REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
HANNINGFIELD PROCESS SYSTEMS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
HANNINGFIELD PROCESS SYSTEMS LIMITED |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HANNINGFIELD PROCESS SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Suite 16,Neals Corner |
2 Bath Road |
Hounslow |
Middlesex |
TW3 3HJ |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 | ( |
) | ( |
) |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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. |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
Hanningfield Process Systems Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Hanningfield Process Systems Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue from sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer , typically on delivery. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property -25% reducing balance |
Major Plant and machinery -20% reducing balance |
General Plant and machinery -25% reducing balance |
Fixtures and fittings -25% reducing balance |
Motor Vehicles -25% reducing balance |
Computer equipment -25% reducing balance |
The Accounting Policy of depreciation of Major plant and machinery started in this current financial year ended 31st August 2024 |
Investments in subsidiaries |
Investment in subsidiary undertakings are recognised at cost. No Impairments has been recognised as amounts involved are immaterial. |
Stocks and work in progress |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obselete and slow moving items. |
Work in Progress represent the value of work completed but not yet invoiced at the balance sheet date. Work in Progress is netted off with payments received in advance when directly related , to reflect the net value of work completed but not yet invoiced. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 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. |
Pension costs and 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. |
Goodwill |
Purchased goodwill is amortised on a straight-line basis over its estimated life of ten years. |
Hire purchase and leased assets |
Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over their useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments made under them are charged to profit and loss account on a straight line basis over the lease term. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
AMORTISATION |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
As stated in the accounting policies, the company has classified its plant and machinery into two categories. |
Major plant and machinery- large machinery additions are depreciated using the reducing balance method at a rate of 20% per annum. there was no Major plant and machinery brought forward as it only started this financial year. |
General plant and machinery - other plant and machinery are depreciated using the reducing balance method at a rate of 25% per annum |
Due to the limitation in the fixed asset schedule presentation, all additions, disposals and depreciation charges for plant and machinery are grouped for simplicity. However the classification into major plant and machinery and general plant and machinery is maintained for internal purposes. |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
The Company holds investments in foreign companies which are recorded at cost. The total carrying amount is immaterial, and no impairment has been recognised.The company continues to monitor the financial performance of these investments, but no adjustments are deemed necessary as of the balance sheet date. |
On 13th March 2015, the company acquired a 100% holding ( 1 ordinary share of 1$ Australian ) in Hanningfield Process Systems (Asia Pacific) PTY ltd shown in Investment in Subsidiary at £0.50 cost |
The company address is 3 Tallowood Drive, Pullenvale, Queensland 4069 Australia. |
On 24th April 2015, the company acquired a 100% holding (2500 ordinary shares of 1$ USA) in |
Hanningfield Process Systems ( North America ) LLC shown in investment in subsdidiary at £ 1738.52 cost. |
The company address is 1918 Morning Fog Drive, Fuquay-Varina, NC 27526 USA.During the year there were commision paid by Hanningfield Process Systems Limited to Hanningfield Process Systems (North America ) LLC amounting to £69549.15 ($87631.93) |
7. | STOCKS |
Stock and Work in Progress includes |
2024 | 2023 |
Closing Stock | 293,813 | 296,941 |
Closing Work in progress | (836,026 | ) | (508,170 | ) |
------------ | ------------ |
(542.213 | ) | (211,229 | ) |
======= | ======= |
Closing stock comprises Stock, Machines, Parts and Raw materials of £293,813. Work in progress comprises Materials, Labour and overheads used to date, less deposits received . Work in Progress is £ (836,026) |
Payments in advance and work in progress are netted off where directly related , reflecting the net value of work completed but not yet invoiced. A negative work in progress may arise when advance payments exceed the value of work completed to date. |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Prepayments |
HANNINGFIELD PROCESS SYSTEMS LIMITED (REGISTERED NUMBER: 02791306) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Other loans |
Trade creditors |
Social security and other taxes |
Other creditors |
Credit Card | 7,170 | 8,953 |
Pension fund | 6,293 | 6,155 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 1-2 years |
Hire purchase contracts |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 37,478 | 37,478 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 September 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 August 2024 |