Registration number:
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Halstan & Co. Limited
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Brebners
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Halstan & Co. Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Halstan & Co. Limited
Company Information
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Directors |
C R Smith P R Smith R C Smith P Horseman |
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Registered office |
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Auditor |
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Halstan & Co. Limited
Statement of Financial Position as at 30 June 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities excluding pension asset/(liability) |
(1,368,330) |
(998,403) |
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Net pension asset |
247,300 |
200,000 |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
23,500 |
23,500 |
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Share premium reserve |
31,500 |
31,500 |
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Other reserves |
1,403 |
1,403 |
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Retained earnings |
(1,177,433) |
(854,806) |
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Shareholders' deficit |
(1,121,030) |
(798,403) |
Halstan & Co. Limited
Statement of Financial Position as at 30 June 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
R C Smith
Director
Company registration number: 00455627
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of printers specialising in music, books, journals, and commercial colour printing
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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2 |
Accounting policies (continued) |
Going concern
Despite a rise in revenue from the previous financial period, the company made a loss for the year.
The company operates within the book printing sector and has established contracts with major organisations, including those in the education industry, and book and sheet music publishers. The market for book printing remains extremely competitive and price driven which impacts margin.
The directors have prepared a forecast of the projected financial performance of the company and the group of which the company is a member of for the next 12 months on a stressed basis. The directors apply a strong level of prudence when preparing their forecasts. The group finance their operations via bank facilities and hire purchase leases. The company, as a result of the losses generated during the period, receives support from the group’s cash reserves. Additionally, the group owns a property portfolio, consisting of both residential and commercial properties which could potentially be sold in order to generate cash in order to meet liabilities as they become due if ever required.
Having considered the projected financial performance of the group, the directors are confident that the business can, despite the current economic climate, sustain itself, covering its fixed overheads as they become due, taking into account group support. The new technology investments and marketing campaigns carried out in recent years have resulted in new customers in the year and post year end, which gives the directors optimism for the future.
On the basis of the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Judgements
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. |
Other than those involving estimations there are no judgements that management have made in the process of applying the entity's accounting policies that have a significant effect on the amounts recognised in the financial statements. |
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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2 |
Accounting policies (continued) |
Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other 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 as follows.
Pensions and other post-employment benefits
The cost of the defined benefit pension plan is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the underlying assumptions and the long term nature of this plan, such estimates are subject to significant uncertainty. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit obligation. The underlying bonds are further reviewed for quality, and those having excessive credit spreads are removed from the population bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rate is based on publicly available mortality tables for the specific country. Future salary increases and pension increases are based on expected future inflation rates for the respective country.
Revenue recognition
Turnover is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover is measured at the fair value of the consideration received or receivable from customers outside of the group and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
The following criteria must also be met before turnover is recognised:
Sale of Goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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 currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge 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.
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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2 |
Accounting policies (continued) |
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 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.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.
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:
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Asset class |
Depreciation method and rate |
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Plant and equipment |
10% reducing balance / 16-33% straight line |
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. The cost of intangible assets includes directly attributable costs incurred in their acquisition and installation.
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:
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Asset class |
Amortisation method and rate |
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Software |
2 - 5 years straight line |
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 with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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2 |
Accounting policies (continued) |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its 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 income statement 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.
Finance leases and hire purchase
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 Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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2 |
Accounting policies (continued) |
Defined contribution pension obligation
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
Defined benefit pension obligation
The company recognises a defined net benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan.
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur.
Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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2 |
Accounting policies (continued) |
Financial instruments
Recognition and measurement
A financial asset or a financial liability is recognised only when the entity becomes a 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.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).
Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Audit Report |
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Staff numbers |
The average number of persons employed by the company during the year, was
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Auditor's remuneration |
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2024 |
2023 |
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Audit of the financial statements |
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All other non-audit services |
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26,975 |
25,700 |
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Loss before tax |
Arrived at after charging/(crediting)
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2024 |
2023 |
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Depreciation expense |
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Amortisation expense |
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Taxation |
Tax charged/(credited) in the income statement
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2024 |
2023 |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
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( |
Deferred tax
Deferred tax assets and liabilities
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2024 |
Liability |
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Accelerated capital allowances |
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Pension obligations |
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Tax losses |
( |
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Other timing differences |
( |
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Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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7 |
Taxation (continued) |
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2023 |
Liability |
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Accelerated capital allowances |
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Pension obligations |
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Tax losses |
( |
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Other timing differences |
( |
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There are tax losses of £1,416,352 (2023: £1,082,082) available, but these have not been provided for as a deferred tax asset due to the uncertainty over the timing of their utilisation.
Tax relating to items recognised in other comprehensive income or equity
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2024 |
2023 |
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Deferred tax related to items recognised as items of other comprehensive income |
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Intangible assets |
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Software |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
- |
- |
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At 30 June 2023 |
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Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Tangible assets |
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Plant and equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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Disposals |
( |
( |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Stocks |
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2024 |
2023 |
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Raw materials and consumables |
80,956 |
156,532 |
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Work in progress |
70,415 |
113,048 |
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151,371 |
269,580 |
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Debtors |
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Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
- |
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Other debtors |
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Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Creditors |
Creditors: amounts falling due within one year
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Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £811,294 (2023: £1,852,353).
Creditors: amounts falling due after more than one year
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Note |
2024 |
2023 |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £420,438 (2023: £456,066).
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Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
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Retained earnings |
Total |
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Remeasurement gain/loss on defined benefit pension schemes |
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The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
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Retained earnings |
Total |
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Remeasurement gain/loss on defined benefit pension schemes |
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Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Loans and borrowings |
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2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase and finance lease liabilities |
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2024 |
2023 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase and finance lease liabilities |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
The total amount of guarantees not included in the statement of financial position is £650,252 (2023: £720,000). Bank loans and overdrafts are secured by a fixed charge on the group's freehold property. An unlimited multilateral guarantee exists between Halstan Holdings Limited, Halstan & Co. Limited and Pindar Travel Information Systems Limited.
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Related party transactions |
Summary of transactions with parent and fellow subsidiaries
Amounts due to and from group undertakings are aggregated as permitted by FRS 102 and shown separately in debtors and creditors.
Halstan & Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2024
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Parent and ultimate parent undertaking |
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The address of Halstan Holdings Limited is: 2-10 Plantation Road, Amersham, Buckinghamshire, HP6 6HJ.