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REGISTERED NUMBER: 06259848 (England and Wales)



STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

HILTON LIMITED

HILTON LIMITED (REGISTERED NUMBER: 06259848)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 14


HILTON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Mrs S A Hilton
P A Hilton





SECRETARY: Mrs S A Hilton





REGISTERED OFFICE: Unit 2, Raynham Road
Bishop's Stortford
Hertfordshire
CM23 5PJ





REGISTERED NUMBER: 06259848 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

HILTON LIMITED (REGISTERED NUMBER: 06259848)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

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

The company is an owner managed private company limited by shares, which operates as a vehicle repair specialist.

REVIEW OF BUSINESS
For the year ended 30 June 2024 the company reports an increase in turnover of more than £600,000 or 5.24%.

The average gross profit margin reported in these financial statements is 40.8%, which is comparable to the margin of 41.3% during the prior year. Administrative costs have remained broadly consistent although this years financial statements do include a one off adjustment of £888,564 in respect of a loan provided to a related company. As a result the company has reported a loss before tax of £259,340. Excluding the effect of the related company loan adjustment the company would have reported a profit before tax of £629,224, an increase of more than £67,000 in comparison to the year ended 30 June 2023.

The company has continued to make a significant investment in fixed assets with capital expenditure during the year amounting to more than £1.1m. Depreciation charges continue to represent a significant cost to the company and underlying earnings before interest, tax, depreciation and amortization (EBITDA) for the year ended 30 June 2024 was £1,369,694 (excluding the effect of the related company loan adjustment referred to above) compared to £1,146,463 in 2023.

The directors are satisfied with the position at 30 June 2024 and anticipate that the company will continue to increase its level of activity and improve performance during the forthcoming year.

At the balance sheet date, the company continues to have sufficient working capital to finance its operating activities as well as any future investing activities. Net assets for the year ended 30 June 2024 were in excess of £3.3 million.

PRINCIPAL RISKS AND UNCERTAINTIES
The company are a manufacturer approved accident repair centre for brands such as Mercedes Benz, BMW, Jaguar Land Rover, Tesla, Bentley and Audi amongst many others. The company's status as a manufacturer approved repairer enables it to manage and mitigate some of the market constraints within the motor industry. The industry is competitive, with consumers sensitive to costs, whilst demanding a quality service. The company is required to conform to the standards imposed by the manufacturers, and failure to comply with these standards would result in the loss of the manufacturer's approval registration. Consequently, the company continually monitors its output quality and processes, to ensure compliance, and aims to exceed the standard required to retain its approved status.

The directors also believe that their employees are a very important resource for the business. It is key that the company maintains a stable and skilled workforce.

KEY PERFORMANCE INDICATORS
The directors' consider the key performance indicator to be gross profit margin which as reported above has been maintained at expected levels. The directors' consider that the current level of performance and the margins achieved can at least be maintained in the year ahead.

ON BEHALF OF THE BOARD:





P A Hilton - Director


31 March 2025

HILTON LIMITED (REGISTERED NUMBER: 06259848)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company continued to be that of vehicle repair specialists.

DIVIDENDS
No dividends will be distributed for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

Mrs S A Hilton
P A Hilton

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P A Hilton - Director


31 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HILTON LIMITED

Opinion
We have audited the financial statements of Hilton Limited (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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 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 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 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
HILTON LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of 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 three, 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 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.

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 objectives of our audit, in respect to irregularities, including fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; to respond appropriately to fraud or suspected fraud identified during the audit, to obtain audit evidence regarding compliance with provisions of applicable laws and regulations, and to respond appropriately to any non-compliance identified. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations our approach was to consider the following:

- the nature of the industry or sector, the control environment and business performance;
- the results of enquiries of management about their own identification and assessment of the risks of irregularities;
- matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
HILTON LIMITED


We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, tax legislation and health and safety.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud to be in respect of the recognition of income and payroll. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation;
- enquiring of management concerning actual and potential litigation and claims;
- reviewing material legal costs in the period;
- performing analytical procedures to identify unusual or unexpected relationships;
- reviewing correspondence with HMRC;
- testing the appropriateness of judgements made in making accounting estimates, journal entries and other adjustments made by management for indications of potential bias;
- evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business; and
- focused testing of income recognition within the financial statements.

The likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Medcalf FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Beckwith Barn
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

31 March 2025

HILTON LIMITED (REGISTERED NUMBER: 06259848)

INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 12,785,534 12,148,733

Cost of sales 7,571,669 7,130,329
GROSS PROFIT 5,213,865 5,018,404

Administrative expenses 5,535,008 4,455,097
(321,143 ) 563,307

Interest receivable and similar income 62,489 -
(258,654 ) 563,307

Interest payable and similar expenses 6 686 1,395
(LOSS)/PROFIT BEFORE TAXATION 7 (259,340 ) 561,912

Tax on (loss)/profit 8 162,056 105,732
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(421,396

)

456,180

HILTON LIMITED (REGISTERED NUMBER: 06259848)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (421,396 ) 456,180


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(421,396

)

456,180

HILTON LIMITED (REGISTERED NUMBER: 06259848)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,951,144 2,793,000
2,951,144 2,793,000

CURRENT ASSETS
Stocks 12 253,209 265,197
Debtors 13 2,645,805 2,883,050
Cash at bank and in hand 47,872 442,541
2,946,886 3,590,788
CREDITORS
Amounts falling due within one year 14 2,184,102 2,138,658
NET CURRENT ASSETS 762,784 1,452,130
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,713,928

4,245,130

CREDITORS
Amounts falling due after more than one
year

15

(239,826

)

(249,609

)

PROVISIONS FOR LIABILITIES 19 (170,204 ) (270,227 )
NET ASSETS 3,303,898 3,725,294

CAPITAL AND RESERVES
Called up share capital 20 100 100
Retained earnings 21 3,303,798 3,725,194
SHAREHOLDERS' FUNDS 3,303,898 3,725,294

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





P A Hilton - Director


HILTON LIMITED (REGISTERED NUMBER: 06259848)

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 100 3,283,014 3,283,114

Changes in equity
Dividends - (14,000 ) (14,000 )
Total comprehensive income - 456,180 456,180
Balance at 30 June 2023 100 3,725,194 3,725,294

Changes in equity
Total comprehensive income - (421,396 ) (421,396 )
Balance at 30 June 2024 100 3,303,798 3,303,898

HILTON LIMITED (REGISTERED NUMBER: 06259848)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,135,336 1,142,340
Interest paid (686 ) (1,395 )
Tax paid (14,905 ) (4,088 )
Net cash from operating activities 1,119,745 1,136,857

Cash flows from investing activities
Purchase of tangible fixed assets (1,132,756 ) (1,090,730 )
Sale of tangible fixed assets 234,826 355,145
Interest received 62,489 -
Net cash from investing activities (835,441 ) (735,585 )

Cash flows from financing activities
Loans with connected companies (669,000 ) (1,364,338 )
Repayment of bank loans (9,973 ) (9,727 )
Equity dividends paid - (14,000 )
Net cash from financing activities (678,973 ) (1,388,065 )

Decrease in cash and cash equivalents (394,669 ) (986,793 )
Cash and cash equivalents at
beginning of year

2

442,541

1,429,334

Cash and cash equivalents at end of
year

2

47,872

442,541

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
(Loss)/profit before taxation (259,340 ) 561,912
Depreciation charges 817,246 739,252
Profit on disposal of fixed assets (77,462 ) (156,096 )
Decrease in deferred income (58,557 ) (82,421 )
Finance costs 686 1,395
Finance income (62,489 ) -
360,084 1,064,042
Decrease/(increase) in stocks 11,988 (81,360 )
Decrease in trade and other debtors 906,243 39,022
(Decrease)/increase in trade and other creditors (142,979 ) 120,636
Cash generated from operations 1,135,336 1,142,340

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 47,872 442,541
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 442,541 1,429,334

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.


HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024

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 442,541 (394,669 ) 47,872
442,541 (394,669 ) 47,872
Debt
Debts falling due within 1 year (9,973 ) (252 ) (10,225 )
Debts falling due after 1 year (21,595 ) 10,226 (11,369 )
(31,568 ) 9,974 (21,594 )
Total 410,973 (384,695 ) 26,278

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Hilton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


Amounts in the financial statements have been rounded to the nearest Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company'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.

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.

Sales of services
Revenue from the sale of services is recognised when all of the following conditions are satisfied:

- The company has transferred the significant risks and ownership to the buyer;
- The company no longer retains effective control over the vehicle;
- The amount of revenue can be measured reliably;
- It is probable that the company will receive the consideration due under the transaction;
- The costs incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Tangible fixed asset depreciation is included in administrative expenses in the Income Statement.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement.

Impairment of tangible fixed assets
At each reporting period end date, the company 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.

Stocks
Stocks including work in progress 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.

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 the Income Statement.

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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.


HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

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 company transfers the financial asset and substantially all of 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 company 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 financial 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.

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.


HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

3. ACCOUNTING POLICIES - continued

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing commitments
Rentals payable under operating leases, including any lease incentives received, are charged to the Income Statement 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 leases asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Equity instruments
Equity instruments issued by the company 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 company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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.

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Rendering of services 12,729,835 12,076,898
Commissions receivable 55,699 71,835
12,785,534 12,148,733

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,761,462 3,441,643
Other pension costs 61,572 54,147
3,823,034 3,495,790

The average number of employees during the year was as follows:
2024 2023

Office 9 9
Workshop 57 53
Management 2 2
Admin 7 7
Sales 10 9
85 80

2024 2023
£    £   
Directors' remuneration 16,128 16,200

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 675 921
Interest on overdue taxation 11 474
686 1,395

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. (LOSS)/PROFIT BEFORE TAXATION

The loss (2023 - profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 95,388 72,845
Depreciation - owned assets 817,248 739,251
Profit on disposal of fixed assets (77,462 ) (156,096 )
Auditors' remuneration 10,000 10,800
Auditors' remuneration for non audit work 2,000 -

8. TAXATION

Analysis of the tax charge
The tax charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 261,457 14,283
Adjustment to the prior year
provision 622 -
Total current tax 262,079 14,283

Deferred tax:
Origination and reversal of timing differences (100,023 ) 91,449
Tax on (loss)/profit 162,056 105,732

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
£    £   
(Loss)/profit before tax (259,340 ) 561,912
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 25% (2023 - 20.500%)

(64,835

)

115,192

Effects of:
Expenses not deductible for tax purposes 226,269 2,806
Capital allowances in excess of depreciation - (16,031 )
Utilisation of tax losses - (1,163 )
Adjustments to tax charge in respect of previous periods 622 -
Effect of change in corporation tax rate - 1,843
Other permanent differences - 3,743
Tax at marginal rate - (658 )
Total tax charge 162,056 105,732

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 14,000

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 3,600,000
AMORTISATION
At 1 July 2023
and 30 June 2024 3,600,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 1,730,535 1,240,672 392,562
Additions 35,055 30,172 16,155
Disposals - - -
At 30 June 2024 1,765,590 1,270,844 408,717
DEPRECIATION
At 1 July 2023 501,554 732,302 181,000
Charge for year 189,605 134,635 56,930
Eliminated on disposal - - -
At 30 June 2024 691,159 866,937 237,930
NET BOOK VALUE
At 30 June 2024 1,074,431 403,907 170,787
At 30 June 2023 1,228,981 508,370 211,562

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 1,708,958 9,342 5,082,069
Additions 1,051,374 - 1,132,756
Disposals (356,099 ) - (356,099 )
At 30 June 2024 2,404,233 9,342 5,858,726
DEPRECIATION
At 1 July 2023 871,102 3,111 2,289,069
Charge for year 432,967 3,111 817,248
Eliminated on disposal (198,735 ) - (198,735 )
At 30 June 2024 1,105,334 6,222 2,907,582
NET BOOK VALUE
At 30 June 2024 1,298,899 3,120 2,951,144
At 30 June 2023 837,856 6,231 2,793,000

12. STOCKS
2024 2023
£    £   
Work-in-progress 253,209 265,197

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,436,072 1,445,028
Other debtors 1,158,775 1,388,339
Prepayments 50,958 49,683
2,645,805 2,883,050

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 10,225 9,973
Trade creditors 997,585 1,201,619
Tax 261,457 14,283
Social security and other taxes 81,254 81,548
VAT 369,342 467,820
Other creditors 29,302 15,827
Directors' loan accounts - 3
Accruals and deferred income 434,937 347,585
2,184,102 2,138,658

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) 11,369 21,595
Accruals and deferred income 228,457 228,014
239,826 249,609

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,225 9,973

Amounts falling due between two and five years:
Bank loans - 2-5 years 11,369 21,595

This loan is repayable in equal instalments over a period of 37 months. Interest is applied at a rate of 2.5%.

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 84,795 24,048
Between one and five years 103,569 -
188,364 24,048

18. SECURED DEBTS

A fixed and floating charge has been registered over all of the assets of the company by HSBC Bank PLC.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 170,204 270,227

Deferred
tax
£   
Balance at 1 July 2023 270,227
Credit to Income Statement during year (100,023 )
Balance at 30 June 2024 170,204

HILTON LIMITED (REGISTERED NUMBER: 06259848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

21. RESERVES
Retained
earnings
£   

At 1 July 2023 3,725,194
Deficit for the year (421,396 )
At 30 June 2024 3,303,798

22. RELATED PARTY DISCLOSURES

During the year the company paid rental and administrative costs of £984,000 (2023 - £864,000) to Hilton Properties Limited, a company controlled by Mr P Hilton and Mrs S Hilton.

At the balance sheet date included in other debtors is an amount of £1,069,074 due from Hilton Properties Limited (2023 - £1,288,638), which is repayable on demand. During the year an amount of £888,564 was written off of the loan provided to Hilton Properties Ltd.

23. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr P Hilton and Mrs S Hilton by virtue of their majority holding of the issued share capital.