40
false
false
false
false
false
false
false
false
false
false
true
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false
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
1
1
1
xbrli:pure
xbrli:shares
iso4217:GBP
01866557
2023-01-01
2023-12-31
01866557
2023-12-31
01866557
2022-12-31
01866557
2022-01-01
2022-12-31
01866557
2022-12-31
01866557
2021-12-31
01866557
core:PlantMachinery
2023-01-01
2023-12-31
01866557
core:MotorVehicles
2023-01-01
2023-12-31
01866557
bus:OrdinaryShareClass1
2023-01-01
2023-12-31
01866557
bus:Director11
2023-01-01
2023-12-31
01866557
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
01866557
core:PlantMachinery
2022-12-31
01866557
core:MotorVehicles
2022-12-31
01866557
core:LandBuildings
core:LongLeaseholdAssets
2023-12-31
01866557
core:PlantMachinery
2023-12-31
01866557
core:MotorVehicles
2023-12-31
01866557
core:LandBuildings
core:LongLeaseholdAssets
2023-01-01
2023-12-31
01866557
core:WithinOneYear
2023-12-31
01866557
core:WithinOneYear
2022-12-31
01866557
core:AfterOneYear
2023-12-31
01866557
core:AfterOneYear
2022-12-31
01866557
core:ShareCapital
2023-12-31
01866557
core:ShareCapital
2022-12-31
01866557
core:CapitalRedemptionReserve
2023-12-31
01866557
core:CapitalRedemptionReserve
2022-12-31
01866557
core:RetainedEarningsAccumulatedLosses
2023-12-31
01866557
core:RetainedEarningsAccumulatedLosses
2022-12-31
01866557
core:BetweenOneFiveYears
2023-12-31
01866557
core:BetweenOneFiveYears
2022-12-31
01866557
core:MoreThanFiveYears
2022-12-31
01866557
core:CostValuation
core:Non-currentFinancialInstruments
2023-12-31
01866557
core:Non-currentFinancialInstruments
2023-12-31
01866557
core:Non-currentFinancialInstruments
2022-12-31
01866557
core:LandBuildings
core:LongLeaseholdAssets
2022-12-31
01866557
core:PlantMachinery
2022-12-31
01866557
core:MotorVehicles
2022-12-31
01866557
bus:SmallEntities
2023-01-01
2023-12-31
01866557
bus:AuditExempt-NoAccountantsReport
2023-01-01
2023-12-31
01866557
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
01866557
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
01866557
bus:FullAccounts
2023-01-01
2023-12-31
01866557
bus:OrdinaryShareClass1
2023-12-31
01866557
bus:OrdinaryShareClass1
2022-12-31
01866557
core:CapitalContributionReserve
2023-12-31
01866557
core:CapitalContributionReserve
2022-12-31
01866557
core:OfficeEquipment
2023-01-01
2023-12-31
01866557
core:OfficeEquipment
2022-12-31
01866557
core:OfficeEquipment
2023-12-31
COMPANY REGISTRATION NUMBER:
01866557
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
5,625,723 |
|
5,912,205 |
Investments |
6 |
|
1 |
|
1 |
|
|
----------- |
|
----------- |
|
|
5,625,724 |
|
5,912,206 |
|
|
|
|
|
|
Current assets
Stocks |
998,657 |
|
712,253 |
|
Debtors |
7 |
1,762,407 |
|
1,480,397 |
|
Cash at bank and in hand |
361,877 |
|
28,613 |
|
|
----------- |
|
----------- |
|
|
3,122,941 |
|
2,221,263 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
(
3,904,871) |
|
(
2,811,349) |
|
|
----------- |
|
----------- |
|
Net current liabilities |
|
(
781,930) |
|
(
590,086) |
|
|
----------- |
|
----------- |
Total assets less current liabilities |
|
4,843,794 |
|
5,322,120 |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
(
3,971,212) |
|
(
4,961,343) |
|
|
----------- |
|
----------- |
Net assets |
|
872,582 |
|
360,777 |
|
|
----------- |
|
----------- |
|
|
|
|
|
|
Capital and reserves
Called up share capital |
10 |
|
2,667,692 |
|
2,667,692 |
Capital redemption reserve |
|
1,749,999 |
|
1,749,999 |
Non-distributable reserves |
|
987,617 |
|
242,321 |
Profit and loss account |
|
(
4,532,726) |
|
(
4,299,235) |
|
|
----------- |
|
----------- |
Shareholders funds |
|
872,582 |
|
360,777 |
|
|
----------- |
|
----------- |
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
BALANCE SHEET (continued) |
|
31 December 2023
These financial statements were approved by the
board of directors
and authorised for issue on
7 April 2025
, and are signed on behalf of the board by:
Company registration number:
01866557
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broughton, Hampshire, SO20 8DQ. The principal activity of the company continued to be that of bottling and retailing of natural mineral water for both the UK market and overseas.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
Hildon Limited has come through a year of progressive trading. Whilst successfully building sales, pressures have risen on the business from inflationary effects of suppliers. Despite these pressures, the company has been able to create efficiencies in operational costs. The company has been able to make headway with supplier payments, sustaining itself, and consistently paying down its debts. The company has also benefited from right sizing personnel and related costs, and from continued financial support from its shareholders. It is now focused on continued sustainable and increased growth. It is envisioned that the business will continue sustained sales growth, while maintaining or further improving profitability by controlling costs, gaining efficiencies in production and increasing margins on new contracts. With new projects in the pipeline, designed to further increase growth potential, profitability should continue to grow. The company is deeply aware of its environmental responsibility and is working towards becoming a carbon net zero company in the near future. There are specific projects underway to achieve this cause, and Hildon Limited is committed to growing its business responsibly. We have continued to prepare the accounts on a going concern basis and deem this appropriate given the continued support of our bankers, creditors and ultimate shareholders.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. Critical judgements in applying the company's accounting policies The critical judgements that the directors have made in the progress of applying the company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below. (i) Assessing indicators of impairment In assessing whether there have been any indicators of impairment assets, the directors have considered both internal and external sources of information such as market conditions, counterparty credit ratings and experience recoverability. There have been no indicators of impairments identified during the current financial year. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. (ii) Estimating value in use Where an indication of impairment exists the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value. (iii) Recoverability of receivables The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers. (iv) Determining residual values and useful economic lives of property, plant and equipment The company depreciate tangible assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes. Judgement is applied by management when determining the residual values for plant, machinery and equipment. When determining the residual value management aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Tenants improvements |
- |
Reducing balance basis over the term of the lease
|
|
Plant and machinery |
- |
6% straight line |
|
Motor vehicles |
- |
25% reducing balance |
|
Office equipment |
- |
25% reducing balance |
|
|
|
|
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value comprising all costs incurred in bringing each product to its present location and condition. Raw materials and work in progress are initially recorded at standard cost. The valuation has been adjusted to restate the value to an approximation of cost.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Basic financial assets, which include trade and other receivables, loans to fellow group companies and cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, loans from fellow group companies and other related parties and obligations under hire purchase agreements, 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of income and retained earnings.
4.
Particulars of employees
The average number of persons employed by the company during the year amounted to
40
(2022:
35
).
5.
Tangible assets
|
Tenants Improvements |
Plant and machinery |
Motor vehicles |
Office equipment |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 January 2023 |
3,454,868 |
7,972,788 |
368,227 |
862,198 |
12,658,081 |
Additions |
– |
237,145 |
13,250 |
2,432 |
252,827 |
Disposals |
– |
– |
(
22,225) |
– |
(
22,225) |
|
----------- |
----------- |
-------- |
-------- |
------------ |
At 31 December 2023 |
3,454,868 |
8,209,933 |
359,252 |
864,630 |
12,888,683 |
|
----------- |
----------- |
-------- |
-------- |
------------ |
Depreciation |
|
|
|
|
|
At 1 January 2023 |
1,393,088 |
4,210,255 |
320,227 |
822,306 |
6,745,876 |
Charge for the year |
68,167 |
439,589 |
13,176 |
14,422 |
535,354 |
Disposals |
– |
– |
(
18,270) |
– |
(
18,270) |
|
----------- |
----------- |
-------- |
-------- |
------------ |
At 31 December 2023 |
1,461,255 |
4,649,844 |
315,133 |
836,728 |
7,262,960 |
|
----------- |
----------- |
-------- |
-------- |
------------ |
Carrying amount |
|
|
|
|
|
At 31 December 2023 |
1,993,613 |
3,560,089 |
44,119 |
27,902 |
5,625,723 |
|
----------- |
----------- |
-------- |
-------- |
------------ |
At 31 December 2022 |
2,061,780 |
3,762,533 |
48,000 |
39,892 |
5,912,205 |
|
----------- |
----------- |
-------- |
-------- |
------------ |
|
|
|
|
|
|
6.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
1 |
|
---- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
---- |
|
|
Carrying amount |
|
At 31 December 2023 |
1 |
|
---- |
At 31 December 2022 |
1 |
|
---- |
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
982,118 |
941,037 |
Amounts owed by group undertakings |
700,026 |
463,406 |
Other debtors |
80,263 |
75,954 |
|
----------- |
----------- |
|
1,762,407 |
1,480,397 |
|
----------- |
----------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
1,661,161 |
1,474,024 |
Amounts owed to group undertakings |
1,377,758 |
– |
Social security and other taxes |
131,858 |
189,738 |
Other creditors |
734,094 |
1,147,587 |
|
----------- |
----------- |
|
3,904,871 |
2,811,349 |
|
----------- |
----------- |
|
|
|
Included within other creditors are obligations under hire purchase contracts of £127,702 (2022: £500,481) which are secured on the assets to which they relate.
Amounts owed to group undertakings represents a loan of £1,500,000 owed to Hildon House Limited. The loan was due to be paid on 31 December 2021 but the terms were revised in October 2021 and the loan is now repayable by 31 December 2024. This loan is interest free until 1 January 2020. thereafter interest is charged at 2% per annum. The loan has been presented in accordance with the requirements of FRS 102. It is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. See also note 12.
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings |
3,971,212 |
4,842,777 |
Other creditors |
– |
118,566 |
|
----------- |
----------- |
|
3,971,212 |
4,961,343 |
|
----------- |
----------- |
|
|
|
Amounts owed to group undertakings represents a loan of £4,831,586 owed to BH Holdings Ltd. The loan is interest free and repayable on 31 December 2028. The loan has been presented in accordance with the requirements of FRS 102. It is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. See also note 12.
Included within other creditors are obligations under hire purchase contracts of £nil (2022: £118,566) which are secured on the assets to which they relate.
10.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2,667,692 |
2,667,692 |
2,667,692 |
2,667,692 |
|
----------- |
----------- |
----------- |
----------- |
|
|
|
|
|
11.
Commitments under operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
31,717 |
118,166 |
Later than 1 year and not later than 5 years |
57,400 |
166,166 |
Later than 5 years |
– |
144,000 |
|
------- |
-------- |
|
89,117 |
428,332 |
|
------- |
-------- |
|
|
|
12.
Related party transactions
Included within debtors are amounts due from group undertakings of £700,026 (2022: £463,406). These amounts are interest free and receivable on demand. At 31 December 2023 there was a balance due to Hildon House Limited of £1,500,000 (2022: £1,590,000). This loan was interest free until 1 January 2020 and then interest is charged at 2% per annum. It was repayable by 31 December 2021 but the terms were revised in October 2021 and the loan is now payable by 31 December 2024. The loan has been presented in accordance with the requirements of FRS 102. It is measured at the present value of the future repayments discounted at a market rate of interest for a similar debt instrument and included in amounts owed to group undertakings at an amount of £1,377,758 (2022: £1,357,679). See also note 8. At 31 December 2023 there was a balance due to BH Holdings Ltd of £4,831,586 (2022: £3,485,098). This loan is interest free and repayable by 31 December 2028. The loan has been presented in accordance with the requirements of FRS 102. It is measured at the present value of the future repayments discounted at a market rate of interest for a similar debt instrument and included in amounts owed to group undertakings at an amount of £3,971,212 (2022: £3,485,098). See also note 9. Included in other creditors are amounts due to other related parties of £517,000 (2022: £337,000). These amounts are interest free and repayable on demand.
13.
Controlling party
The parent company is BH Holdings Ltd, a company incorporated in Gibraltar whose registered office is 57/63 Line Wall Road, GX11 1AA, Gibraltar.