Company Registration No. 11434901 (England and Wales)
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
COMPANY INFORMATION
Directors
Mr A H Damani
Mrs S H Damani
Mr Z H Damani
Company number
11434901
Registered office
12 Westmoreland Gardens
Peterborough
United Kingdom
PE1 5HU
Accountant
TC Group
20 Commerce Road
Lynch Wood
Peterborough
Cambridgeshire
England
PE2 6LR
Auditor
AE Finance Ltd
367 Eastfield Road
Peterborough
Cambridgeshire
PE1 4RD
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 10
Profit and loss account
11
Group statement of comprehensive income
12
Group balance sheet
13 - 14
Company balance sheet
15 - 16
Group statement of changes in equity
17
Company statement of changes in equity
18
Group statement of cash flows
19
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
CONTENTS
Company statement of cash flows
20
Notes to the financial statements
21 - 39
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Fair review of the business

H.D. Holdings (Peterborough) Limited was incorporated on 27 June 2018 to consolidate all operations and to expand in an efficient and structured manner. H.D. Holdings (Peterborough) Limited’s principal activity is of the sale of motor vehicle parts. It also focuses on acquisition, management, and rental of commercial and residential properties. Its subsidiaries are:

 

- Millfield Autoparts Limited

- Pro-Parts (Peterborough) Limited

- Battery City Limited.

 

Its main subsidiary, Millfield Autoparts Limited are a well-established distributor of parts and accessories for all cars, motorbikes, and commercial vehicles. The company's primary customer base is the independent automotive aftermarket - which includes garages, Bodyshop and key account customers - supported through its local branch network and supplied through its distribution centre in Peterborough.

 

On 1 March 2021, H.D. Holdings (Peterborough) Limited acquired 100% of the shareholding of Pro-Parts (Peterborough) Limited. Pro-Parts (Peterborough) Limited is also a well-known distributer of parts and accessories around Peterborough, Stamford, Bourne & the Deepings. The intention was to increase the trade and assets and to cover an expanded area of Peterborough.

 

On 25 August 2021, H.D. Holdings (Peterborough) Ltd acquired a 1.5 acre industrial /warehouse building at Clearview House, Blenheim Way, Market Deeping, Peterborough to which Millfield Autoparts Limited were able to open their first branch. This new expansion has created 25 new jobs and a greater reach nationwide.

 

The next plan for the Directors was to move the main branch away from Lincoln Road into a purpose-built unit at the new Bourges View business park off Maskew Avenue, in New England, Peterborough. Millfield Autoparts Limited had been at 429 Lincoln Road for over 40 years and they had outgrown the site, it was time for a change and the expansion was forthcoming. In the later part of 2024 the doors of Lincoln Road closed and Maskew Avenue opened.

 

The new unit is a brand-new detached trade counter/warehouse unit with delivery / dispatch area which is high-functioning, professional, and scalable. The environment will now support both immediate growth and long-term success by improving operational efficiency, attracting more customers, and creating a positive internal environment for staff.

 

According to the latest available figures from the Department for Transport (DfT), the total UK vehicle parc (the population of vehicles on the UK roads) was 41.7 million on June 2024 including 33.936 million passenger cars and 4.793 million light commercial vehicles. Vehicles 3-years-and-older remain important to the companies due to the annual MOT test required on most UK vehicles 3 years after initial registration. The first MOT often coincides with the end of tied vehicle manufacturer servicing and is seen as the entry point for the UK independent aftermarket.

 

The number of overall vehicle miles driven in the 12 months to June 2024 increased 1.7% compared to 2023: Cars and taxis were up 3.9% and light commercial vehicles 1.9%, These increases in vehicle mileage are favourable for the aftermarket industry, as higher vehicle usage typically leads to greater demand for repair and maintenance services.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

Like many other businesses in the UK, after recovering from the impacts of COVID-19 in 2020 and 2021, in 2024 the business was faced by additional challenges relating to the Ukraine War and the cost-of-living crisis. Despite raw material shortages, supply chain challenges and various financial headwinds such as, high inflation and interest rate challenges, the business has continued to perform well.

 

The companies made sales during 2024 of £14,382,673 (2023: £13,466,904) and generated profit after tax of £342,629 (£1,269,497). Net assets as of 30 June 2024 were £7,874,924 (2023: £7,608,715). The Directors were satisfied with the underlying performance of the companies due to them having additional costs incurred with the purchase of the land and purpose built designing of Maskew Avenue unit and majority of the costs being utilized for the new branch. The performance was also benefited by:

 

 

The groups gross margin moved from 46.8% in 2023 to 44.3% in 2024, because of the challenging market conditions impacting the pricing and cost strategies.

 

Operating profit for the year decreased from £1,630,495 in 2023 to £554,397 in 2024. This was due to increased wages costs and on-going investments into its customer services and the new facilities in Maskew Avenue.

 

 

Principal risks and uncertainties

 

The board uses these key performance indicators to assess the company’s mitigation of the following principal risks:

 

Business performance risk

 

The board manages the risk that the companies may not perform as expected either due to internal factors or external pressures quarterly monitoring of key performance measures against budget and forecast. It ensures that the appropriate management teams are in place, financial controls are operating effectively, prices are being monitored, response times are fast and strong relationships with customers and suppliers are being maintained.

 

Inflation risk

 

Inflationary trends for commodities, particularly steel, plastics/petrochemicals and energy are currently rising and may well increase further and would impact on the cost of goods purchased,

Wage inflation in the UK is expected to continue to rise, especially in the short term.

If inflation risks materialise, this would increase interest payments on the loan taken out to purchase and build the Maskew Avenue unit, affecting cash flow and profitability.

 

Customer risk

 

The board continues to encourage investment in digital products and training to ensure customers of the companies also continue to grow and adapt to new market conditions. No individual customers spend is so significant as a proportion of total revenues for the companies, to create a dependency risk.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

Vehicle technology risks

 

Vehicle manufacturers are leveraging advanced technologies like multiplex electrical systems and embedded telematics to regain market share in the UK parts aftermarket. The companies provide technical training and support to help garages and customers adapt to new vehicle technologies. They also actively support trade bodies and participate in lobbying efforts to maintain a competitive aftermarket for the benefit of consumers.

 

Companies are adapting to the shift toward sustainability and carbon neutrality by addressing sourcing challenges for alternative-fuelled vehicle components. While meeting consumer demand for lower-emission vehicles, they recognize that the rise of hybrid, electric, and fuel cell vehicles—having fewer moving parts—could negatively impact sales of traditional engine and transmission components.

 

Vehicle parc risks

 

The performance of the UK new vehicle market, at least up to the COVID-19 pandemic, means that there is a large proportion of cars under 3 years old on the road. These cars are, but not exclusively, serviced by vehicle manufacturers' franchised dealers, particularly when their purchase is made by personal lease or with a servicing plan.

 

This trend is currently more than balanced by the increasing longevity of cars, resulting in forecasts that the average age of the UK car parc will continue to increase.

 

Credit risk

 

The company’s principal credit risk arises from the ability of its customers to meet their contractual obligation to pay their debts as and when they fall due. The Group's approach to managing this risk is to continually monitor debt collection, performing appropriate credit checks on new and existing customers using third party credit reference agencies to assess creditworthiness and set appropriate credit limits and payment terms.

 

Environmental Matters

 

The companies care about the impact its operations have on the environment, and it complies with all applicable environmental laws. The Group is committed to continuously improving its environmental practices.

 

 

 

Key accomplishments in 2024 include:

 

 

Analysis of development and performance

The group has made a profit for the period and is continuing to invest in advancing into new areas. The group has continued to grow its local customer base as well as spreading further afield.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Key performance indicators

The board monitors the performance of the companies using the following key performance indicators (KPis): gross margin percentage, Current Ratio and Asset Turnover Ratio. Gross Margin Percentage looks at profitability and cost efficient on a branch level daily. Current Ratio assesses the short-term liquidity and the company’s ability to meet its obligations. Asset Turnover Ratio evaluates how efficiently the companies uses its assets to generate revenue.

 

The companies are maintaining consistent revenue generation relative to its asset base even though there is a slight decrease in gross margin which suggests higher costs in moving to the new premises and consistent selling prices due to competitive pressures.

 

Other information and explanations

The company’s current expectation is that trading will continue to be strong for the remainder of the year.

 

The board has concluded, based on the current trading results, analysis performed thereon, that the companies have adequate resources to continue in operation for at least 12 months from the date of approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

On behalf of the board

Mr Z H Damani
31 March 2025
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

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

Principal activities

The principal activity of the company and group continued to be that of the sale of motor vehicle parts.

Results and dividends

The results for the year are set out on page 11.

Ordinary dividends were paid amounting to £76,420. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A H Damani
Mrs S H Damani
Mr Z H Damani
Political donations

During the year, group made charitable donations totalling £17,350 (2023 -  £31,585) These donations were made to various registered charities excluding any political parties.

Auditor

On 3rd March 2025 AE Finance Ltd were appointed as auditors to the group.

Energy and carbon report

As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Mr Z H Damani
Director
31 March 2025
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
- 7 -
Opinion

We have audited the financial statements of H.D. Holdings (Peterborough) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including 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:

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 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 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 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.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
- 8 -

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 contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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 and the directors' report.

 

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:

 

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 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 company or to cease operations, or have no realistic alternative but to do so.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
- 9 -
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 obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector

in which it operates. We determined the following laws and regulations of most significance were : Companies

Act 2006, UK GAAP and UK Corporate tax laws.

 

We obtained an understanding of how the company complies with those legal and regulatory frameworks by

making inquiries of management.

 

We assessed the susceptibility of the company's financial statements to material misstatement, including how

fraud might occur.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
- 10 -
Mr S Ebrahim F.C.C.A (Senior Statutory Auditor)
For and on behalf of AE Finance Ltd
31 March 2025
367 Eastfield Road
Peterborough
Cambridgeshire
PE1 4RD
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
2024
2023
Notes
£
£
Turnover
3
14,625,900
13,695,742
Cost of sales
(8,122,869)
(7,290,239)
Gross profit
6,503,031
6,405,503
Administrative expenses
(6,023,735)
(4,784,953)
Other operating income
-
9,945
Operating profit
4
479,296
1,630,495
Interest receivable and similar income
7
3,206
289
Interest payable and similar expenses
8
(208,723)
(39,036)
Profit before taxation
273,779
1,591,748
Tax on profit
9
(6,251)
(322,251)
Profit for the financial year
267,528
1,269,497
Profit for the financial year is all attributable to the owners of the parent company.
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
2024
2023
£
£
Profit for the year
267,528
1,269,497
Other comprehensive income
-
-
Total comprehensive income for the year
267,528
1,269,497
Total comprehensive income for the year is all attributable to the owners of the parent company.
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 13 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
523,183
517,083
Investment properties
13
6,045,792
5,260,791
Investments
14
1
1
6,568,976
5,777,875
Current assets
Stocks
15
3,032,204
3,150,078
Debtors
16
2,422,606
2,426,486
Cash at bank and in hand
681,785
611,377
6,136,595
6,187,941
Creditors: amounts falling due within one year
17
(2,867,780)
(3,390,473)
Net current assets
3,268,815
2,797,468
Total assets less current liabilities
9,837,791
8,575,343
Creditors: amounts falling due after more than one year
18
(1,978,000)
(906,660)
Provisions for liabilities
Deferred tax liability
20
59,968
59,968
(59,968)
(59,968)
Net assets
7,799,823
7,608,715
Capital and reserves
Called up share capital
23
67,002
67,002
Capital redemption reserve
67,001
67,001
Profit and loss reserves
7,665,820
7,474,712
Total equity
7,799,823
7,608,715
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
GROUP BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 14 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
Mr Z H Damani
Director
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 15 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
13
6,045,792
5,260,791
Investments
14
922,838
542,001
6,968,630
5,802,792
Current assets
Debtors
16
51,532
190,299
Cash at bank and in hand
270,460
282,991
321,992
473,290
Creditors: amounts falling due within one year
17
(193,868)
(286,044)
Net current assets
128,124
187,246
Total assets less current liabilities
7,096,754
5,990,038
Creditors: amounts falling due after more than one year
18
(1,975,481)
(906,660)
Net assets
5,121,273
5,083,378
Capital and reserves
Called up share capital
23
67,002
67,002
Profit and loss reserves
5,054,271
5,016,376
Total equity
5,121,273
5,083,378

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £114,315 (2023 - £1,107,494 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 31 March 2025 and are signed on its behalf by:
31 March 2025
Mr Z H Damani
Director
Company Registration No. 11434901
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
67,002
67,001
6,253,215
6,387,218
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
1,269,497
1,269,497
Dividends
10
-
-
(48,000)
(48,000)
Balance at 30 June 2023
67,002
67,001
7,474,712
7,608,715
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
267,528
267,528
Dividends
10
-
-
(76,420)
(76,420)
Balance at 30 June 2024
67,002
67,001
7,665,820
7,799,823
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
67,002
3,956,882
4,023,884
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
1,107,494
1,107,494
Dividends
10
-
(48,000)
(48,000)
Balance at 30 June 2023
67,002
5,016,376
5,083,378
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
114,315
114,315
Dividends
10
-
(76,420)
(76,420)
Balance at 30 June 2024
67,002
5,054,271
5,121,273
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
494,893
1,751,567
Interest paid
(208,723)
(39,036)
Income taxes paid
(334,922)
(296,236)
Net cash (outflow)/inflow from operating activities
(48,752)
1,416,295
Investing activities
Purchase of tangible fixed assets
(275,164)
(75,516)
Proceeds on disposal of tangible fixed assets
154,874
5,650
Purchase of investment property
(785,001)
(2,047,191)
Proceeds on disposal of investment property
28,844
167,466
Interest received
3,206
289
Net cash used in investing activities
(873,241)
(1,949,302)
Financing activities
Repayment of bank loans
1,068,821
906,660
Payment of finance leases obligations
-
(2,075)
Dividends paid to equity shareholders
(76,420)
(48,000)
Net cash generated from financing activities
992,401
856,585
Net increase in cash and cash equivalents
70,408
323,578
Cash and cash equivalents at beginning of year
611,377
287,799
Cash and cash equivalents at end of year
681,785
611,377
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
320,708
350,073
Interest paid
(208,723)
(38,350)
Income taxes paid
(31,079)
(1,985)
Net cash inflow from operating activities
80,906
309,738
Investing activities
Purchase of investment property
(785,001)
(2,047,191)
Proceeds on disposal of investment property
-
0
167,466
Proceeds on disposal of subsidiaries
(380,837)
-
0
Dividends received
80,000
986,936
Net cash used in investing activities
(1,085,838)
(892,789)
Financing activities
Repayment of bank loans
1,068,821
906,660
Dividends paid to equity shareholders
(76,420)
(48,000)
Net cash generated from financing activities
992,401
858,660
Net (decrease)/increase in cash and cash equivalents
(12,531)
275,609
Cash and cash equivalents at beginning of year
282,991
7,382
Cash and cash equivalents at end of year
270,460
282,991
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
1
Accounting policies
Company information

H.D. Holdings (Peterborough) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of H.D. Holdings (Peterborough) Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company H.D. Holdings (Peterborough) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 22 -

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life.

 

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 23 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2.5% straight line
Leasehold land and buildings
5% straight line
Fixtures and fittings
25% reducing balance
Computers
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 24 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 25 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

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

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 26 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 27 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 28 -
1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Motor part sales
14,590,650
13,656,005
Rental income
35,250
39,737
14,625,900
13,695,742
2024
2023
£
£
Other significant revenue
Interest income
3,206
289

The whole of the revenue was received from activity in the United Kingdom.

4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
114,190
118,173
Profit on disposal of tangible fixed assets
-
(1,275)
Profit on disposal of investment property
(28,844)
-
0
Operating lease charges
10,226
10,276
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,000
-
Audit of the financial statements of the company's subsidiaries
24,000
-
30,000
-
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
151
135
3
3

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,995,688
3,244,874
-
0
-
0
Social security costs
360,947
298,343
-
-
Pension costs
108,881
94,470
-
0
-
0
4,465,516
3,637,687
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,206
289

Investment income includes the following:

Interest on financial assets not measured at fair value through profit or loss
3,206
289
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
208,723
38,350
Other finance costs:
Interest on finance leases and hire purchase contracts
-
274
Other interest
-
412
Total finance costs
208,723
39,036
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
60,282
332,403
Adjustments in respect of prior periods
(56,550)
-
0
Total current tax
3,732
332,403
Deferred tax
Origination and reversal of timing differences
2,519
(10,152)
Total tax charge
6,251
322,251
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
(Continued)
- 32 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
273,779
1,591,748
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
68,445
302,432
Tax effect of expenses that are not deductible in determining taxable profit
3,684
23,320
Unutilised tax losses carried forward
100,867
-
0
Adjustments in respect of prior years
(56,510)
-
0
Effect of change in corporation tax rate
-
15,087
Permanent capital allowances in excess of depreciation
(112,714)
(18,588)
Under/(over) provided in prior years
(40)
-
0
2,519
-
0
Taxation charge
6,251
322,251
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
76,420
48,000
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
907,476
Amortisation and impairment
At 1 July 2023 and 30 June 2024
907,476
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Intangible fixed assets
(Continued)
- 33 -
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
12
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2023
182,204
21,911
389,702
97,753
592,665
1,284,235
Additions
-
0
113,126
74,132
22,316
65,590
275,164
Disposals
(182,204)
-
0
-
0
-
0
-
0
(182,204)
At 30 June 2024
-
0
135,037
463,834
120,069
658,255
1,377,195
Depreciation and impairment
At 1 July 2023
27,330
16,028
260,293
30,665
432,836
767,152
Depreciation charged in the year
-
0
2,863
42,327
17,246
51,754
114,190
Eliminated in respect of disposals
(27,330)
-
0
-
0
-
0
-
0
(27,330)
At 30 June 2024
-
0
18,891
302,620
47,911
484,590
854,012
Carrying amount
At 30 June 2024
-
0
116,146
161,214
72,158
173,665
523,183
At 30 June 2023
154,874
5,883
129,409
67,088
159,829
517,083
The company had no tangible fixed assets at 30 June 2024 or 30 June 2023.
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 34 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023
5,260,791
5,260,791
Additions through external acquisition
785,001
785,001
At 30 June 2024
6,045,792
6,045,792

The fair value of the investment property has been arrived at by the directors and is based on cost.

 

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
1
1
-
0
-
0
Loans to subsidiaries
-
0
-
0
380,837
-
0
Unlisted investments
-
0
-
0
542,001
542,001
1
1
922,838
542,001
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
1
Carrying amount
At 30 June 2024
1
At 30 June 2023
1
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
14
Fixed asset investments
(Continued)
- 35 -
Movements in fixed asset investments
Company
Loans to subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 July 2023
-
542,001
542,001
Additions
380,837
-
380,837
At 30 June 2024
380,837
542,001
922,838
Carrying amount
At 30 June 2024
380,837
542,001
922,838
At 30 June 2023
-
542,001
542,001
15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,032,204
3,150,078
-
0
-
0
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,589,098
1,424,148
-
0
-
0
Corporation tax recoverable
31,079
-
0
31,079
-
0
Other debtors
707,699
911,282
-
0
187,914
Prepayments and accrued income
94,730
91,056
20,453
2,385
2,422,606
2,426,486
51,532
190,299
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 36 -
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
2,029,454
2,218,053
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
75,000
140,000
Corporation tax payable
34,811
332,403
-
0
31,079
Other taxation and social security
235,504
296,881
23,168
-
Other creditors
325,667
392,820
42,725
112,725
Accruals and deferred income
242,344
150,316
52,975
2,240
2,867,780
3,390,473
193,868
286,044
18
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
19
1,975,481
906,660
1,975,481
906,660
Deferred income
21
2,519
-
0
-
0
-
0
1,978,000
906,660
1,975,481
906,660
19
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,975,481
906,660
1,975,481
906,660
Payable after one year
1,975,481
906,660
1,975,481
906,660

The long-term loans are secured by fixed charges over a property at Maskew Avenue, Peterborough.

H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 37 -
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
59,968
59,968
The company has no deferred tax assets or liabilities.
There were no deferred tax movements in the year.
21
Deferred income
Group
Company
2024
2023
2024
2023
£
£
£
£
Other deferred income
2,519
-
-
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,881
94,470

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
67,002
67,002
67,002
67,002
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 38 -
24
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
267,528
1,269,497
Adjustments for:
Taxation charged
6,251
322,251
Finance costs
208,723
39,036
Investment income
(3,206)
(289)
Gain on disposal of tangible fixed assets
-
(1,275)
Gain on disposal of investment property
(28,844)
-
0
Depreciation and impairment of tangible fixed assets
114,190
118,173
Movements in working capital:
Decrease/(increase) in stocks
117,874
(426,432)
Decrease/(increase) in debtors
34,959
(237,115)
(Decrease)/increase in creditors
(225,101)
667,721
Increase in deferred income
2,519
-
Cash generated from operations
494,893
1,751,567
25
Cash generated from operations - company
2024
2023
£
£
Profit for the year after tax
114,315
1,107,494
Adjustments for:
Taxation (credited)/charged
(31,079)
31,079
Finance costs
208,723
38,350
Investment income
(80,000)
(986,936)
Movements in working capital:
Decrease in debtors
169,846
26,647
(Decrease)/increase in creditors
(61,097)
133,439
Cash generated from operations
320,708
350,073
H.D. HOLDINGS (PETERBOROUGH) LIMITED CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 39 -
26
Analysis of changes in net debt - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
611,377
70,408
681,785
Borrowings excluding overdrafts
(906,660)
(1,068,821)
(1,975,481)
(295,283)
(998,413)
(1,293,696)
27
Analysis of changes in net debt - company
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
282,991
(12,531)
270,460
Borrowings excluding overdrafts
(906,660)
(1,068,821)
(1,975,481)
(623,669)
(1,081,352)
(1,705,021)
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