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REGISTERED NUMBER: 02597074 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH APRIL 2024

FOR

H.F.T. FORKLIFTS LIMITED

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024










Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


H.F.T. FORKLIFTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2024







Directors: Mrs Z Ferriday
A J Ferriday
Mrs A C Crawford
Mrs C A Crawford
J G Crawford
P G Crawford





Secretary: Mrs Z Ferriday





Registered office: Infinity House
Fir Tree Lane Rotherwas
Hereford
Herefordshire
HR2 6LA





Registered number: 02597074 (England and Wales)

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

BALANCE SHEET
30TH APRIL 2024

30.4.24 30.4.23
Notes £ £ £ £
Fixed assets
Tangible assets 4 2,592,753 2,215,535

Current assets
Stocks 5 262,725 276,384
Debtors 6 1,106,574 1,106,693
Cash at bank 1,291 60
1,370,590 1,383,137
Creditors
Amounts falling due within one year 7 1,535,157 1,514,233
Net current liabilities (164,567 ) (131,096 )
Total assets less current liabilities 2,428,186 2,084,439

Creditors
Amounts falling due after more than one
year

8

(343,544

)

(104,155

)

Provisions for liabilities 11 (390,200 ) (290,100 )
Net assets 1,694,442 1,690,184

Capital and reserves
Called up share capital 12 24,375 24,375
Share premium 100,000 100,000
Capital redemption reserve 175,625 175,625
Retained earnings 1,394,442 1,390,184
Shareholders' funds 1,694,442 1,690,184

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

BALANCE SHEET - continued
30TH APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th January 2025 and were signed on its behalf by:





Mrs Z Ferriday - Director


H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2024


1. Statutory information

H.F.T. Forklifts Limited is a private company, limited by shares , registered in England and Wales. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Tangible fixed assets
Tangible fixed assets are stated in the Balance sheet at cost less depreciation.
Depreciation is provided at the following rates on the straight line method in order to write off each asset over its estimated useful life:

Land & buildings0% - 2% on cost
Plant & machinery0% - 25% on cost
Office equipment25% on cost
Motor vehicles25% - 33% on cost

Stocks & work in progress
Stock has been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Work in progress has been valued as a percentage of the full contract value according to the level of completion.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


2. Accounting policies - continued
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 & leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the Balance Sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs & 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.

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all of the risks and rewards of the ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.




H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


2. Accounting policies - continued
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducing all of its liabilities.
Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans, loans from fellow group companies and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

3. Employees (including officers)

The average number of employees during the year was 39 (2023 - 40 ) .

4. Tangible fixed assets
Freehold Plant & Office Motor
property machinery equipment vehicles Totals
£ £ £ £ £
Cost
At 1st May 2023 1,295,262 189,493 59,308 2,230,197 3,774,260
Additions - 7,983 80,397 927,735 1,016,115
Disposals - - - (496,749 ) (496,749 )
At 30th April 2024 1,295,262 197,476 139,705 2,661,183 4,293,626
Depreciation
At 1st May 2023 316,371 144,764 56,342 1,041,248 1,558,725
Charge for year 25,905 3,199 4,030 371,625 404,759
Eliminated on disposal - - - (262,611 ) (262,611 )
At 30th April 2024 342,276 147,963 60,372 1,150,262 1,700,873
Net book value
At 30th April 2024 952,986 49,513 79,333 1,510,921 2,592,753
At 30th April 2023 978,891 44,729 2,966 1,188,949 2,215,535

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


4. Tangible fixed assets - continued

The net book value of motor vehicles includes £480,501 (2023: £97,374) in respect of assets held under finance leases or hire purchase contracts.

5. Stocks
30.4.24 30.4.23
£ £
Stocks 262,725 276,384

6. Debtors: amounts falling due within one year
30.4.24 30.4.23
£ £
Trade debtors 918,528 889,254
Other debtors 10,094 30,652
Corporation tax 47,650 -
Prepayments & accrued income 130,302 186,787
1,106,574 1,106,693

7. Creditors: amounts falling due within one year
30.4.24 30.4.23
£ £
Bank loans & overdrafts (see note 9) 217,727 131,002
Hire purchase contracts (see note 10) 132,773 60,365
Trade creditors 635,517 761,329
Corporation tax - 78,550
Social security & other taxes 170,904 122,722
Other creditors 259,589 193,691
Directors' loan accounts 118,647 166,574
1,535,157 1,514,233

8. Creditors: amounts falling due after more than one year
30.4.24 30.4.23
£ £
Hire purchase contracts (see note 10) 343,544 104,155

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


9. Loans

An analysis of the maturity of loans is given below:

30.4.24 30.4.23
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 217,727 131,002

Bank loans and overdrafts are secured by a charge over freehold properties and other assets.

10. Leasing agreements

Minimum lease payments under hire purchase fall due as follows:

30.4.24 30.4.23
£ £
Net obligations repayable:
Within one year 132,773 60,365
Between one and five years 343,544 104,155
476,317 164,520

11. Provisions for liabilities
30.4.24 30.4.23
£ £
Deferred tax 390,200 290,100

Deferred tax
£
Balance at 1st May 2023 290,100
Provided during year 100,100
Balance at 30th April 2024 390,200

12. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £ £
24,375 Ordinary £1 24,375 24,375

13. Contingent liabilities

There were no contingent liabilities as at 30th April 2024.

H.F.T. FORKLIFTS LIMITED (REGISTERED NUMBER: 02597074)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2024


14. Directors' advances, credits and guarantees

During the year, the directors used a current account with the company to record amounts due to them and amounts drawn by them. The balance at the year end was £118,647 owed by the company (2023: £166,574).

The loans and advances were made interest free and were repayable on demand.

15. Ultimate controlling party

The Company is controlled by H.F.T. Group Limited, which is the ultimate holding company.
Company registration number: 14721913
Company registration address: Infinity House, Fir Tree Lane, Rotherwas, Hereford, HR2 6LA.