32 false false false false false false false false false false true false false false false false false No description of principal activity 2023-09-01 Sage Accounts Production Advanced 2023 - FRS102_2023 92,849 92,849 4,051 4,051 88,798 239,415 569,797 809,212 8,765 108,042 116,807 692,405 230,650 xbrli:pure xbrli:shares iso4217:GBP 14801658 2023-09-01 2024-08-31 14801658 2024-08-31 14801658 2023-08-31 14801658 2023-04-14 2023-08-31 14801658 2023-08-31 14801658 2023-04-13 14801658 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-09-01 2024-08-31 14801658 core:PlantMachinery 2023-09-01 2024-08-31 14801658 bus:Director1 2023-09-01 2024-08-31 14801658 bus:Director2 2023-09-01 2024-08-31 14801658 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-08-31 14801658 core:PlantMachinery 2023-08-31 14801658 core:PlantMachinery 2024-08-31 14801658 core:WithinOneYear 2024-08-31 14801658 core:WithinOneYear 2023-08-31 14801658 core:AfterOneYear 2024-08-31 14801658 core:AfterOneYear 2023-08-31 14801658 core:ShareCapital 2024-08-31 14801658 core:ShareCapital 2023-08-31 14801658 core:SharePremium 2024-08-31 14801658 core:RetainedEarningsAccumulatedLosses 2024-08-31 14801658 core:RetainedEarningsAccumulatedLosses 2023-08-31 14801658 core:PlantMachinery 2023-08-31 14801658 bus:SmallEntities 2023-09-01 2024-08-31 14801658 bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 14801658 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 14801658 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 14801658 bus:FullAccounts 2023-09-01 2024-08-31
COMPANY REGISTRATION NUMBER: 14801658
HDM SOLAR (WHOLESALE) LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 August 2024
HDM SOLAR (WHOLESALE) LTD
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
£
Fixed Assets
Intangible assets
5
88,798
Tangible assets
6
692,405
230,650
-----------
-----------
781,203
230,650
Current Assets
Stocks
3,747,990
736,435
Debtors
7
4,450,633
458,464
Cash at bank and in hand
1,006,218
235,648
--------------
--------------
9,204,841
1,430,547
Creditors: amounts falling due within one year
8
8,612,621
1,390,271
--------------
--------------
Net Current Assets
592,220
40,276
--------------
-----------
Total Assets Less Current Liabilities
1,373,423
270,926
Creditors: amounts falling due after more than one year
9
234,122
177,096
Provisions
50,000
--------------
-----------
Net Assets
1,139,301
43,830
--------------
-----------
Capital and Reserves
Called up share capital
1,000
1,000
Share premium account
999,000
Profit and loss account
139,301
42,830
--------------
---------
Shareholders Funds
1,139,301
43,830
--------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
HDM SOLAR (WHOLESALE) LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
A C Firth
D J Rogers
Director
Director
Company registration number: 14801658
HDM SOLAR (WHOLESALE) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Carmel Park, Saltmarsh Court, Hull, HU47DZ.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. 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.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and Development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity 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.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 32 (2023: 12 ).
5. Intangible Assets
Development costs
£
Cost
Additions
Additions from internal developments
92,849
---------
At 31 August 2024
92,849
---------
Amortisation
Charge for the year
4,051
---------
At 31 August 2024
4,051
---------
Carrying amount
At 31 August 2024
88,798
---------
At 31 August 2023
---------
6. Tangible Assets
Plant and machinery
£
Cost
At 1 September 2023
239,415
Additions
569,797
-----------
At 31 August 2024
809,212
-----------
Depreciation
At 1 September 2023
8,765
Charge for the year
108,042
-----------
At 31 August 2024
116,807
-----------
Carrying amount
At 31 August 2024
692,405
-----------
At 31 August 2023
230,650
-----------
7. Debtors
2024
2023
£
£
Trade debtors
3,518,970
458,464
Amounts owed by group undertakings and undertakings in which the company has a participating interest
483,173
Other debtors
448,490
--------------
-----------
4,450,633
458,464
--------------
-----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,902,312
1,390,271
Amounts owed to group undertakings and undertakings in which the company has a participating interest
266,498
Social security and other taxes
294,472
Other creditors
3,149,339
--------------
--------------
8,612,621
1,390,271
--------------
--------------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,000
Other creditors
233,122
177,096
-----------
-----------
234,122
177,096
-----------
-----------
10. Directors' Advances, Credits and Guarantees
During the year, the company made interest-free advances to one or more directors amounting to £44,000 (2023: £nil). These were repayable on demand .