24 22 C. R. Hollands Industrial Supplies Limited 03771701 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is trading in tooling goods. Digita Accounts Production Advanced 6.30.9574.0 true 03771701 2023-08-01 2024-07-31 03771701 2024-07-31 03771701 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 03771701 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-07-31 03771701 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-07-31 03771701 core:CurrentFinancialInstruments 2024-07-31 03771701 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 03771701 core:Non-currentFinancialInstruments 2024-07-31 03771701 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 03771701 core:Goodwill 2024-07-31 03771701 core:PatentsTrademarksLicencesConcessionsSimilar 2024-07-31 03771701 core:BetweenTwoFiveYears 2024-07-31 03771701 core:WithinOneYear 2024-07-31 03771701 core:FurnitureFittings 2024-07-31 03771701 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-31 03771701 core:MotorVehicles 2024-07-31 03771701 core:OfficeEquipment 2024-07-31 03771701 1 2024-07-31 03771701 2 2024-07-31 03771701 3 2024-07-31 03771701 bus:SmallEntities 2023-08-01 2024-07-31 03771701 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03771701 bus:FilletedAccounts 2023-08-01 2024-07-31 03771701 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03771701 bus:RegisteredOffice 2023-08-01 2024-07-31 03771701 bus:Director1 2023-08-01 2024-07-31 03771701 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03771701 core:Goodwill 2023-08-01 2024-07-31 03771701 core:PatentsTrademarksLicencesConcessionsSimilar 2023-08-01 2024-07-31 03771701 core:ComputerEquipment 2023-08-01 2024-07-31 03771701 core:FurnitureFittings 2023-08-01 2024-07-31 03771701 core:LandBuildings core:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 03771701 core:MotorVehicles 2023-08-01 2024-07-31 03771701 core:OfficeEquipment 2023-08-01 2024-07-31 03771701 core:Vehicles 2023-08-01 2024-07-31 03771701 countries:EnglandWales 2023-08-01 2024-07-31 03771701 1 2023-08-01 2024-07-31 03771701 2 2023-08-01 2024-07-31 03771701 3 2023-08-01 2024-07-31 03771701 2023-07-31 03771701 core:Goodwill 2023-07-31 03771701 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 03771701 core:FurnitureFittings 2023-07-31 03771701 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 03771701 core:MotorVehicles 2023-07-31 03771701 core:OfficeEquipment 2023-07-31 03771701 1 2023-07-31 03771701 2 2023-07-31 03771701 3 2023-07-31 03771701 2022-08-01 2023-07-31 03771701 2023-07-31 03771701 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 03771701 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 03771701 core:CurrentFinancialInstruments 2023-07-31 03771701 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03771701 core:Non-currentFinancialInstruments 2023-07-31 03771701 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03771701 core:Goodwill 2023-07-31 03771701 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 03771701 core:BetweenTwoFiveYears 2023-07-31 03771701 core:WithinOneYear 2023-07-31 03771701 core:FurnitureFittings 2023-07-31 03771701 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-31 03771701 core:MotorVehicles 2023-07-31 03771701 core:OfficeEquipment 2023-07-31 03771701 1 2023-07-31 03771701 2 2023-07-31 03771701 3 2023-07-31 03771701 1 2022-08-01 2023-07-31 03771701 2 2022-08-01 2023-07-31 03771701 3 2022-08-01 2023-07-31 03771701 1 2022-07-31 03771701 2 2022-07-31 03771701 3 2022-07-31 xbrli:pure iso4217:GBP

Registration number: 03771701

C. R. Hollands Industrial Supplies Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

C. R. Hollands Industrial Supplies Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

C. R. Hollands Industrial Supplies Limited

(Registration number: 03771701)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,000

20,000

Tangible assets

5

810,209

699,435

Other financial assets

6

484,505

394,682

 

1,304,714

1,114,117

Current assets

 

Stocks

7

977,373

1,038,437

Debtors

8

1,848,833

1,667,351

Cash at bank and in hand

 

20,317

13,718

 

2,846,523

2,719,506

Creditors: Amounts falling due within one year

9

(3,020,672)

(2,687,577)

Net current (liabilities)/assets

 

(174,149)

31,929

Total assets less current liabilities

 

1,130,565

1,146,046

Creditors: Amounts falling due after more than one year

9

(166,118)

(111,259)

Provisions for liabilities

(28,645)

(66,100)

Net assets

 

935,802

968,687

Capital and reserves

 

Share premium reserve

100

100

Profit and loss account

935,702

968,587

Shareholders' funds

 

935,802

968,687

 

C. R. Hollands Industrial Supplies Limited

(Registration number: 03771701)
Statement of Financial Position as at 31 July 2024 (continued)

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 March 2025 and signed on its behalf by:
 


Mr P R Hollands
Director

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
64 High Street
Bideford
Devon
EX39 2AR

Principal activity

The principal activity of the company is trading in tooling goods.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fitting, fixtures and equipment

15% reducing balance

Motor vehicles

25% reducing balance

Computers

25% straight line

Impairment

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 22).

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 August 2023

379,999

1

380,000

At 31 July 2024

379,999

1

380,000

Amortisation

At 1 August 2023

360,000

-

360,000

Amortisation charge

10,000

-

10,000

At 31 July 2024

370,000

-

370,000

Carrying amount

At 31 July 2024

9,999

1

10,000

At 31 July 2023

19,999

1

20,000

5

Tangible assets

Land and buildings
£

Fixtures, fittings and equipment
£

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

653,714

494,093

176,204

249,574

1,573,585

Additions

-

15,767

13,454

220,565

249,786

Disposals

-

-

-

(85,198)

(85,198)

At 31 July 2024

653,714

509,860

189,658

384,941

1,738,173

Depreciation

At 1 August 2023

253,241

323,096

155,762

142,052

874,151

Charge for the year

13,076

28,018

12,572

69,670

123,336

Eliminated on disposal

-

-

-

(69,523)

(69,523)

At 31 July 2024

266,317

351,114

168,334

142,199

927,964

Carrying amount

At 31 July 2024

387,397

158,746

21,324

242,742

810,209

At 31 July 2023

400,473

170,998

20,442

107,522

699,435

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Investments

Shares in group undertakings and participating interests
£

Total
£

Cost or valuation

At 1 August 2023

394,682

394,682

Additions

89,823

89,823

At 31 July 2024

484,505

484,505

Impairment

Carrying amount

At 31 July 2024

484,505

484,505

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

977,373

1,038,437

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,753,330

1,609,949

Amounts owed by related parties

13

31,822

-

Other debtors

 

5,578

8,500

Prepayments

 

58,103

48,902

 

1,848,833

1,667,351

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

1,309,316

1,113,757

Trade creditors

 

977,971

893,183

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

367,378

325,387

Taxation and social security

 

184,733

165,073

Accruals and deferred income

 

13,276

15,208

Other creditors

 

167,998

174,969

 

3,020,672

2,687,577


 

C. R. Hollands Industrial Supplies (South West) Limited has given an unlimited guarantee supported by a debenture as security for a bank loan taken out by its parent company C. R. Hollands Industrial Supplies Limited.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

166,118

111,259


 

C. R. Hollands Industrial Supplies (South West) Limited has given an unlimited guarantee supported by a debenture as security for a bank loan taken out by its parent company C. R. Hollands Industrial Supplies Limited.

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

33,334

73,334

Hire purchase contracts

132,784

37,925

166,118

111,259

Current loans and borrowings

2024
£

2023
£

Bank borrowings

40,000

40,000

Hire purchase contracts

62,524

22,612

Other borrowings

1,206,792

1,051,145

1,309,316

1,113,757

12

Operating leases

The company as lessee

The total of future minimum lease payments under non-cancellable operating leases are as follows:

2024
£

2023
£

Not later than one year

17,216

8,518

Later than one year and not later than five years

46,295

5,396

63,511

13,914

 

C. R. Hollands Industrial Supplies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

13

Directors advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Director 1

-

-

-

-

Director 2

(83,590)

(120,000)

123,590

(80,000)

Director 3

(86,591)

(120,760)

127,542

(79,809)

 

(170,181)

(240,760)

251,132

(159,809)

       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Director 1

12,819

(12,819)

-

-

Director 2

(31,013)

(200,000)

147,423

(83,590)

Director 3

(29,157)

(200,000)

142,566

(86,591)

(47,351)

(412,819)

289,989

(170,181)

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.