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Registered number: 03818935









HULBERT ENGINEERING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2024

 
HULBERT ENGINEERING LIMITED
REGISTERED NUMBER: 03818935

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,100
160

Investments
 5 
2
2

  
1,102
162

Current assets
  

Stocks
 6 
2,228
220,615

Debtors: amounts falling due within one year
 7 
499,640
570,285

Cash at bank and in hand
 8 
52,620
225,354

  
554,488
1,016,254

Creditors: amounts falling due within one year
 9 
(247,861)
(772,857)

Net current assets
  
 
 
306,627
 
 
243,397

Total assets less current liabilities
  
307,729
243,559

Creditors: amounts falling due after more than one year
 10 
(10,631)
(20,623)

  

Net assets
  
297,098
222,936


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
297,096
222,934

  
297,098
222,936


Page 1

 
HULBERT ENGINEERING LIMITED
REGISTERED NUMBER: 03818935
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Knowles
Director

Date: 17 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Hulbert Engineering Limited is a limited liability company incorporated and domiciled in England.
The registered office of the company is:
Waterfront One
Waterfront Business Park
Brierley Hill
West Midlands
DY5 1LX
The financial statements are for a period of 52 weeks ended 30 June 2024 (2023: 52 weeks ended 30 June 2023).
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The director has considered the financial position and future prospects of the Company for twelve months from the date of signing these financial statements and believes that the Company has access to sufficient resources to manage the business and meet its liabilities as they fall due. 

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% - 33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 5

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 1 July 2023
33,286


Additions
1,575



At 30 June 2024

34,861



Depreciation


At 1 July 2023
33,126


Charge for the year on owned assets
635



At 30 June 2024

33,761



Net book value



At 30 June 2024
1,100



At 30 June 2023
160


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 July 2023
2



At 30 June 2024
2





6.


Stocks

2024
2023
£
£

Work in progress
2,228
220,615

2,228
220,615


Page 7

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Debtors

2024
2023
£
£


Trade debtors
174,103
436,453

Other debtors
191,343
106,085

Prepayments and accrued income
134,194
27,747

499,640
570,285


Other Debtors due within one year include the following amounts:
A loan to G Knowles, a director, amounting to £167,894
 (2023 - £63,778). The loan is unsecured, interest free, and is repayable on demand. 




8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
52,620
225,354

52,620
225,354



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,124
10,124

Payments received on account
-
164,552

Trade creditors
81,330
249,454

Corporation tax
61,600
51,962

Other taxation and social security
14,749
51,433

Other creditors
11,391
-

Accruals and deferred income
68,667
245,332

247,861
772,857


The bank loan is unsecured, bears interest at 2.5% and is repayable within 5 years.

Page 8

 
HULBERT ENGINEERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,631
20,623

10,631
20,623



11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Amounts falling due within one year
10,124
10,124

Amounts falling due 1-2 years
10,124
10,124

Amounts falling due 2-5 years
507
10,499

20,755
30,747



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. 

The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,724 (2023: £1,409). Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


13.


Related party transactions

Throughout the year the Company has maintained balances with related parties. The amounts due at the year end are as follows:


2024
2023
£
£

Balances due from/(to) companies with directors in common
(11,391)
18,859
(11,391)
18,859

Dividends amounting to £Nil (2023: £110,000) were paid to the director of the Company.

 
Page 9