employed by the company during the year was:
2024
2023
Number
Number
71
72
5
Intangible fixed assets
Software
£
Cost
At 1 April 2023
284,938
Additions
7,232
Disposals
(52,100)
At 31 March 2024
240,070
Amortisation and impairment
At 1 April 2023
164,055
Amortisation charged for the year
33,914
Disposals
(21,716)
At 31 March 2024
176,253
Carrying amount
At 31 March 2024
63,817
At 31 March 2023
120,883
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2023
244,625
31,976
276,601
Additions
56,638
16,295
5,499
78,432
Disposals
(556)
(556)
At 31 March 2024
56,638
260,364
37,475
354,477
Depreciation and impairment
At 1 April 2023
132,871
23,635
156,506
Depreciation charged in the year
1,801
52,005
3,416
57,222
Eliminated in respect of disposals
(235)
(235)
At 31 March 2024
1,801
184,641
27,051
213,493
Carrying amount
At 31 March 2024
54,837
75,723
10,424
140,984
At 31 March 2023
111,754
8,341
120,095
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
194,664
161,343
Amounts owed by group undertakings
149,609
973,954
Other debtors
1,320
11,450
Prepayments and accrued income
121,014
139,116
466,607
1,285,863
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
37,691
133,399
Amounts owed to group undertakings
30,752
Taxation and social security
124,349
138,144
Other creditors
126,096
128,373
Accruals and deferred income
906,613
1,263,351
1,194,749
1,694,019
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Other borrowings
10
856,000
856,000
10
Loans and overdrafts
2024
2023
£
£
Loans from related parties
856,000
856,000
Payable after one year
856,000
856,000
The loans bear interest at 6% per annum. The shareholders of the holding company confirm the loan will not be repayable within 12 months from the date of authorisation of these accounts.
11
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
12
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:
Harsheel Dodhia
Statutory Auditor:
KLSA LLP
Date of audit report:
22 November 2024
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
50,289
47,500
Between two and five years
242,403
7,917
292,692
55,417
HERTFORDSHIRE BUILDING CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
14
Related party transactions
The company has taken advantage of the exemption available in FRS 102 , whereby it has not disclosed transactions with its holding company and any other company which is under common control.
At the balance sheet date, loan from the eight shareholders of the parent company amounts to £856,000 (2023: £856,000). The loans carry interest of 6% per annum.
The interest on loan payable amounted to £51,360 (2023: £34,240) and is included in accruals and deferred income.
Included in Trade Debtors, is an amount due from the shareholders of the holding company amounting to £53,580 (2023: £34,792).
The Company provided service to the shareholders of the holding company amounting to £389,271 (2023: £401,704 ) during the year.
The Company availed service from the shareholders of the holding company amounting to £66,000 (2023: £120,930) during the year.
15
Ultimate controlling party
The company is a wholly owned subsidiary of Broste Rivers Limited, a company incorporated in England and Wales with its registered office address at Welwyn Hatfield Borough Council Office, The Campus, Welwyn Garden City, United Kingdom, AL8 6AE
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