HND (UK) LTD 02034087 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Manufacturing furniture Digita Accounts Production Advanced 6.30.9574.0 true 02034087 2023-09-01 2024-08-31 02034087 2024-08-31 02034087 core:RetainedEarningsAccumulatedLosses 2024-08-31 02034087 core:ShareCapital 2024-08-31 02034087 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-08-31 02034087 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-08-31 02034087 core:CurrentFinancialInstruments 2024-08-31 02034087 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02034087 core:Non-currentFinancialInstruments 2024-08-31 02034087 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 02034087 core:FurnitureFittingsToolsEquipment 2024-08-31 02034087 bus:SmallEntities 2023-09-01 2024-08-31 02034087 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02034087 bus:FullAccounts 2023-09-01 2024-08-31 02034087 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02034087 bus:RegisteredOffice 2023-09-01 2024-08-31 02034087 bus:Director1 2023-09-01 2024-08-31 02034087 bus:Director4 2023-09-01 2024-08-31 02034087 bus:Director6 2023-09-01 2024-08-31 02034087 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02034087 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 02034087 core:MotorVehicles 2023-09-01 2024-08-31 02034087 core:PlantMachinery 2023-09-01 2024-08-31 02034087 countries:UnitedKingdom 2023-09-01 2024-08-31 02034087 2023-08-31 02034087 core:FurnitureFittingsToolsEquipment 2023-08-31 02034087 2022-09-01 2023-08-31 02034087 2023-08-31 02034087 core:RetainedEarningsAccumulatedLosses 2023-08-31 02034087 core:ShareCapital 2023-08-31 02034087 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-08-31 02034087 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-08-31 02034087 core:CurrentFinancialInstruments 2023-08-31 02034087 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02034087 core:Non-currentFinancialInstruments 2023-08-31 02034087 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 02034087 core:FurnitureFittingsToolsEquipment 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 02034087

HND (UK) LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

HND (UK) LTD

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

HND (UK) LTD

Company Information

Directors

Mr N Dawson

Mr C R Smith

Mrs C L Stockhall

Registered office

Unit 3a
Worcester Trading Estate
Blackpole Road
Worcester
WR3 8HR

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

HND (UK) LTD

(Registration number: 02034087)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

275,389

190,226

Current assets

 

Stocks

5

406,473

375,768

Debtors

6

400,477

312,241

Cash at bank and in hand

 

10,188

17,395

 

817,138

705,404

Creditors: Amounts falling due within one year

7

(417,503)

(323,172)

Net current assets

 

399,635

382,232

Total assets less current liabilities

 

675,024

572,458

Creditors: Amounts falling due after more than one year

7

(97,202)

(88,720)

Provisions for liabilities

(68,847)

(48,054)

Net assets

 

508,975

435,684

Capital and reserves

 

Called up share capital

35,680

35,680

Retained earnings

473,295

400,004

Shareholders' funds

 

508,975

435,684

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

HND (UK) LTD

(Registration number: 02034087)
Balance Sheet as at 31 August 2024

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 11 February 2025 and signed on its behalf by:
 

.........................................
Mr N Dawson
Director

   
 

HND (UK) LTD

Notes to the Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 3a
Worcester Trading Estate
Blackpole Road
Worcester
WR3 8HR

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

HND (UK) LTD

Notes to the Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

at variable rates on reducing balance

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

HND (UK) LTD

Notes to the Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

 

HND (UK) LTD

Notes to the Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

521,216

521,216

Additions

118,375

118,375

At 31 August 2024

639,591

639,591

Depreciation

At 1 September 2023

330,990

330,990

Charge for the year

33,212

33,212

At 31 August 2024

364,202

364,202

Carrying amount

At 31 August 2024

275,389

275,389

At 31 August 2023

190,226

190,226

5

Stocks

2024
£

2023
£

Raw materials and consumables

406,473

375,768

6

Debtors

Current

2024
£

2023
£

Trade debtors

353,102

299,618

Prepayments

6,487

12,623

Other debtors

40,888

-

 

400,477

312,241

 

HND (UK) LTD

Notes to the Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

167,952

98,073

Trade creditors

 

132,893

97,783

Amounts owed to related parties

1,626

47

Taxation and social security

 

66,266

57,168

Other creditors

 

48,766

70,101

 

417,503

323,172

Due after one year

 

Loans and borrowings

8

97,202

88,720

HSBC UK Bank Plc has a charge over amounts owed to them under a debt purchase finance agreeement dated 1 September 2021.

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

46,577

85,626

Hire purchase contracts

50,625

3,094

97,202

88,720

2024
£

2023
£

Current loans and borrowings

Bank borrowings

151,358

82,979

Hire purchase contracts

16,594

6,746

Other borrowings

-

8,348

167,952

98,073