Company registration number 06798722 (England and Wales)
HAWES HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HAWES HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HAWES HOLDINGS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,647,436
2,206,670
Investments
4
4,004
4,005
4,651,440
2,210,675
Current assets
Debtors
5
1,659,212
156,944
Cash at bank and in hand
3,858
5,948
1,663,070
162,892
Creditors: amounts falling due within one year
6
(1,424,996)
(660,917)
Net current assets/(liabilities)
238,074
(498,025)
Total assets less current liabilities
4,889,514
1,712,650
Creditors: amounts falling due after more than one year
7
(3,243,099)
(416,540)
Provisions for liabilities
(529,845)
(198,516)
Net assets
1,116,570
1,097,594
Capital and reserves
Called up share capital
8
4,001
4,001
Profit and loss reserves
1,112,569
1,093,593
Total equity
1,116,570
1,097,594
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HAWES HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 January 2025 and are signed on its behalf by:
K Hawes
Director
Company registration number 06798722 (England and Wales)
HAWES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Hawes Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coronation Road, Cressex Business Park, High Wycombe, Buckinghamshire, HP12 3RP.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
Revenue arises from the provision of the hire of tools and equipment to other group companies.
Revenue is recognised proportionally over the performance of the service contract, by reference to the stage of completion of the transaction at the end of the reporting period.
Operating lease income from freehold properties is recognised in profit and loss on a straight-line basis over the lease term.
1.3
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 land and buildings
Over the term of the lease
Plant and equipment
17% - 20% reducing balance
Office equipment
20% reducing balance
Motor vehicles
20% reducing balance
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.
HAWES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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).
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HAWES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.9
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.
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
HAWES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
1,156,302
2,487,406
61,703
73,203
3,778,614
Additions
1,122,258
1,851,710
63,130
3,037,098
Disposals
(183,955)
(183,955)
At 31 March 2024
2,278,560
4,155,161
61,703
136,333
6,631,757
Depreciation and impairment
At 1 April 2023
147,364
1,352,358
39,573
32,649
1,571,944
Depreciation charged in the year
22,671
436,563
4,426
13,918
477,578
Eliminated in respect of disposals
(65,201)
(65,201)
At 31 March 2024
170,035
1,723,720
43,999
46,567
1,984,321
Carrying amount
At 31 March 2024
2,108,525
2,431,441
17,704
89,766
4,647,436
At 31 March 2023
1,008,938
1,135,048
22,130
40,554
2,206,670
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
4,004
4,005
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
4,005
Disposals
(1)
At 31 March 2024
4,004
Carrying amount
At 31 March 2024
4,004
At 31 March 2023
4,005
HAWES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,627,108
147,819
Other debtors
32,104
9,125
1,659,212
156,944
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
762,568
31,042
Trade creditors
224,938
Amounts owed to group undertakings
27,963
620,490
Other creditors
409,527
9,385
1,424,996
660,917
Bank loans of £331,050 (2023: £31,042) are secured by fixed and floating charges over the company's leasehold land and property, and other assets.
The bank holds a legal first charge over the commercial properties within the Group.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,243,099
416,540
Bank loans of £3,243,099 (2023: £416,540) are secured by fixed and floating charges over the company's leasehold land and property and other assets.
The bank holds a legal first charge over the commercial properties within the Group.
The bank holds an unlimited guarantee from all companies within the Group.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,001
4,001
4,001
4,001
HAWES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Within one year
11,500
10,500
Between two and five years
46,000
42,000
In over five years
1,003,500
1,025,500
1,061,000
1,078,000
10
Events after the reporting date
After 31 March 2024 the company agreed a reduction with a supplier for their fees, as compensation for construction work not completed within the contractual deadline on assets under construction. The net compensation amounts to £125,000.
Should the supplier not complete the remaining construction work within the revised deadline, further compensation will be sought relating to their failure to comply with the terms of the contract.
11
Related party transactions
The Company has taken advantage of the exemption in paragraph 1AC.35 of FRS102 not to disclose transactions with wholly owned group entities.