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Registered number: 02621380










HIB LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
HIB LIMITED
 
 
COMPANY INFORMATION


Directors
Mr H Shah 
Mr R I Ginsberg 
Mr A R Chilver 
Mr N Berry 
Mr R Berry 
Mr W Ginsberg 
Mrs E Cuggy 
Mr G J Halsall (appointed 1 July 2024)




Company secretary
Mrs C Ginsberg



Registered number
02621380



Registered office
6th Floor
2 London Wall Place

London

EC2Y 5AU




Independent auditors
MHA
Chartered Accountants & Statutory Auditors

6th Floor

2 London Wall Place

London

EC2Y 5AU





 
HIB LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 29

 
HIB LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Introduction
 
On behalf of the board of directors, I am pleased to present the Strategic Report for HiB Ltd for the financial year ending 30 June 2024. The report outlines the company’s performance, strategy, key risks, and future outlook. 

Business Review
 
HiB continues to build on its solid foundation as a leading provider of innovative and creative bathroom solutions, specialising in the design, manufacture, and sale of mirrors, cabinets, furniture, sanitaryware, accessories, ventilation and lighting. HiB serves a diverse customer base that includes bathroom retailers, builders’ merchants, and the project and contract sectors.
HiB Ltd reported a revenue decline for the financial year ending 30 June 2024, largely reflecting the broader challenges facing the industry amid rising costs, inflation, and economic instability. Global supply chain disruptions, including instability exacerbated by issues in the Red Sea, have significantly pushed up container prices, adding further strain to operations. Additionally, raw material and energy costs have surged, tightening margins. General economic uncertainty has also dampened consumer spending, particularly within the home improvement sector, leading to a slowdown in demand. In response, HiB has implemented strategic cost-management measures to mitigate these pressures while continuing to deliver value to its customers.
HiB remains committed to integrating Environmental, Social, and Governance (ESG) principles into its core operations. During the year, HiB strengthened its ESG framework through a strategic partnership with a leading platform that ensures ethical and legal governance while formalising the recording of its environmental impact, enabling future data-driven reduction targets. Additionally, HiB invested in a number of electric vehicles (EVs) and waste management strategies to reduce its carbon footprint and minimise the environmental impact across its operations and logistics.

Principal Risks and Uncertainties
 
Market Risk
HiB is impacted by fluctuations in consumer demand and confidence, rising raw material and transportation costs, and broader economic uncertainty, all of which can affect both sales performance and profit margins.
Supply Risk 
HiB is affected by supply chain challenges, including delays in raw material deliveries, rising costs, and potential shortages of components, which can disrupt production schedules, extend lead times, and affect the company’s ability to fulfil customer orders on time. To mitigate these risks, HiB has increased stock levels to maintain consistent product availability, adjusted pricing strategies, and diversified its supply sources across multiple regions to ensure a stable and reliable supply chain.
Currency Risk
HiB purchases products in both dollars and euros, exposing it to foreign exchange fluctuations. While steps have been taken to minimise this exposure through forward exchange contracts, these currency risks, combined with other factors, may still have an impact on gross margin.
The Directors continuously monitor all areas of risk and take proactive measures to effectively manage and mitigate potential impacts on the business.

Page 1

 
HIB LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Financial Key Performance Indicators
 
HiB employs a variety of financial and non-financial KPIs to evaluate performance on a daily, weekly, and monthly basis. The results for the past three years are as follows:

    
30/06/2024   30/06/2023   30/06/2022   
Turnover   £30,963,735   £35,305,001              £38,608,463 
Gross Profit %  50.3%    48.3%    47.1%     
Profit before taxation      £4,665,430           £6,377,164   £7,854,856 

Other Key Performance Indicators
 
HiB debtor days and cash management are consistent with our budgeted expectations, reflecting effective financial oversight.



Future Outlook
 
HiB remains confident in its long-term strategy, actively investing in product innovation and expanding ranges to drive growth with both existing and new customers. Continued investments in people, systems, and facilities are ensuring that HiB has the infrastructure needed for future expansion. These efforts will position HiB well for growth as market conditions stabilise.
Despite current economic challenges, HiB resilience is underpinned by its dedication to innovative product design, supporting its team members and customers, and minimising its environmental impact. This strong foundation ensures HiB is well-equipped to seize future opportunities and achieve sustainable success.


This report was approved by the board and signed on its behalf.



................................................
Mr R I Ginsberg
Director

Date: 20 March 2025
Page 2

 
HIB LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,542,711 (2023 - £5,049,851).

Dividends of £2,324,820 (2023 - £3,099,820) were paid during the year.

Directors

The directors who served during the year were:

Mr H Shah 
Mr R I Ginsberg 
Mr A R Chilver 
Mr N Berry 
Mrs C Ginsberg (resigned 1 February 2025)
Mr S Kaye (resigned 16 August 2024)
Mr R Berry 
Mr B S Garfield (resigned 1 February 2025)
Mr W Ginsberg 
Mrs E Cuggy 

Page 3

 
HIB LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Future developments

The Directors are focused on driving recovery and long-term growth by maintaining the management policies that have driven success in previous years. Through continued investment in product innovation and expanding HiB’s range to meet evolving consumer demands, exploring new market opportunities, and implementing cost management initiatives to enhance operational efficiency and protect margins, HiB is well-positioned for future success and resilience in an evolving market landscape.

Qualifying third party indemnity provisions

Directors' liability and indemnity insurance was in force throughout the year to cover the directors and officers of the company against actions brought against them in their personal capacity. Neither the insurance nor the indemnity provide cover where the individual has acted fraudulently or dishonestly.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Mr R I Ginsberg
Director

Date: 20 March 2025
Page 4

 
HIB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB LIMITED
 

Opinion


We have audited the financial statements of HIB Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
HIB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
HIB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•  Enquiry of management and those charged with governance around actual and potential litigation and claims;
• Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and          regulations;
• Performing audit work over the risk of management override of controls, including testing of journal entries and    other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
• Reviewing financial statement disclosures and testing to supporting documentation to access compliance with applicable laws and regulations.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 7

 
HIB LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HIB LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Neil Stern, FCA (Senior statutory auditor)
  
for and on behalf of
MHA
 
Chartered Accountants & Statutory Auditors
  
London

20 March 2025                                                                                                                                                                                                                                                                                              
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313).
Page 8

 
HIB LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
30,963,735
35,305,001

Cost of sales
  
(15,385,027)
(18,252,488)

Gross profit
  
15,578,708
17,052,513

Distribution costs
  
(849,734)
(999,370)

Administrative expenses
  
(10,501,956)
(9,722,780)

Other operating income
  
49,167
-

Operating profit
 6 
4,276,185
6,330,363

Interest receivable and similar income
 10 
389,250
52,756

Interest payable and similar expenses
 11 
(5)
(5,955)

Profit before tax
  
4,665,430
6,377,164

Tax on profit
 12 
(1,122,719)
(1,327,313)

Profit for the financial year
  
3,542,711
5,049,851

Other comprehensive income for the year
  

Hedge movement
 19 
1,223,681
(1,533,929)

Other comprehensive income for the year
  
1,223,681
(1,533,929)

Total comprehensive income for the year
  
4,766,392
3,515,922

The notes on pages 12 to 29 form part of these financial statements.
Page 9

 
HIB LIMITED
REGISTERED NUMBER: 02621380

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
793,530
811,729

  
793,530
811,729

Current assets
  

Stocks
 15 
3,425,043
4,185,279

Debtors: amounts falling due within one year
 16 
6,456,075
6,526,466

Cash at bank and in hand
 17 
15,059,222
14,751,091

  
24,940,340
25,462,836

Creditors: amounts falling due within one year
 18 
(6,941,778)
(9,924,045)

Net current assets
  
 
 
17,998,562
 
 
15,538,791

Total assets less current liabilities
  
18,792,092
16,350,520

  

Net assets
  
18,792,092
16,350,520


Capital and reserves
  

Called up share capital 
 20 
50,000
50,000

Foreign exchange reserve
 21 
91,830
(1,131,851)

Other reserves
 21 
41,829
41,829

Profit and loss account
 21 
18,608,433
17,390,542

  
18,792,092
16,350,520


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




................................................
Mr R I Ginsberg
Director

Date: 20 March 2025

The notes on pages 12 to 29 form part of these financial statements.
Page 10

 
HIB LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Foreign exchange reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
50,000
402,078
41,829
15,440,511
15,934,418


Comprehensive income for the year

Profit for the year
-
-
-
5,049,851
5,049,851

Cash flow hedge movement (note 19)
-
(1,533,929)
-
-
(1,533,929)

Dividends: Equity capital
-
-
-
(3,099,820)
(3,099,820)



At 1 July 2023
50,000
(1,131,851)
41,829
17,390,542
16,350,520


Comprehensive income for the year

Profit for the year
-
-
-
3,542,711
3,542,711

Cash flow hedge movement (note 19)
-
1,223,681
-
-
1,223,681

Dividends: Equity capital
-
-
-
(2,324,820)
(2,324,820)


At 30 June 2024
50,000
91,830
41,829
18,608,433
18,792,092


The notes on pages 12 to 29 form part of these financial statements.
Page 11

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

1.


General information

HIB Limited is a private company, limited by shares, and incorporated in England and Wales. The address of the registered office is detailed in the Company information page.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of HIB (London) Holdings Ltd as at 30 June 2024 and these financial statements may be obtained from the Registrar of Companies, Companies House, Cardiff, CF14 3UZ.

Page 12

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

2.Accounting policies (continued)

 
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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
The recognition of foreign exchange gains and losses arising on hedging instruments are set out in Note 2.18.

 
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.

Page 13

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

2.Accounting policies (continued)

 
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

Research and development

In the research phase of projects, it is not possible to demonstrate that the projects will generate future economic benefits. All expenditure on research is recognised as an expense when it is incurred.

 
2.7

Interest income

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

 
2.8

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.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension 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.

Page 14

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

2.Accounting policies (continued)

 
2.10

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.11

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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 balance sheet date.
Page 15

 
HIB LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 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:

Long-term leasehold property
-
7%
on cost
Motor vehicles
-
25%
on cost
Fixtures and fittings
-
20%
on cost
Computer equipment
-
33%
on cost

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

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.

 
2.14

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.

 
2.15

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.

 
2.16

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.
Page 16

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

2.Accounting policies (continued)

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
 

Page 17

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

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Page 18

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

2.Accounting policies (continued)

 
2.18

Hedge accounting

The Company uses foreign currency forward contracts to manage its exposure to foreign exchange rates on its overseas trade. These derivatives are measured at fair value at each balance sheet date.

When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability at fair value at each balance sheet date. The movement in the hair value is recognised in other comprehensive income and presented in a separate cash flow hedge reserve.
Realised gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year.

 
2.19

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.

  
2.20

Damaged and faulty products provision

A provision is made for rectification costs in respect of damaged goods received and goods damaged in transit to customers.

Page 19

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, which are described above, management is
required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of the revision and future periods if the revision affects both current and future
periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the
financial statements are described below:
Fixed assets
Judgments have been made in relation to the lives of tangible assets in particular the valuation and the
useful economic life and residual values of leasehold property and fixtures and fittings. The directors have concluded that the asset values and residual values are appropriate.
Valuation of stock
Stock is included at the lower of cost and net realisable value. The directors have reviewed the stock
obsolescence policy and are satisfied that stock is fairly valued at the year end.
Trade debtors
Judgments have been made on the recoverability of trade debtors and the valuation of provisions and the
directors are satisfied that debts are recoverable.
Provisions
Provisions for damaged and faulty products are calculated and provided for based on historic trends. The
directors have considered and concluded that the valuations of provisions are appropriate.
Foreign exchange hedging
Judgments have been made in relation to the fair value of forward exchange contracts by reference to the
spot rate at the balance sheet date. The directors have concluded that the contracts are fairly valued at
the year end.

Page 20

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

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Distribution of bathroom products
30,963,735
35,305,001

30,963,735
35,305,001


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
28,331,333
32,218,217

Rest of Europe
2,603,774
3,079,899

Rest of the world
28,628
6,885

30,963,735
35,305,001



5.


Other operating income

2024
2023
£
£

Sundry income
49,167
-

49,167
-



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
289,806
209,133

Exchange differences
304,921
580,898

Operating lease rentals
1,334,784
1,469,659

Fees payable to company's auditors and its associates in respect of the company's annual financial statements
23,500
22,000

Defined contribution pension cost
138,286
119,522

Page 21

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

7.


Auditors' remuneration

2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,500
22,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,365,444
4,904,073

Social security costs
495,599
481,892

Cost of defined contribution pension scheme
138,286
119,522

5,999,329
5,505,487


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
10
10



Warehouse
66
67



Marketing and customer services
56
58



Finance and administration
10
13

142
148

Page 22

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
1,192,653
966,793

Company contributions to defined contribution pension schemes
45,018
42,701

1,237,671
1,009,494


During the year retirement benefits were accruing to 7 directors (2023 - 7) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £362,938 (2023 - £204,090).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,100 (2023 - £12,100).


10.


Interest receivable

2024
2023
£
£


Bank interest
389,250
52,756

389,250
52,756


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5
5,955

5
5,955

Page 23

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

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,122,719
1,237,514

Adjustments in respect of previous periods
-
89,799


1,122,719
1,327,313


Total current tax
1,122,719
1,327,313

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,665,430
6,377,164


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,166,358
1,594,291

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,349
4,243

Capital allowances for year in excess of depreciation
32,125
(4,199)

Adjustments to tax charge in respect of prior periods
-
89,799

Non-taxable income
(149,070)
(138,193)

Other differences leading to an increase (decrease) in the tax charge
68,957
(218,628)

Total tax charge for the year
1,122,719
1,327,313


Factors that may affect future tax charges

The rate of corporation tax increased to 25% on 1 April 2023. 

Page 24

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

13.


Dividends

2024
2023
£
£


Dividends
2,324,820
3,099,820

2,324,820
3,099,820


14.


Tangible fixed assets





Long-term leasehold property
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
84,576
70,730
1,544,937
368,306
2,068,549


Additions
-
-
182,887
88,720
271,607



At 30 June 2024

84,576
70,730
1,727,824
457,026
2,340,156



Depreciation


At 1 July 2023
41,369
70,730
953,968
190,753
1,256,820


Charge for the year
5,641
-
164,445
119,720
289,806



At 30 June 2024

47,010
70,730
1,118,413
310,473
1,546,626



Net book value



At 30 June 2024
37,566
-
609,411
146,553
793,530



At 30 June 2023
43,207
-
590,969
177,553
811,729


15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
3,425,043
4,185,279

3,425,043
4,185,279


Stock recognised in cost of sales during the year as an expense was £13,421,216 (2023 - £15,833,014).

Page 25

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

16.


Debtors

2024
2023
£
£


Trade debtors
4,437,417
4,555,220

Amounts owed by group undertakings
1,328,905
1,528,905

Other debtors
58,051
66,062

Prepayments and accrued income
539,872
376,279

Financial instruments (note 19)
91,830
-

6,456,075
6,526,466



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
15,059,222
14,751,091

15,059,222
14,751,091



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,611,096
1,721,212

Amounts owed to group undertakings
49,854
49,924

Corporation tax
223,850
512,619

Other taxation and social security
516,465
846,462

Other creditors
1,261,703
2,012,269

Accruals and deferred income
3,278,810
3,649,708

Financial instruments (note 19)
-
1,131,851

6,941,778
9,924,045


Page 26

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

19.


Financial instruments

The company uses forward foreign currency contracts to reduce exposure to foreign exchange rate fluctuations on highly probably forecast transactions. This is accounted for as a cash flow hedge. These contracts are valued at fair value at the balance sheet date and included in debtors of £91,830 (2023 - £1,131,851 creditor), with a cash flow hedge net gain of £1,223,681 (2023 - loss of £1,533,929) included in the cash flow hedge reserve.






20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



50,000 (2023 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



21.


Reserves

Other reserves

Other reserves relate to the fair value of options granted under the Enterprise Management Incentive Scheme detailed in note 22. The balance is non-distributable.

Cash flow hedge reserve

The cash flow hedge reserve relates to gains / (losses) on foreign exchange forward agreements included in a cash flow hedging relationship in place at the balance sheet date and is non-distributable.

Profit and loss account

The profit and loss account is represented by retained earnings.

Page 27

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

22.


Share-based payments

The parent company, HIB (London) Holdings Limited, has an Enterprise Management Incentive Scheme set up during a prior year for five directors of this entity. Options are exercisable at a pre-determined price and have vested at the year end date. The options do not include any performance conditions. The options are settled in equity once exercised. The options lapse if they remain unexercised after a period of ten years from the date of grant. Options are forfeited if the director leaves the company before the options are exercised.

Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

4915

41,829

4915
 
41,829
 
Outstanding at the end of the year
4915

41,829

4915
 
41,829
 





23.


Pension commitments

The company operates a defined contribution 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 £138,286 (2023 - £119,522). Contributions totalling £24,478 (2023 - £22,105) were payable to the fund at the reporting date.


24.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
926,897
752,175

Later than 1 year and not later than 5 years
3,216,900
2,383,987

Later than 5 years
2,146,509
2,086,820

6,290,306
5,222,982

Page 28

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

25.


Related party transactions

The company has taken advantage of the exemption available in the Financial Reporting Standard 102
Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly
owned subsidiary undertaking of the group. The consolidated financial statements of the ultimate parent
company, HIB (London) Holdings Limited, are available from the Registrar of Companies, Companies
House, Cardiff, CF14 3UZ.
Following repayments in the year of £520,418, amounts owed at the balance sheet date to Mr R I Ginsberg (a director and the ultimate controlling party) totalled £785,216 (2023: £1,305,634). These amounts are unsecured, interest free and repayable on demand.
Following repayments in the year of £150,000, amounts owed at the balance sheet date to Mr W B Ginsberg (a director) totalled £250,000 (2023: £400,000). These amounts are unsecured, interest free and repayable on demand.
During the year dividends of £2,324,820 (2023: £3,099,820) were paid to the Ginsberg family.


26.


Parent entity

The immediate and ultimate parent company of HIB Limited is HIB (London) Holdings Ltd. The
ultimate controlling party is Mr R I Ginsberg, a director.
 
Page 29