105 true false false false true true false false false false false false true false false 2023-06-01 Sage Accounts Production Advanced 2024 - FRS102_2024 254,699 10 20 20 3,644,534 3,644,534 3,644,534 18,340 18,340 1 55 1 40 1 5 1 1 101 xbrli:pure xbrli:shares iso4217:GBP 14887633 2023-06-01 2024-03-31 14887633 2024-03-31 14887633 2023-05-31 14887633 2022-06-01 2023-05-31 14887633 2023-05-31 14887633 2022-05-31 14887633 bus:Consolidated 2023-06-01 2024-03-31 14887633 core:NetGoodwill 2023-06-01 2024-03-31 14887633 bus:Consolidated core:NetGoodwill 2023-06-01 2024-03-31 14887633 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-03-31 14887633 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-03-31 14887633 bus:Consolidated core:Subsidiary1 2023-06-01 2024-03-31 14887633 bus:Consolidated core:Subsidiary2 2023-06-01 2024-03-31 14887633 core:PlantMachinery 2023-06-01 2024-03-31 14887633 bus:Consolidated core:PlantMachinery 2023-06-01 2024-03-31 14887633 bus:Consolidated core:SpecificBusinessCombination1 2023-06-01 2024-03-31 14887633 bus:RegisteredOffice 2023-06-01 2024-03-31 14887633 bus:OrdinaryShareClass1 2023-06-01 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass1 2023-06-01 2024-03-31 14887633 bus:OrdinaryShareClass2 2023-06-01 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass2 2023-06-01 2024-03-31 14887633 bus:OrdinaryShareClass3 2023-06-01 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass3 2023-06-01 2024-03-31 14887633 bus:OrdinaryShareClass4 2023-06-01 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass4 2023-06-01 2024-03-31 14887633 bus:LeadAgentIfApplicable 2023-06-01 2024-03-31 14887633 bus:Consolidated bus:LeadAgentIfApplicable 2023-06-01 2024-03-31 14887633 bus:Director1 2023-06-01 2024-03-31 14887633 bus:Director2 2023-06-01 2024-03-31 14887633 bus:Director3 2023-06-01 2024-03-31 14887633 bus:Consolidated 2024-03-31 14887633 bus:Consolidated core:NetGoodwill 2024-03-31 14887633 bus:Consolidated core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 14887633 bus:Consolidated core:PlantMachinery 2024-03-31 14887633 bus:Consolidated core:FurnitureFittings 2024-03-31 14887633 bus:Consolidated core:MotorVehicles 2024-03-31 14887633 bus:Consolidated core:FurnitureFittings 2023-06-01 2024-03-31 14887633 bus:Consolidated core:MotorVehicles 2023-06-01 2024-03-31 14887633 bus:Consolidated core:DeferredTaxation 2023-06-01 2024-03-31 14887633 bus:Consolidated core:WithinOneYear 2024-03-31 14887633 core:WithinOneYear 2024-03-31 14887633 core:AfterOneYear bus:Consolidated 2024-03-31 14887633 core:AfterOneYear 2024-03-31 14887633 bus:Consolidated core:SpecificBusinessCombination1 2024-03-31 14887633 bus:Consolidated core:ShareCapital 2023-06-01 2024-03-31 14887633 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-03-31 14887633 core:ShareCapital 2023-06-01 2024-03-31 14887633 core:RetainedEarningsAccumulatedLosses 2023-06-01 2024-03-31 14887633 bus:Consolidated core:UKTax 2023-06-01 2024-03-31 14887633 bus:Consolidated core:ShareCapital 2024-03-31 14887633 bus:Consolidated core:RetainedEarningsAccumulatedLosses 2024-03-31 14887633 core:ShareCapital 2024-03-31 14887633 core:RetainedEarningsAccumulatedLosses 2024-03-31 14887633 core:BetweenOneFiveYears bus:Consolidated 2024-03-31 14887633 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 14887633 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 14887633 core:Non-currentFinancialInstruments 2024-03-31 14887633 core:AcceleratedTaxDepreciationDeferredTax bus:Consolidated 2024-03-31 14887633 bus:Consolidated core:DeferredTaxation 2024-03-31 14887633 bus:Consolidated bus:HighestPaidDirector 2023-06-01 2024-03-31 14887633 bus:MediumEntities 2023-06-01 2024-03-31 14887633 bus:Audited 2023-06-01 2024-03-31 14887633 bus:Medium-sizedCompaniesRegimeForAccounts 2023-06-01 2024-03-31 14887633 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-03-31 14887633 bus:FullAccounts 2023-06-01 2024-03-31 14887633 bus:OrdinaryShareClass1 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass1 2024-03-31 14887633 bus:OrdinaryShareClass2 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass2 2024-03-31 14887633 bus:OrdinaryShareClass3 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass3 2024-03-31 14887633 bus:OrdinaryShareClass4 2024-03-31 14887633 bus:Consolidated bus:OrdinaryShareClass4 2024-03-31 14887633 bus:AllOrdinaryShares 2024-03-31 14887633 bus:AllOrdinaryShares bus:Consolidated 2024-03-31 14887633 core:SpecificBusinessCombination1 1 bus:Consolidated 2024-03-31 14887633 core:SpecificBusinessCombination1 2 bus:Consolidated 2024-03-31 14887633 core:OfficeEquipment bus:Consolidated 2023-06-01 2024-03-31 14887633 core:OfficeEquipment 2023-06-01 2024-03-31 14887633 core:OfficeEquipment bus:Consolidated 2024-03-31 14887633 core:AfterOneYear bus:Consolidated 2023-06-01 2024-03-31 14887633 core:FurnitureFittings 2023-06-01 2024-03-31
COMPANY REGISTRATION NUMBER: 14887633
Hollywood Investments Ltd
Financial Statements
For the period ended
31 March 2024
Hollywood Investments Ltd
Financial Statements
Period from 1 June 2023 to 31 March 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
5
Independent auditor's report to the members
8
Consolidated statement of comprehensive income
12
Consolidated statement of financial position
13
Company statement of financial position
14
Consolidated statement of changes in equity
15
Company statement of changes in equity
16
Consolidated statement of cash flows
17
Notes to the financial statements
18
Hollywood Investments Ltd
Officers and Professional Advisers
The board of directors
Mr A Wood
Mr S Holly
Mr L Bradley
Registered office
5 Eastham Place
Burnley
Lancashire
BB11 3DA
Auditor
Townends Accountants LLP
Chartered Accountants & statutory auditor
Carlisle Street
Goole
East Riding of Yorkshire
DN14 5DX
Hollywood Investments Ltd
Strategic Report
Period from 1 June 2023 to 31 March 2024
Business Review The directors present a review of the development and performance of the group during the period and its position at the year-end. Our review is consistent with the size and nature of our business and is written in the context of the risks and uncertainties we face. The company is a holding company of a trading group with two principal activities of playground design and installation, and manufacture, distribution and installation of electrical equipment. These financial statements consolidate the financial statements of Hollywood Investments Limited and all of its subsidiary undertakings. The strategic report is written from the perspective of the group as a whole. We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole. These include turnover, gross profit and operating profit. Turnover comprises sales from both subsidiaries and both principal activities. This is the first year the subsidiaries have been consolidated into Hollywood Investments Limited and therefore there is no comparative. During the period which is being reported, the gross margin was 36.1% and the operating profit was £661,615 (5.5%). The net assets position at the year end was £254,800. As this is the first period that is been reported there is no comparative. The directors aim to maintain the existing management policies which have resulted in the group's successful period of trading. These policies include the intention to grow sales and maintain control over costs. The directors consider that the results for the period to be satisfactory and are confident that the group will continue to trade profitably in the future. The continuing profitability has left the group in a sound financial position at the end of the year and is in line with expectations. The directors expect 2024/2025 to be another profitable period of trading and that the group remains in a good position, both operationally and financially. Given the straightforward nature of the business, the directors are of the opinion that further analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the group.
Principal Risks and Uncertainties The group's operations expose it to a variety of risks that include price risk, liquidity risk and interest rate risk. Given the size of the group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board are implemented by the group's management. Credit risk The group has implemented policies that require appropriate credit checks on potential customers before sales are made. Liquidity risk The group actively maintains a mixture of long-term and short-term debt finance that is designed to ensure the group has sufficient available funds for operations and planned expansions. Interest rate risk The group has both interest-bearing assets and interest bearing liabilities. The group's exposure to interest rate risk is regularly evaluated and action would be taken to mitigate any exposure as necessary. With these risks and uncertainties in mind, we are aware that any plans for the future development of the business may be subject to unforeseen future events outside our control. Going Concern The group has a net assets position at the balance sheet date. The group meets its day to day working capital requirements through a combination of bank balances and trade creditors. As part of the boards assessment of going concern, forecasts have been prepared for the group. The most critical assumptions when assessing future cash flows are the expected level of income, gross margins and overheads. As more fully described in the strategic report above, trading conditions continue to be challenging, not helped by the general uncertainty in the UK economy as a consequence of the conflict in Ukraine. Despite this, the forecast prepared show that the group should be able to operate wholly within current facilities. Whilst recognising the inevitable uncertainties impacting the group going forward, the directors confirm that, after considering the matters set out above, they have a reasonable expectation that the group has adequate resources and lending facilities, to continue in operational existence for at least twelve months following the signing of these financial statements. For these reasons, the directors continue to adopt the going concern basis in preparing the financial statements.
This report was approved by the board of directors on 24 March 2025 and signed on behalf of the board by:
Mr A Wood
Director
Registered office:
5 Eastham Place
Burnley
Lancashire
BB11 3DA
Hollywood Investments Ltd
Directors' Report
Period from 1 June 2023 to 31 March 2024
The directors present their report and the financial statements of the group for the Period ended 31 March 2024 .
Directors
The directors who served the company during the Period were as follows:
Mr A Wood
Mr S Holly
Mr L Bradley
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The Board aims to maintain its existing management policies which have resulted in the group's successful period of trading. These policies include the intention to grow sales and maintain control over costs. The future developments of the group have been disclosed further in the Strategic Report in accordance with Companies Act s414C(11).
Financial instruments
The group's principal financial instruments comprise bank balances, trade creditors, trade debtors and loans to the company. The main purpose of these instruments is to raise funds for the group's operations.
Due to the nature of the financial instruments used by the group there is low exposure to price risk. The groups's approach to managing other risks applicable to the financial statements is shown below.
In respect of bank balances, the liquidity risk is managed by maintaining a positive balance on the group's bank accounts.
In respect of loans this balance relates to a bank loan and loan notes. The interest rate and the monthly repayments are fixed in relation to the bank loan. Notional interest is charged on the loan note at 3% above bank of England base rate, with repayments been made monthly. The group manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Disclosure of information in the strategic report
The company has in accordance with section 414C(11) of the Companies Act 2006(Strategic Report and Directors' Report) Regulations 2013 set out in the company's strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 Period. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and the company and the profit or loss of the group for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 24 March 2025 and signed on behalf of the board by:
Mr A Wood
Director
Registered office:
5 Eastham Place
Burnley
Lancashire
BB11 3DA
Hollywood Investments Ltd
Independent Auditor's Report to the Members of Hollywood Investments Ltd
Period from 1 June 2023 to 31 March 2024
Opinion
We have audited the financial statements of Hollywood Investments Ltd (the 'parent company') and its subsidiaries (the 'group') for the Period ended 31 March 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the Period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 group's or the parent 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.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinions 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 Period 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 auditor’s 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: - We have obtained an understanding of the legal and regulatory framework applicable to the company through discussions with senior management and review of the regulatory framework of any professional or membership bodies that the company is a part of. The company uses third parties to ensure that it remains up to date with changes and to review compliance with all its legal and regulatory requirements. In making our assessment of detecting irregularities, including fraud, we have discussed the issue with management who have advised that there have been no changes and the company remains compliant with its legal and regulatory requirement. Nothing has been brought to light in completing our audit work that contradicts this. - The following laws and regulations have been identified as being of significance in the context of the company; Companies Act 2006, health and safety legislation, the bribery act 2010, employment laws, data protection, environmental regulation and relevant tax laws. - In making our assessment of the susceptibility of the company's financial statements to material misstatement, we have also considered how fraud might occur. No instances of material misstatement or fraud have been noted in the audit of the accounts for the year. - All matters regarding non-compliance with laws and regulations and fraud have been communicated to all members of the audit engagement team. The engagement partner has assessed that the engagement team has the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations, affected by the inherent difficulty in detecting irregularities, the effectiveness of the company's controls, and the nature, timing and extent of the audit procedures performed. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group's or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 2006. Our 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 auditor's 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.
Jeffrey Williamson FCA
(Senior Statutory Auditor)
For and on behalf of
Townends Accountants LLP
Chartered Accountants & statutory auditor
Carlisle Street
Goole
East Riding of Yorkshire
DN14 5DX
25 March 2025
Hollywood Investments Ltd
Consolidated Statement of Comprehensive Income
Period from 1 June 2023 to 31 March 2024
Period from
1 Jun 23 to
31 Mar 24
Note
£
Turnover
4
11,958,203
Cost of sales
7,638,941
--------------
Gross profit
4,319,262
Administrative expenses
3,657,647
-------------
Operating profit
5
661,615
Other interest receivable and similar income
9
376
Interest payable and similar expenses
10
211,801
-------------
Profit before taxation
450,190
Tax on profit
11
195,491
----------
Profit for the financial period and total comprehensive income
254,699
----------
All the activities of the group are from continuing operations.
Hollywood Investments Ltd
Consolidated Statement of Financial Position
31 March 2024
31 Mar 24
Note
£
Fixed assets
Intangible assets
12
1,411,353
Tangible assets
13
114,799
-------------
1,526,152
Current assets
Stocks
15
596,158
Debtors
16
3,156,496
Cash at bank and in hand
189,898
-------------
3,942,552
Creditors: amounts falling due within one year
17
4,084,267
-------------
Net current liabilities
141,715
-------------
Total assets less current liabilities
1,384,437
Creditors: amounts falling due after more than one year
18
1,111,297
Provisions
Taxation including deferred tax
19
18,340
-------------
Net assets
254,800
-------------
Capital and reserves
Called up share capital
21
101
Profit and loss account
254,699
----------
Shareholders funds
254,800
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr A Wood
Director
Company registration number: 14887633
Hollywood Investments Ltd
Company Statement of Financial Position
31 March 2024
31 Mar 24
Note
£
Fixed assets
Investments
14
3,644,534
Current assets
Cash at bank and in hand
101
Creditors: amounts falling due within one year
17
2,789,746
-------------
Net current liabilities
2,789,645
-------------
Total assets less current liabilities
854,889
Creditors: amounts falling due after more than one year
18
1,057,964
-------------
Net liabilities
( 203,075)
-------------
Capital and reserves
Called up share capital
21
101
Profit and loss account
( 203,176)
----------
Shareholders deficit
( 203,075)
----------
The loss for the financial Period of the parent company was £ 203,176 .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 24 March 2025 , and are signed on behalf of the board by:
Mr A Wood
Director
Company registration number: 14887633
Hollywood Investments Ltd
Consolidated Statement of Changes in Equity
Period from 1 June 2023 to 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 June 2023
Profit for the period
254,699
254,699
----
----------
----------
Total comprehensive income for the period
254,699
254,699
Issue of shares
101
101
----
----
----
Total investments by and distributions to owners
101
101
----
----------
----------
At 31 March 2024
101
254,699
254,800
----
----------
----------
Hollywood Investments Ltd
Company Statement of Changes in Equity
Period from 1 June 2023 to 31 March 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 June 2023
Loss for the period
( 203,176)
( 203,176)
----
----------
----------
Total comprehensive income for the period
( 203,176)
( 203,176)
Issue of shares
101
101
----
----
----
Total investments by and distributions to owners
101
101
----
----------
----------
At 31 March 2024
101
( 203,176)
( 203,075)
----
----------
----------
Hollywood Investments Ltd
Consolidated Statement of Cash Flows
Period from 1 June 2023 to 31 March 2024
31 Mar 24
£
Cash flows from operating activities
Profit for the financial period
254,699
Adjustments for:
Depreciation of tangible assets
20,734
Amortisation of intangible assets
129,644
Other interest receivable and similar income
( 376)
Interest payable and similar expenses
211,801
Tax on loss
195,491
Changes in:
Stocks
( 58,699)
Trade and other debtors
( 8,826)
Trade and other creditors
( 516,362)
----------
Cash generated from operations
228,106
Interest paid
( 8,625)
Interest received
376
Tax paid
( 195,797)
----------
Net cash from operating activities
24,060
----------
Cash flows from investing activities
Purchase of tangible assets
( 89,382)
Acquisition of subsidiaries
( 3,699,771)
-------------
Net cash used in investing activities
( 3,789,153)
-------------
Cash flows from financing activities
Repayments of borrowings
( 33,334)
Proceeds from loans from group undertakings
1,500,000
Proceeds from loan notes
2,846,750
Repayment of loan notes
( 350,000)
Net inflow/(outflow) of loans from directors
( 8,425)
-------------
Net cash from financing activities
3,954,991
-------------
Net increase in cash and cash equivalents
189,898
Cash and cash equivalents at beginning of period
----------
Cash and cash equivalents at end of period
189,898
----------
Hollywood Investments Ltd
Notes to the Financial Statements
Period from 1 June 2023 to 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Eastham Place, Burnley, Lancashire, BB11 3DA.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The company has reported a period from incorporation of 01 June 2023, to the period end date of 31 March 2024, which was changed to align with other group members . As this is the first period since incorporation, there are no comparatives.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
(d) Consolidation
The financial statements consolidate the financial statements of Hollywood Investments Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the Period are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
(e) Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Property, plant and equipment The company's accounting policy for tangible fixed assets is set out in the notes below. Estimated useful lives of plant and equipment are based on management's judgement and historical experience with similar assets. (ii) Goodwill The company's accounting policy for intangible fixed assets is set out in the notes below. Estimated useful lives of goodwill is based on management's judgement and historical experience with similar assets. (iii) Bad debts Provision is made for debts that are not considered to be recoverable. The provision is based on management experience of previous years' recoverability of trade debtors and is applied to the amounts of outstanding debt. (iv) Stock provisions Provision is made for slow moving stocks. The provision is based on management's judgement and historical experience of trading. (v) Warranty provisions Provision is made for any costs that may be incurred on historic work done that are defiant. The provision is based on management's judgement and historical experience of trading. (vi) Notional interest Provision is made for notional interest charged on the interest free loan notes. The provision is based on managements judgement and interest rates that would be available from 3rd party lenders at the time the loan notes were issued.
(f) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(g) Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(h) Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
(i) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(j) Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
(k) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
Intellectual property
-
20% reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(l) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(m) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
10%/25% straight line & 15% reducing balance
Motor vehicles
-
25% straight line & 25% reducing balance
Equipment
-
20% reducing balance
(n) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
(o) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(p) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(q) Financial instruments
Financial liabilities and equity instruments are classified according the to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the entity after deducting all of its financial liabilities. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
(r) Business combinations
Business combinations are accounted for using the purchase method. The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. Where control is achieved in stages, the cost of the business combination is the aggregate of the fair values of the assets given, liabilities incurred or assumed, and equity instruments issued at the date of each transaction in the series. Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date providing it is probable and can be measured reliably. Where it is not recognised at the acquisition date but subsequently becomes probable and can be measured reliably, the additional consideration is treated as an adjustment to the cost of the combination. If such expected future events do not occur, or the estimate needs to be revised, the cost of the business combination is adjusted accordingly. The unwinding of any discounting is recognised as a finance cost in profit or loss in the period it arises.
4. Turnover
Turnover arises from:
Period from
1 Jun 23 to
31 Mar 24
£
Sale of goods
11,958,203
--------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Operating profit
Operating profit or loss is stated after charging:
Period from
1 Jun 23 to
31 Mar 24
£
Amortisation of intangible assets
129,644
Depreciation of tangible assets
20,734
Impairment of trade debtors
12,500
Foreign exchange differences
295
Operating lease rentals
203,048
----------
6. Auditor's remuneration
Period from
1 Jun 23 to
31 Mar 24
£
Fees payable for the audit of the financial statements
15,000
--------
7. Staff costs
The average number of persons employed by the company during the Period amounted to 105 .
The aggregate payroll costs incurred during the Period, relating to the above, were:
Period from
1 Jun 23 to
31 Mar 24
£
Wages and salaries
1,746,038
Social security costs
412,169
-------------
2,158,207
-------------
8. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
Period from
1 Jun 23 to
31 Mar 24
£
Remuneration
262,822
----------
Remuneration of the highest paid director in respect of qualifying services:
Period from
1 Jun 23 to
31 Mar 24
£
Aggregate remuneration
62,500
--------
9. Other interest receivable and similar income
Period from
1 Jun 23 to
31 Mar 24
£
Interest on cash and cash equivalents
376
----
10. Interest payable and similar expenses
Period from
1 Jun 23 to
31 Mar 24
£
Interest on banks loans and overdrafts
8,625
Other interest payable and similar charges
203,176
----------
211,801
----------
11. Tax on loss
Major components of tax expense
Period from
1 Jun 23 to
31 Mar 24
£
Current tax:
UK current tax income
182,438
Deferred tax:
Origination and reversal of timing differences
13,053
----------
Tax on loss
195,491
----------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the Period is higher than the standard rate of corporation tax in the UK of 25 %.
Period from
1 Jun 23 to
31 Mar 24
£
Profit on ordinary activities before taxation
450,190
----------
Profit on ordinary activities by rate of tax
145,240
Effect of expenses not deductible for tax purposes
54,516
Effect of capital allowances and depreciation
( 4,265)
----------
Tax on loss
195,491
----------
12. Intangible assets
Group
Goodwill
Intellectual property
Total
£
£
£
Cost
At 1 June 2023
Additions
1,539,653
1,539,653
Acquired through business combinations
2
40,000
40,002
-------------
--------
-------------
At 31 March 2024
1,539,655
40,000
1,579,655
-------------
--------
-------------
Amortisation
At 1 June 2023
Charge for the Period
128,304
1,340
129,644
Acquisitions through business combinations
38,658
38,658
-------------
--------
-------------
At 31 March 2024
128,304
39,998
168,302
-------------
--------
-------------
Carrying amount
At 31 March 2024
1,411,351
2
1,411,353
-------------
--------
-------------
The company has no intangible assets.
13. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 June 2023
Additions
9,598
50,370
29,414
89,382
Disposals
( 14,825)
( 19,427)
( 34,252)
Acquisitions through business combinations
17,963
226,641
47,983
292,587
--------
----------
--------
--------
----------
At 31 March 2024
17,963
236,239
35,545
57,970
347,717
--------
----------
--------
--------
----------
Depreciation
At 1 June 2023
Charge for the period
3,017
5,175
3,550
8,992
20,734
Disposals
( 14,825)
( 19,427)
( 34,252)
Acquisitions through business combinations
4,300
214,707
27,429
246,436
--------
----------
--------
--------
----------
At 31 March 2024
7,317
219,882
( 11,275)
16,994
232,918
--------
----------
--------
--------
----------
Carrying amount
At 31 March 2024
10,646
16,357
46,820
40,976
114,799
--------
----------
--------
--------
----------
The company has no tangible assets.
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 June 2023
Additions
3,644,534
-------------
At 31 March 2024
3,644,534
-------------
Impairment
At 1 June 2023 and 31 March 2024
-------------
Carrying amount
At 31 March 2024
3,644,534
-------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
ESP Play Limited
272 Bath Street, Glasgow, G2 4JR
Ordinary
100
Quality Electrical Supplies and Technology Ltd
Fulford Lodge, 1 Heslington Lane, Fulford, York, YO10 4HW
Ordinary
100
15. Stocks
Group
Company
31 Mar 24
31 Mar 24
£
£
Raw materials and consumables
596,158
----------
----
16. Debtors
Group
Company
31 Mar 24
31 Mar 24
£
£
Trade debtors
1,549,995
Prepayments and accrued income
1,561,463
Other debtors
45,038
-------------
----
3,156,496
-------------
----
17. Creditors: amounts falling due within one year
Group
Company
31 Mar 24
31 Mar 24
£
£
Bank loans and overdrafts
40,000
Trade creditors
1,796,033
Corporation tax
224,058
Social security and other taxes
386,629
Amounts due to group undertakings
1,850,000
Loan notes
939,746
939,746
Other creditors
697,801
-------------
-------------
4,084,267
2,789,746
-------------
-------------
The loan notes have a notional interest charged at 3% above the bank of England base rate and are repaid by monthly instalments. The bank loan is repayable in equal monthly instalments, with an interest rate of 3.99% per annum over the Bank of England Base Rate. Bank loans are secured against the associated assets to which they relate.
18. Creditors: amounts falling due after more than one year
Group
Company
31 Mar 24
31 Mar 24
£
£
Bank loans and overdrafts
53,333
Loan notes
1,057,964
1,057,964
-------------
-------------
1,111,297
1,057,964
-------------
-------------
The loan notes have a notional interest charged at 3% above the bank of England base rate and are repaid by monthly instalments. The bank loan is repayable in equal monthly instalments, with an interest rate of 3.99% per annum over the Bank of England Base Rate. Bank loans are secured against the associated assets to which they relate.
19. Provisions
Group
Deferred tax (note 20)
£
At 1 June 2023
Additions
18,340
--------
At 31 March 2024
18,340
--------
The company does not have any provisions.
20. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
31 Mar 24
31 Mar 24
£
£
Included in provisions (note 19)
18,340
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
31 Mar 24
31 Mar 24
£
£
Accelerated capital allowances
18,340
--------
----
21. Called up share capital
Issued, called up and fully paid
31 Mar 24
No.
£
A Ordinary shares of £ 1 each
55
55
B Ordinary shares of £ 1 each
40
40
C Ordinary shares of £ 1 each
5
5
Special rights redemmable shares of £ 1 each
1
1
----
----
101
101
----
----
The 'Special rights redeemable' shares do not carry any voting rights. All shares rank pari passu for dividends and for distributions upon the winding up of the company.
22. Analysis of changes in net debt
At 1 Jun 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
189,898
189,898
Debt due within one year
(40,000)
(40,000)
Debt due after one year
(53,333)
(53,333)
----
----------
----------
96,565
96,565
----
----------
----------
23. Business combinations
Acquisition of ESP Play Limited
The fair value of consideration paid in relation to the acquisition of ESP Play Limited is as follows:
£
Cash
1,500,000
Loan notes
2,846,750
Notional interest charged on loan notes
( 702,216)
-------------
3,644,534
-------------
The fair value of amounts recognised at the acquisition date in relation to ESP Play Limited are as follows:
Fair value
£
Tangible assets acquired
59,979
Intangible assets acquired
1,344
Stocks acquired
537,459
Trade debtors acquired
2,041,296
Other debtors acquired
2,606,374
Cash and cash equivalents acquired
646,978
Trade creditors assumed
( 1,983,086)
Other creditors assumed
( 886,603)
Provisions assumed
( 5,296)
Tax liabilities
( 913,565)
-------------
2,104,880
Goodwill on acquisition
1,539,654
-------------
3,644,534
-------------
The consolidated statement of comprehensive income for the financial period includes turnover of £ 11,958,203 and profit of £ 254,699 in respect of ESP Play Limited since the acquisition date.
Hollywood Investments Ltd
Notes to the Financial Statements (continued)
Period from 1 June 2023 to 31 March 2024
24. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
31 Mar 24
31 Mar 24
£
£
Not later than 1 year
259,436
Later than 1 year and not later than 5 years
455,780
----------
----
715,216
----------
----
25. Related party transactions
Company
The company has taken advantage of the exemptions provided in FRS 102 from reporting transactions between wholly owned members of the group.
26. Controlling party
The ultimate controlling party of Hollywood Investments Limited is Mr A Wood .