Company registration number 01018731 (England and Wales)
Hilton Docker Mouldings Limited
financial statements
For the year ended 31 October 2024
Hilton Docker Mouldings Limited
Contents
Page
Statement of financial position
1
Statement of changes in equity
Notes to the financial statements
2 - 8
Hilton Docker Mouldings Limited
Statement of financial position
As at 31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
396,339
419,140
Current assets
Stocks
38,880
55,710
Debtors
5
3,439,012
2,008,916
Cash at bank and in hand
954,648
1,625,652
4,432,540
3,690,278
Creditors: amounts falling due within one year
6
(1,511,663)
(1,864,701)
Net current assets
2,920,877
1,825,577
Total assets less current liabilities
3,317,216
2,244,717
Creditors: amounts falling due after more than one year
7
(16,051)
(23,459)
Provisions for liabilities
(104,785)
(104,785)
Net assets
3,196,380
2,116,473
Capital and reserves
Called up share capital
67
67
Capital redemption reserve
33
33
Profit and loss reserves
3,196,280
2,116,373
Total equity
3,196,380
2,116,473
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 8 May 2025
Mr T R Docker
Director
Company registration number 01018731 (England and Wales)
Hilton Docker Mouldings Limited
Notes to the financial statements
For the year ended 31 October 2024
- 2 -
1
Accounting policies
Company information
Hilton Docker Mouldings Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 01018731 and its registered office is The Exchange, 5 Bank Street, Bury, United Kingdom, BL9 0DN.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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. The principal accounting policies adopted are set out below.
The company had net assets of £3.20m (2023: £2.12m) and cash reserves of £0.95m (2023: £1.63m) at the year end and has generated profits post year end. The director believes that the company is well placed to manage the risks at these challenging times and therefore continues to adopt a going concern basis of accounting in preparing these financial statements.
1.2
Turnover
Turnover comprises the aggregate of the fair value of sales of goods, net of value - added tax.
Turnover is recognised when then company has delivered products to the customer, the customer has accepted the products and collection of the related receivables is anticipated. For moulds retained for production, turnover is recognised when the company has carried out an appropriate level of testing on the mould and has deemed it satisfactorily for use in production.
1.3
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% on cost
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance
Included in land and buildings is freehold land which is not depreciated.
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 credited or charged to profit or loss.
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.
Hilton Docker Mouldings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
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.
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.
1.5
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.
1.6
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.
Hilton Docker Mouldings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 statement of financial position 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.
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 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.
1.8
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.
1.9
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 income statement 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Hilton Docker Mouldings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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 when the company has 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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.13
Amounts recoverable on contract
Goods in production comprising amounts recoverable on contract are valued between 25-80% of anticipated sales price, depending on their stage of completion and including estimates of impairment.
Hilton Docker Mouldings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Estimating the useful economic life of an asset and the anticipated residual value are considered a key judgement in calculating an appropriate depreciation charge.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
66
70
Hilton Docker Mouldings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 November 2023
220,441
120,336
41,371
52,489
256,500
691,137
Additions
11,269
14,104
3,456
28,829
At 31 October 2024
220,441
131,605
55,475
55,945
256,500
719,966
Depreciation and impairment
At 1 November 2023
55,279
6,947
20,038
189,732
271,997
Depreciation charged in the year
14,443
9,189
11,307
16,692
51,630
At 31 October 2024
69,722
16,136
31,345
206,424
323,627
Carrying amount
At 31 October 2024
220,441
61,883
39,339
24,600
50,076
396,339
At 31 October 2023
220,441
65,057
34,424
32,451
66,768
419,140
Included in the cost of land and buildings is freehold land of £25,547 (2023: £25,547) which is not depreciated.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,793,148
1,845,466
Amounts owed by group undertakings
1,500,000
Other debtors
145,864
163,450
3,439,012
2,008,916
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
257,795
312,996
Taxation and social security
446,602
472,586
Other creditors
807,266
1,079,119
1,511,663
1,864,701
Other creditors are secured by way of a fixed charge over the goodwill of the company and a floating charge over all of the assets of the company. Hire purchase obligations included within other creditors, are secured upon the asset which the hire purchase agreement relates to.
Hilton Docker Mouldings Limited
Notes to the financial statements (continued)
For the year ended 31 October 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
16,051
23,459
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Kate Hughes
Statutory Auditor:
DJH Audit Limited
Date of audit report:
8 May 2025
9
Parent company
The parent company is Hilton Docker Holdings Limited, a company registered in England and Wales. The results of the company are included within the consolidated financial statements of Hilton Docker Holdings Limited, copies of which can be obtained from the company's registered office, The Exchange, 5 Bank Street, Bury, BL9 0DN.