REGISTERED NUMBER: 12526692 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
HOSHIP GROUP (HOLDINGS) LIMITED |
REGISTERED NUMBER: 12526692 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
HOSHIP GROUP (HOLDINGS) LIMITED |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Financial Statements | 17 |
HOSHIP GROUP (HOLDINGS) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
34 Waterloo Road |
Wolverhampton |
West Midlands |
WV1 4DG |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their strategic report of the company and the group for the year ended 30 June 2024. |
REVIEW OF BUSINESS |
The company acts as the parent of Howard Shipping Services Limited, Showell Packing Limited and Magyar Properties Limited, and the consolidated group accounts include the results and assets of all companies. |
The company's income comprises income from freight forwarding, export packing and pallet / case making, and income received from rental of commercial property and warehousing space. The principal activities of the group are: |
" Howard Shipping Services Limited - International carriers, freight forwarders and warehousing |
" Showell Packing Limited - Export packers, case and pallet makers |
" Magyar Properties Limited - Leasing and management of commercial properties |
The principal activities of the above are carried out through Hoship Group (Holdings) Limited. The group accounts reflect pre-tax profits of £1,392,400. |
The business review of the directors contained in the financial statements of Hoship Group (Holdings) Limited is as follows: |
We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of our business, and is written in the context of the risks and uncertainties we face. |
The Company enjoyed a profitable year despite reduced demand as the economy continued it its post Covid transition. New business wins coupled with the development of existing contracts contributed to a positive end to the year for both Howard Shipping Services Ltd & Showell Packing Ltd. |
Magyar Properties Ltd has continued to invest in the refurbishment & development of its assets along with making significant property acquisitions in order to support growth in the HOSHIP Group as a whole. |
Turnover for 2024 - £9,714,236 |
Gross profit margin for 2024 - £3,162,783 |
Overheads have been well controlled. |
The balance sheet continues to present a very solid position, with net assets of £13,699,381, and balances at the bank totalling £4,460,642. |
The directors would like to thank all employees for their commitment and hard work over the last 12 months. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The business environment in which the company operates continues to be very challenging and competitive pricing across the industry continues to put pressure on margins. |
However, the company's reputation for delivering high quality products and services and meeting tight deadlines where necessary has provided a crucial edge over competitors. |
Operationally, losses may be incurred as a result of inaccurate quoting, job / project delays, raw material delays or other unforeseen circumstances. Ensuring that jobs / contracts are completed on time and in line with budgeted costs remains a key focus of the group. |
The longer term impacts of both Brexit and the COVID-19 pandemic remain unknown, and consequently future trading remains uncertain for all businesses. Restrictions on customers' capital expenditure budgets may lead to further changes in customer requirements for our goods and services. |
FUTURE DEVELOPMENTS |
Although trading conditions in the current climate remain challenging, the directors continue to investigate opportunities to grow the business and extend the range of products and services offered. |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 JUNE 2024 |
SECTION 172 STATEMENT |
This section of the financial statements includes the Directors considerations and activities in discharging their duties under s172(1) of the Companies Act 2006, in promoting the success of the Company for the benefit of members as a whole. |
Along with the information provided in the Strategic Report, the reports include considerations of the likely consequences of the decisions of the Directors in the longer term and how the Directors have taken wider stakeholders needs into account. |
ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHER RELATIONSHIPS |
Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers and other operational partners. Hoship Group (Holdings) Ltd seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter into or remain in such relationships. |
The business continuously assesses the priorities related to customers and those with whom we do business, and the Directors engage with the businesses on these topics. |
Moreover, the Directors receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged and are performing with and on behalf of the Company. |
ON BEHALF OF THE BOARD: |
Director |
25 March 2025 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 June 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 30 June 2024 will be £ 592,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 company and the group and of 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 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information. |
AUDITORS |
The auditors, Crombies Accountants 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 |
HOSHIP GROUP (HOLDINGS) LIMITED |
Opinion |
We have audited the financial statements of Hoship Group (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the Consolidated Income Statement, Consolidated Other 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 Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 30 June 2024 and of the group's 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 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 and 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HOSHIP GROUP (HOLDINGS) LIMITED |
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 Group Strategic Report or the Report of the Directors. |
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 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 Statement of Directors' Responsibilities set out on page four, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HOSHIP GROUP (HOLDINGS) LIMITED |
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: |
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with directors and other management |
-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation; |
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
-performed analytical procedures to identify any unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; |
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
-investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
-agreeing financial statement disclosures to underlying supporting documentation; |
-enquiring of management as to actual and potential litigation and claims; and |
-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HOSHIP GROUP (HOLDINGS) LIMITED |
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 and Statutory Auditor |
34 Waterloo Road |
Wolverhampton |
West Midlands |
WV1 4DG |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 9,714,236 | 20,374,308 |
Cost of sales | 6,551,453 | 12,807,017 |
GROSS PROFIT | 3,162,783 | 7,567,291 |
Distribution costs | 27,480 | 16,004 |
Administrative expenses | 1,829,255 | 1,990,536 |
1,856,735 | 2,006,540 |
OPERATING PROFIT | 5 | 1,306,048 | 5,560,751 |
Interest receivable and similar income | 133,102 | 1,839 |
1,439,150 | 5,562,590 |
Interest payable and similar expenses | 7 | 46,750 | 27,281 |
PROFIT BEFORE TAXATION | 1,392,400 | 5,535,309 |
Tax on profit | 8 | 564,979 | 1,086,518 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 827,421 | 4,448,791 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 827,421 | 4,448,791 |
OTHER COMPREHENSIVE INCOME |
Revaluation Gain | 133,852 | 578,686 |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
133,852 |
578,686 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
961,273 |
5,027,477 |
Total comprehensive income attributable to: |
Owners of the parent | 961,273 | 5,027,477 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | - | - |
Tangible assets | 12 | 5,429,543 | 2,172,169 |
Investments | 13 | - | - |
Investment property | 14 | 3,433,397 | 1,667,213 |
8,862,940 | 3,839,382 |
CURRENT ASSETS |
Stocks | 15 | 598,530 | 485,992 |
Debtors | 16 | 2,382,313 | 3,005,645 |
Prepayments and accrued income | 82,133 | 63,847 |
Cash at bank and in hand | 4,460,642 | 9,236,674 |
7,523,618 | 12,792,158 |
CREDITORS |
Amounts falling due within one year | 17 | 2,175,378 | 2,959,446 |
NET CURRENT ASSETS | 5,348,240 | 9,832,712 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
14,211,180 |
13,672,094 |
CREDITORS |
Amounts falling due after more than one year |
18 |
(333,664 |
) |
(341,986 |
) |
PROVISIONS FOR LIABILITIES | 22 | (178,135 | ) | - |
NET ASSETS | 13,699,381 | 13,330,108 |
CAPITAL AND RESERVES |
Called up share capital | 23 | 1,090 | 1,090 |
Revaluation reserve | 24 | 578,686 | 578,686 |
Fair value reserve | 24 | 133,852 | - |
Retained earnings | 24 | 12,985,753 | 12,750,332 |
SHAREHOLDERS' FUNDS | 13,699,381 | 13,330,108 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by: |
P R Howard - Director |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
Investment property | 14 |
CURRENT ASSETS |
Debtors | 16 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 17 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 23 |
Retained earnings | 24 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The financial statements were approved by the Board of Directors and authorised for issue on |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up | Fair |
share | Retained | Revaluation | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 July 2022 | 1,090 | 8,806,541 | - | - | 8,807,631 |
Changes in equity |
Dividends | - | (505,000 | ) | - | - | (505,000 | ) |
Total comprehensive income | - | 4,448,791 | 578,686 | - | 5,027,477 |
Balance at 30 June 2023 | 1,090 | 12,750,332 | 578,686 | - | 13,330,108 |
Changes in equity |
Dividends | - | (592,000 | ) | - | - | (592,000 | ) |
Total comprehensive income | - | 827,421 | - | 133,852 | 961,273 |
Balance at 30 June 2024 | 1,090 | 12,985,753 | 578,686 | 133,852 | 13,699,381 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 30 JUNE 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2022 | ( |
) |
Changes in equity |
Balance at 30 June 2023 | ( |
) |
Changes in equity |
Balance at 30 June 2024 | ( |
) |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,817,101 | 6,391,063 |
Interest paid | (20,382 | ) | (11,374 | ) |
Interest element of hire purchase payments paid |
(26,368 |
) |
(15,907 |
) |
Tax paid | (890,391 | ) | (1,088,920 | ) |
Net cash from operating activities | 879,960 | 5,274,862 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,426,115 | ) | (491,315 | ) |
Purchase of investment property | (1,632,332 | ) | (1,328,587 | ) |
Sale of tangible fixed assets | 17,000 | 153,434 |
Interest received | 133,102 | 1,839 |
Net cash from investing activities | (4,908,345 | ) | (1,664,629 | ) |
Cash flows from financing activities |
Loan repayments in year | (160,423 | ) | (159,047 | ) |
Capital repayments in year | (5,007 | ) | 118,007 |
Amount withdrawn by directors | 9,783 | (16,303 | ) |
Equity dividends paid | (592,000 | ) | (505,000 | ) |
Net cash from financing activities | (747,647 | ) | (562,343 | ) |
(Decrease)/increase in cash and cash equivalents | (4,776,032 | ) | 3,047,890 |
Cash and cash equivalents at beginning of year |
2 |
9,236,674 |
6,188,784 |
Cash and cash equivalents at end of year | 2 | 4,460,642 | 9,236,674 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 1,392,400 | 5,535,309 |
Depreciation charges | 147,984 | 88,808 |
Loss on disposal of fixed assets | 3,756 | 22,235 |
Finance costs | 46,750 | 27,281 |
Finance income | (133,102 | ) | (1,839 | ) |
1,457,788 | 5,671,794 |
(Increase)/decrease in stocks | (112,538 | ) | 254,176 |
Decrease in trade and other debtors | 605,046 | 2,109,282 |
Decrease in trade and other creditors | (133,195 | ) | (1,644,189 | ) |
Cash generated from operations | 1,817,101 | 6,391,063 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 June 2024 |
30.6.24 | 1.7.23 |
£ | £ |
Cash and cash equivalents | 4,460,642 | 9,236,674 |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 9,236,674 | 6,188,784 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.7.23 | Cash flow | At 30.6.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 9,236,674 | (4,776,032 | ) | 4,460,642 |
9,236,674 | (4,776,032 | ) | 4,460,642 |
Debt |
Finance leases | (390,403 | ) | 5,007 | (385,396 | ) |
Debts falling due within 1 year | (160,424 | ) | 160,424 | - |
(550,827 | ) | 165,431 | (385,396 | ) |
Total | 8,685,847 | (4,610,601 | ) | 4,075,246 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Hoship Group (Holdings) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
In Showell Packing Limited, goodwill, being the amount paid in connection with the acquisition of a business in 2000, is being amortised evenly over its useful life of twenty years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Shipping | 7,099,369 | 18,315,369 |
Case making and packing | 2,551,426 | 2,022,939 |
Rental income | 63,441 | 36,000 |
9,714,236 | 20,374,308 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 758,795 | 732,486 |
Social security costs | 3,298 | 3,909 |
Other pension costs | 77,967 | 67,776 |
840,060 | 804,171 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2024 | 2023 |
Direct employees | 10 | 8 |
Admin employees | 13 | 12 |
The average number of employees by undertakings that were proportionately consolidated during the year was 23 (2023 - 20 ) . |
2024 | 2023 |
£ | £ |
Directors' remuneration | 36,000 | 36,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | - | 35 |
Other operating leases | 1,933 | 3,867 |
Depreciation - owned assets | 39,561 | 50,198 |
Depreciation - assets on hire purchase contracts | 108,424 | 38,611 |
Loss on disposal of fixed assets | 3,756 | 22,235 |
Foreign exchange differences | 41,182 | 20,178 |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
6,125 |
5,000 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Loan interest | 1,747 | 3,124 |
Interest payable | 18,635 | 8,250 |
Hire purchase | 26,368 | 15,907 |
46,750 | 27,281 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | 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 | 386,844 | 1,086,518 |
Deferred tax | 178,135 | - |
Tax on profit | 564,979 | 1,086,518 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 1,392,400 | 5,535,309 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 20.942 %) |
348,100 |
1,159,204 |
Effects of: |
Expenses not deductible for tax purposes | 17,411 | 26,654 |
Depreciation in excess of capital allowances | 21,808 | - |
Profit taxed in prior period | (475 | ) | - |
Capital allowances | - | (99,340 | ) |
Deferred tax | 178,135 | - |
Total tax charge | 564,979 | 1,086,518 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation Gain | 133,852 | - | 133,852 |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation Gain | 578,686 | - | 578,686 |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of £1 each |
Interim | 592,000 | 505,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 | 41,592 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 | 41,592 |
NET BOOK VALUE |
At 30 June 2024 | - |
At 30 June 2023 | - |
12. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 1,538,388 | 350,622 | 15,166 |
Additions | 3,368,780 | 1,294 | - |
Disposals | - | - | - |
At 30 June 2024 | 4,907,168 | 351,916 | 15,166 |
DEPRECIATION |
At 1 July 2023 | 38,388 | 179,501 | 5,216 |
Charge for year | 2,683 | 25,313 | 995 |
Eliminated on disposal | - | - | - |
At 30 June 2024 | 41,071 | 204,814 | 6,211 |
NET BOOK VALUE |
At 30 June 2024 | 4,866,097 | 147,102 | 8,955 |
At 30 June 2023 | 1,500,000 | 171,121 | 9,950 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 July 2023 | 672,921 | 95,731 | 2,672,828 |
Additions | 51,080 | 4,961 | 3,426,115 |
Disposals | (49,200 | ) | - | (49,200 | ) |
At 30 June 2024 | 674,801 | 100,692 | 6,049,743 |
DEPRECIATION |
At 1 July 2023 | 216,936 | 60,618 | 500,659 |
Charge for year | 114,986 | 4,008 | 147,985 |
Eliminated on disposal | (28,444 | ) | - | (28,444 | ) |
At 30 June 2024 | 303,478 | 64,626 | 620,200 |
NET BOOK VALUE |
At 30 June 2024 | 371,323 | 36,066 | 5,429,543 |
At 30 June 2023 | 455,985 | 35,113 | 2,172,169 |
Cost or valuation at 30 June 2024 is represented by: |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2023 | 578,686 | - | - |
Cost | 4,328,482 | 351,916 | 15,166 |
4,907,168 | 351,916 | 15,166 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2023 | - | - | 578,686 |
Cost | 674,801 | 100,692 | 5,471,057 |
674,801 | 100,692 | 6,049,743 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
12. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 July 2023 | 488,191 |
Additions | 51,080 |
At 30 June 2024 | 539,271 |
DEPRECIATION |
At 1 July 2023 | 79,210 |
Charge for year | 108,424 |
At 30 June 2024 | 187,634 |
NET BOOK VALUE |
At 30 June 2024 | 351,637 |
At 30 June 2023 | 408,981 |
13. | FIXED ASSET INVESTMENTS |
Company |
Unlisted |
investments |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Howard Shipping Services Limited |
Registered office: Showell road, Wolverhampton, West Midlands, WV10 9JY |
Nature of business: Shipping agents. |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Ordinary A | 100.00 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
13. | FIXED ASSET INVESTMENTS - continued |
Showell Packing Limited |
Registered office: Showell road, Wolverhampton, West Midlands, WV10 9JY |
Nature of business: Case making and packing. |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Magyar Properties Limited |
Registered office: Showell road, Wolverhampton, West Midlands, WV10 9JY |
Nature of business: Property investment. |
% |
Class of shares: | holding |
Ordinary | 100.00 |
All subsidiaries of the parent have been included within the consolidation of the group accounts. |
14. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 July 2023 | 1,667,213 |
Additions | 1,632,332 |
Revaluations | 133,852 |
At 30 June 2024 | 3,433,397 |
NET BOOK VALUE |
At 30 June 2024 | 3,433,397 |
At 30 June 2023 | 1,667,213 |
Fair value at 30 June 2024 is represented by: |
£ |
Valuation in 2024 | 133,852 |
Cost | 3,299,545 |
3,433,397 |
15. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 598,530 | 485,992 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,382,311 | 2,980,900 |
Other debtors | 2 | 24,745 |
2,382,313 | 3,005,645 |
17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Other loans (see note 19) | - | 160,424 |
Hire purchase contracts (see note 20) | 51,732 | 48,417 |
Trade creditors | 1,839,844 | 2,039,669 |
Amounts owed to group undertakings | - | - |
Tax | 183,068 | 686,615 |
Social security and other taxes | 13,734 | 9,516 |
VAT | 67,987 | 6,037 | - | - |
Other creditors | 1,500 | 1,397 |
Wages | 919 | (500 | ) | - | - |
Directors' current accounts | 10,094 | 311 | - | - |
Accrued expenses | 6,500 | 7,560 |
2,175,378 | 2,959,446 |
18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 20) | 333,664 | 341,986 |
19. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Other loans | - | 160,424 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
20. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 51,732 | 48,417 |
Between one and five years | 333,664 | 341,986 |
385,396 | 390,403 |
21. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Other loans | - | 160,424 |
Hire purchase contracts | 385,396 | 390,403 |
385,396 | 550,827 |
The loan is secured over the freehold property included within fixed assets. |
The hire purchase security is over the hire purchase vehicles held in fixed assets. |
22. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax | 178,135 | - |
Group |
Deferred |
tax |
£ |
Provided during year | 178,135 |
Balance at 30 June 2024 | 178,135 |
23. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 990 | 990 |
Ordinary A | £1 | 100 | 100 |
1,090 | 1,090 |
HOSHIP GROUP (HOLDINGS) LIMITED (REGISTERED NUMBER: 12526692) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
24. | RESERVES |
Group |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 July 2023 | 12,750,332 | 578,686 | - | 13,329,018 |
Profit for the year | 827,421 | 827,421 |
Dividends | (592,000 | ) | (592,000 | ) |
Revaluation | - | - | 133,852 | 133,852 |
At 30 June 2024 | 12,985,753 | 578,686 | 133,852 | 13,698,291 |
Company |
Retained |
earnings |
£ |
At 1 July 2023 | ( |
) |
Profit for the year |
At 30 June 2024 | ( |
) |
25. | PENSION COMMITMENTS |
The group operates a defined contributions scheme whose assets are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company and amounted to £77,967 (2023 £67,776). There was no prepaid contribution at the balance sheet date. |