Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-313976false292024-01-01No description of principal activity30truetruefalse 01811022 2024-01-01 2024-12-31 01811022 2023-01-01 2023-12-31 01811022 2024-12-31 01811022 2023-12-31 01811022 c:Director4 2024-01-01 2024-12-31 01811022 d:Buildings d:LongLeaseholdAssets 2024-01-01 2024-12-31 01811022 d:Buildings d:LongLeaseholdAssets 2024-12-31 01811022 d:Buildings d:LongLeaseholdAssets 2023-12-31 01811022 d:PlantMachinery 2024-01-01 2024-12-31 01811022 d:PlantMachinery 2024-12-31 01811022 d:PlantMachinery 2023-12-31 01811022 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01811022 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01811022 d:ComputerEquipment 2024-01-01 2024-12-31 01811022 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 01811022 d:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 01811022 d:Goodwill 2024-12-31 01811022 d:Goodwill 2023-12-31 01811022 d:CurrentFinancialInstruments 2024-12-31 01811022 d:CurrentFinancialInstruments 2023-12-31 01811022 d:Non-currentFinancialInstruments 2024-12-31 01811022 d:Non-currentFinancialInstruments 2023-12-31 01811022 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 01811022 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01811022 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 01811022 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01811022 d:ShareCapital 2024-12-31 01811022 d:ShareCapital 2023-12-31 01811022 d:RetainedEarningsAccumulatedLosses 2024-12-31 01811022 d:RetainedEarningsAccumulatedLosses 2023-12-31 01811022 d:AcceleratedTaxDepreciationDeferredTax 2024-12-31 01811022 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01811022 d:TaxLossesCarry-forwardsDeferredTax 2024-12-31 01811022 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 01811022 d:RetirementBenefitObligationsDeferredTax 2024-12-31 01811022 d:RetirementBenefitObligationsDeferredTax 2023-12-31 01811022 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-01-01 2024-12-31 01811022 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-12-31 01811022 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 01811022 c:FRS102 2024-01-01 2024-12-31 01811022 c:Audited 2024-01-01 2024-12-31 01811022 c:FullAccounts 2024-01-01 2024-12-31 01811022 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01811022 d:HirePurchaseContracts d:WithinOneYear 2024-12-31 01811022 d:HirePurchaseContracts d:WithinOneYear 2023-12-31 01811022 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-12-31 01811022 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-12-31 01811022 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 01811022 2 2024-01-01 2024-12-31 01811022 6 2024-01-01 2024-12-31 01811022 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-12-31 01811022 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 01811022 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 01811022










HAMMOND ELECTRONICS LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HAMMOND ELECTRONICS LIMITED
REGISTERED NUMBER: 01811022

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
545,582
422,832

Investments
 6 
14,652
14,652

  
560,234
437,484

Current assets
  

Stocks
 7 
2,775,380
2,977,905

Debtors: amounts falling due within one year
 8 
736,382
750,952

Cash at bank and in hand
 9 
88,669
117,001

  
3,600,431
3,845,858

Creditors: amounts falling due within one year
 10 
(2,550,283)
(2,547,694)

Net current assets
  
 
 
1,050,148
 
 
1,298,164

Total assets less current liabilities
  
1,610,382
1,735,648

Creditors: amounts falling due after more than one year
 11 
-
(33,072)

Provisions for liabilities
  

Deferred tax
 13 
(113,000)
(100,045)

Other provisions
 14 
(222,284)
(260,000)

  
 
 
(335,284)
 
 
(360,045)

Net assets
  
1,275,098
1,342,531


Capital and reserves
  

Called up share capital 
  
500,000
500,000

Profit and loss account
  
775,098
842,531

  
1,275,098
1,342,531


Page 1

 
HAMMOND ELECTRONICS LIMITED
REGISTERED NUMBER: 01811022
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

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: 






A Stirling
Director

Date: 6 March 2025

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Hammond Electronics Limited (registered number 01811022) is a private company, limited by shares and incorporated in England & Wales. The address of its registered office is Unit 1 Onslow Close, Kingsland Business Park, Basingstoke, Hampshire, RG24 8QL. 

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

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

 
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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

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

Page 4

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 5

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

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:

Leasehold Improvements
-
20% straight line
Tools & Equipment
-
10-33% straight line
Computer equipment
-
33% straight line

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.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.15

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.

 
2.16

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.

Page 6

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2023 - 30).

Page 7

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2024
100,001



At 31 December 2024

100,001



Amortisation


At 1 January 2024
100,001



At 31 December 2024

100,001



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 8

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 January 2024
66,513
1,209,837
1,276,350


Additions
23,425
192,976
216,401


Disposals
-
(102,175)
(102,175)



At 31 December 2024

89,938
1,300,638
1,390,576



Depreciation


At 1 January 2024
61,591
791,927
853,518


Charge for the year on owned assets
3,976
68,043
72,019


Charge for the year on financed assets
-
20,085
20,085


Disposals
-
(100,628)
(100,628)



At 31 December 2024

65,567
779,427
844,994



Net book value



At 31 December 2024
24,371
521,211
545,582



At 31 December 2023
4,922
417,910
422,832

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
140,592
160,676

Page 9

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
14,652



At 31 December 2024
14,652





7.


Stocks

2024
2023
£
£

Raw materials
360,930
452,238

Work in progress
59,881
54,430

Finished goods
2,354,569
2,471,237

2,775,380
2,977,905



8.


Debtors

2024
2023
£
£


Trade debtors
499,249
391,137

Amounts owed by group undertakings
122,315
224,133

Prepayments and accrued income
114,818
135,682

736,382
750,952


Page 10

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
88,669
117,001

Less: bank overdrafts
(155,840)
(257,131)

(67,171)
(140,130)



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
155,840
257,131

Trade creditors
30,882
39,060

Amounts owed to group undertakings
1,799,640
1,897,726

Corporation tax
-
21,175

Other taxation and social security
86,771
59,580

Obligations under finance lease and hire purchase contracts
33,076
32,098

Accruals and deferred income
444,074
240,924

2,550,283
2,547,694


The overdraft is secured by a fixed and floating charge over the Company's assets. A guarantee has also been provided by the Company's immediate parent Hammond Manufacturing Company Limited. 


11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
33,072


Page 11

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Hire purchase and finance leases


2024
2023
£
£


Within one year
33,076
32,094

Between 1-5 years
-
33,072

33,076
65,166


13.


Deferred taxation




2024


£






At beginning of year
(100,045)


Charged to profit or loss
(12,955)



At end of year
(113,000)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(129,895)
(100,045)

Short term timing differences
1,646
-

Losses and other deductions
15,249
-

(113,000)
(100,045)

Page 12

 
HAMMOND ELECTRONICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Provisions




Other provision

£





At 1 January 2024
260,000


Charged to profit or loss
(37,716)



At 31 December 2024
222,284

The provision relates to the expected dilapidations costs payable at the end of the property lease. Three of the lease end in 2025 and two of the leases end in 2029 and the directors estimate that £222,284 will be payable between these times. 


15.


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 £86,264 (2023 - £90,984). Contributions totalling £6,582 (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.


16.


Controlling party

Hammond Manufacturing Company Limited is the Company's immediate parent and is the smallest group to consolidate the financial statements of Hammond Electronics Limited. The ultimate parent company is Eramosa Group Limited. Accounts of the group are available to the public and may be obtained from: Hammond Manufacturing Company Limited, 394 Edinburgh Road N, Guelph, Ontario, Canada. 


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 17 March 2025 by Mark Dickinson FCA (Senior statutory auditor) on behalf of Shaw Gibbs (Audit) Limited.

 
Page 13