REGISTERED NUMBER: |
Report of the Director and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Neil Hudgell Group Ltd |
REGISTERED NUMBER: |
Report of the Director and |
Financial Statements |
for the Year Ended 31 March 2024 |
for |
Neil Hudgell Group Ltd |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Contents of the Financial Statements |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Report of the Independent Auditors | 3 |
Income Statement | 5 |
Other Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Notes to the Financial Statements | 9 |
Neil Hudgell Group Ltd |
Company Information |
for the year ended 31 March 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
& Statutory Auditors |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Report of the Director |
for the year ended 31 March 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
DIVIDENDS |
Interim dividends were paid during the year as follows: |
Ordinary £1 - £nil (2023 - £2,000) |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Bennett Brooks & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Neil Hudgell Group Ltd |
Opinion |
We have audited the financial statements of Neil Hudgell Group Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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 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 31 March 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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 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. |
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 Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Director has 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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Neil Hudgell Group Ltd |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which govern the preparation of financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management’s |
incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business. Audit |
procedures performed included: |
- | Enquiry of management around actual and potential litigation and claims and instances of non-compliance with laws and regulations including ensuring compliance with SRA regulations |
- | Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business; |
- | Reviewing financial statement disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations. |
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 Report of the Auditors. |
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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
St George's Court |
Winnington Avenue |
Northwich |
Cheshire |
CW8 4EE |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Income Statement |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT |
Gain/loss on revaluation of tangible assets | - | (194,644 | ) |
128,416 | (96,189 | ) |
Interest payable and similar expenses | 4 | ( |
) | ( |
) |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 5 | ( |
) | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Other Comprehensive Income |
for the year ended 31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT/(LOSS) FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME |
Property revaluation |
Income tax relating to other comprehensive income |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 7 |
Investment property | 8 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Statement of Changes in Equity |
for the year ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Deficit for the year | - | (178,835 | ) | (178,835 | ) |
Total comprehensive income | - | ( |
) | ( |
) |
Dividends | - | ( |
) | ( |
) |
Total transactions with owners, recognised directly in equity |
- |
(2,000 |
) |
(2,000 |
) |
Balance at 31 March 2023 |
Changes in equity |
Profit for the year | - | 44,376 | 44,376 |
Total comprehensive income | - |
Total transactions with owners, recognised directly in equity |
- |
- |
- |
Balance at 31 March 2024 |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Neil Hudgell Group Ltd is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered office address can be found on the Company Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Significant judgements and estimates |
The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates, it also requires management to exercise its judgement in the process of applying the group's accounting policies. The areas involving a higher degree of judgement are: |
Fair value of investment properties |
The group recognises investment property at fair value based on an independent valuation of current market rates of the properties. The director believes that there is no material difference between the value of the properties at the year end and at their last independent valuation. |
Turnover |
Rental turnover represents net services representing rental income, excluding value added tax in the UK and is recognised over the term of the rental agreement on a weekly or monthly basis as appropriate. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less any provision for impairment. |
Investment property |
Investment property is shown at purchase cost on acquisition and subsequently at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss and presented within 'Other operating gains/losses'. Investment property used by the Group is treated as freehold property in the consolidated financial statements. |
Investment properties are derecognised on disposal or when no future economic benefits are expected.The gain or loss arising on the disposal of an investment property is determined as the difference between the sales proceeds, less any direct cost of the disposal, and the carrying value of the asset, and is credited or charged to the profit and loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Dividends |
Dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
Share capital |
Ordinary shares are classed as equity. |
Distributions to equity holders |
Dividends to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
The average number of employees during the year was NIL (2023 - NIL). |
2024 | 2023 |
£ | £ |
Director's remuneration |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Under provision in prior year | - | 35,158 |
Tax on profit/(loss) |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods |
Marginal relief | ( |
) |
Total tax charge | 14,299 | 47,113 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 March 2024. |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
5. | TAXATION - continued |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Property revaluation |
6. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of 1 each |
Interim |
7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: No 2 At The Dock, 46 Humber Street, Hull, East Riding, England, HU1 1TU |
Nature of business: |
% |
Class of shares: | holding |
Neil Hudgell Group Limited indirectly holds 100% of the share capital of Neil Hudgell (Leeds) Limited through its investment in Neil Hudgell Holdings Limited. |
Registered office: No 2 At The Dock, 46 Humber Street, Hull, East Riding, England, HU1 1TU |
Nature of business: |
% |
Class of shares: | holding |
Neil Hudgell Group Limited indirectly holds 100% of the share capital of Neil Hudgell (London) Limited through its investment in Neil Hudgell Holdings Limited. |
Registered office: No 2 At The Dock, 46 Humber Street, Hull, East Riding, England, HU1 1TU |
Nature of business: |
% |
Class of shares: | holding |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
7. | FIXED ASSET INVESTMENTS - continued |
Registered office: St George's Court, Winnington Avenue, Northwich, Cheshire, England, CW8 4EE |
Nature of business: |
% |
Class of shares: | holding |
Registered office: No 2 At The Dock, 46 Humber Street, Hull, East Riding, England, HU1 1TU |
Nature of business: |
% |
Class of shares: | holding |
Neil Hudgell Group Limited indirectly holds 100% of the share capital of Kingston Developments 1882 Limited through its investment in Neil Hudgell Holdings Limited. |
On 8 December 2023 Neil Hudgell Ltd, owned by Neil Hudgell Holdings Ltd, a subsidiary of Neil Hudgell Group Ltd, was demerged from the group as part of a restructure to facilitate the sale of Neil Hudgell Ltd to an the Neil Hudgell Employee Ownership Trust. Where Neil Hudgell Group Ltd previously indirectly held 100% of the share capital in Neil Hudgell Ltd, it now holds none. |
8. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2023 | (194,644 | ) |
Cost | 1,789,644 |
1,595,000 |
The carrying value of investment properties are based on the latest independent valuations by MRICS valuers. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Tax |
Other creditors |
Amounts owed to group undertakings | - | 4,388,455 |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans (see note 11) |
Neil Hudgell Group Ltd (Registered number: 09352902) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
11. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans 1 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 738,826 | 780,174 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | 1 | 10,000 | 10,000 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
14. | RELATED PARTY DISCLOSURES |
Neil Hudgell Limited, a company under common control, received £3,600,000 (2023 £2,000) from the company and paid £1,750,000 (2023 £972,594) to the company during the period. Within other creditors is a balance of £2,538,455 (2023 £4,388,455) due to Neil Hudgell Limited. |
15. | ULTIMATE CONTROLLING PARTY |
Up until 8 December 2023 Neil Hudgell Group Limited had no parent company. Following a group reorganisation dated 8 December 2023, the company's immediate and ultimate parent company became Hudgell Property Holdings Limited. |
The ultimate controlling party is N Hudgell. |