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COMPANY REGISTRATION NUMBER: NI053087
HPI (Ireland) Limited
Filleted Unaudited Financial Statements
31 July 2024
HPI (Ireland) Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Current assets
Stocks
85,984
40,060
Debtors
4
42,838
71,967
Cash at bank and in hand
4,100
34,846
---------
---------
132,922
146,873
Creditors: amounts falling due within one year
5
86,268
101,558
---------
---------
Net current assets
46,654
45,315
--------
--------
Total assets less current liabilities
46,654
45,315
Creditors: amounts falling due after more than one year
6
36,659
36,899
--------
--------
Net assets
9,995
8,416
--------
--------
Capital and reserves
Called up share capital
7
2
2
Profit and loss account
9,993
8,414
-------
-------
Shareholders funds
9,995
8,416
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HPI (Ireland) Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 29 April 2025 , and are signed on behalf of the board by:
Mr G McClean
Director
Company registration number: NI053087
HPI (Ireland) Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in Northern ireland. The address of the registered office is Linenhall Exchange, 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% reducing balance
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Debtors
2024
2023
£
£
Trade debtors
13,176
40,442
Amounts owed by group and related undertakings
28,604
Other debtors
1,058
31,525
--------
--------
42,838
71,967
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
821
10,583
Trade creditors
6,000
Amounts owed to group and related undertakings
77,647
77,648
Social security and other taxes
527
Other creditors
1,800
12,800
--------
---------
86,268
101,558
--------
---------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
19,165
19,405
Amounts owed to group and related undertakings
17,494
17,494
--------
--------
36,659
36,899
--------
--------
7. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
8. Related party transactions
The company was under the joint control of Mr McClean & Mr Silvester throughout the current period by virtue of their interests in Pipeline Solutions (NI) Limited and HPI (Scotland) Limited, respectively, each holding a 50% shareholding in the company. During the year, the company made no loan repayments to HPI (Scotland) Limited. The balance owing at the year end is £17,494 (2023: £17,494). During the year the company repaid net loans of £nil to Pipeline Solutions (NI) Limited (2023: £5,210). The balance owing at the year end is £77,647 (2023: £77,647).