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Company registration number:
NI655453
HHT MANAGEMENT LIMITED
FILLETED AUDITED FINANCIAL STATEMENTS
29 February 2024
HHT MANAGEMENT LIMITED
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
Contents
Directors and other information
Directors responsibilities statement
Balance sheet
Notes to the Audited Financial statements
HHT MANAGEMENT LIMITED
FINANCIAL STATEMENTS FOR THE PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
|
|
|
|
Directors |
Mr Patrick McTaggart |
|
|
Mr Damian John Heron |
|
|
Mr Leo Terence McDaid |
|
|
Mr Harold McCracken |
|
|
Mr David William Kerr |
|
|
Mr Damien O'Callaghan |
|
|
|
|
|
|
|
Secretary |
Mr Patrick McTaggart |
|
|
|
|
|
|
|
Company number |
NI655453 |
|
|
|
|
|
|
|
Registered office |
2 St. Patricks Street |
|
|
Draperstown |
|
|
Magherafelt |
|
|
Co. Derry |
|
|
BT45 7AL |
|
|
|
|
|
|
|
Business address |
2 St. Patricks Street |
|
|
Draperstown |
|
|
Magherafelt |
|
|
Co. Derry |
|
|
BT45 7AL |
|
|
|
|
|
|
|
Auditors |
Kelly & O'Neill Ltd |
|
|
15E Molesworth Street |
|
|
Cookstown |
|
|
Co Tyrone |
|
|
BT80 8NX |
|
|
|
|
|
Cathal O'Neill (FCA) |
|
|
|
HHT MANAGEMENT LIMITED
DIRECTORS RESPONSIBILITIES
PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
The directors are responsible for preparing the directors report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare Audited Financial statements for each financial period. Under that law the directors have elected to prepare the Audited 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 Audited Financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these Audited Financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the Audited 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 Audited 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.
HHT MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
29 FEBRUARY 2024
_________________________________________________________________________________________
|
|
|
29/02/24 |
|
|
|
28/02/23 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
4 |
3,163,737 |
|
|
|
2,682,352 |
|
|
Investments |
|
5 |
9,953,342 |
|
|
|
9,808,503 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
13,117,079 |
|
|
|
12,490,855 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
7,024,493 |
|
|
|
4,066,294 |
|
|
Cash at bank and in hand |
|
|
132,074 |
|
|
|
120,507 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
7,156,567 |
|
|
|
4,186,801 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
22,796,737) |
|
|
|
(
19,008,965) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
15,640,170) |
|
|
|
(
14,822,164) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
(
2,523,091) |
|
|
|
(
2,331,309) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
2,523,091) |
|
|
|
(
2,331,309) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
124,017 |
|
|
|
124,017 |
Profit and loss account |
|
|
|
|
(
2,647,108) |
|
|
|
(
2,455,326) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
2,523,091) |
|
|
|
(
2,331,309) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These Audited 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 Profit and loss account has not been delivered.
These Audited Financial statements were approved by the
board of directors
and authorised for issue on
17 June 2024
, and are signed on behalf of the board by:
Mr Damien O'Callaghan
Director
Company registration number:
NI655453
HHT MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2024
_________________________________________________________________________________________
1.
General information
The company is a private company limited by shares, registered in N Ireland. The address of the registered office is 2 St. Patricks Street, Draperstown, Magherafelt, Co. Derry, BT45 7AL.
2.
Statement of compliance
These Audited Financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The Audited 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 Audited Financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 |
- |
5 % |
straight line |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 or 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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational exsistence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
4.
Tangible assets
|
|
Plant and machinery |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 March 2023 |
2,967,843 |
2,967,843 |
|
|
|
|
|
|
Additions |
1,126,071 |
1,126,071 |
|
|
|
|
|
|
Disposals |
(
488,700) |
(
488,700) |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 29 February 2024 |
3,605,214 |
3,605,214 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 March 2023 |
285,491 |
285,491 |
|
|
|
|
|
|
Charge for the year |
155,986 |
155,986 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 29 February 2024 |
441,477 |
441,477 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 29 February 2024 |
3,163,737 |
3,163,737 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 28 February 2023 |
2,682,352 |
2,682,352 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 March 2023 |
9,808,503 |
9,808,503 |
|
|
|
|
|
Additions |
144,839 |
144,839 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 29 February 2024 |
9,953,342 |
9,953,342 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 March 2023 and 29 February 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 29 February 2024 |
9,953,342 |
9,953,342 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 28 February 2023 |
9,808,503 |
9,808,503 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
29/02/24 |
28/02/23 |
|
|
|
£ |
£ |
|
Trade debtors |
|
236,704 |
113,227 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
110,871 |
- |
|
Other debtors |
|
6,676,918 |
3,953,067 |
|
|
|
_______ |
_______ |
|
|
|
7,024,493 |
4,066,294 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
29/02/24 |
28/02/23 |
|
|
|
£ |
£ |
|
Trade creditors |
|
144,914 |
143,913 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
22,436,223 |
18,179,053 |
|
Social security and other taxes |
|
- |
469,167 |
|
Other creditors |
|
215,600 |
216,832 |
|
|
|
_______ |
_______ |
|
|
|
22,796,737 |
19,008,965 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Summary audit opinion
The auditor's report for the period dated
17 June 2024
was unqualified.
The senior statutory auditor was
Cathal O'Neill (FCA)
for and on behalf of
Kelly & O'Neill Ltd
9.
Directors advances, credits and guarantees
|
During the period the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period ended 29/02/24 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Leo Terence McDaid |
(
210,000) |
- |
(
210,000) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
Year ended 28/02/23 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr Leo Terence McDaid |
- |
(
210,000) |
(
210,000) |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
10.
Related party transactions
The company is exempt under the terms of FRS8 "Related Party Disclosures" from disclosing related party transactions with entities that are part of the group.
11.
Controlling party
The ultimate controlling party is considered to be Heron Bros. Energy Limited , an Isle of Man company, which owns over 75% of the share capital.