Registration number:
The Hill Company Limited
for the Year Ended 31 December 2024
The Hill Company Limited
Contents
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Company Information |
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Chairman's Statement |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Profit and Loss Account and Statement of Retained Earnings |
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Balance Sheet |
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Notes to the Financial Statements |
The Hill Company Limited
Company Information
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Directors |
A D Hill J D Hill R J McGlynn R J Brazier C W Duffy |
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Company secretary |
J D Hill |
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Registered office |
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Auditors |
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The Hill Company Limited
Chairman's Statement for the Year Ended 31 December 2024
As Chairman of The Hill Company Ltd, I am proud to present this statement reflecting on our achievements, challenges, and strategic direction.
Over the past year, The Hill Company has continued to deliver secure, compliant, and customer-focused document management services. Our core offerings-document storage, scanning, and shredding-remain essential to organisations navigating increasingly complex information governance requirements.
We are equally proud of the progress made by our wholly owned web based businesses, Pluscrates.com and CrateHireCompany.co.uk. These business divisions have not only strengthened their market leadership in commercial crate rental and relocation logistics, but have also set a new benchmark for environmental responsibility. Together, they form the UK’s only carbon-neutral crate hire businesses, using 100% recycled crates and operating with a clear commitment to sustainability.
As part of our broader environmental strategy, we are in the process of setting our Science-Based Targets (SBTs) to align our emissions reductions with climate science. We are also proud to support biodiversity at a local level, including the introduction of bee hives at our Livingston site in Scotland, which contribute to pollinator health and environmental stewardship.
Despite broader economic uncertainty, we have maintained strong performance across the group. Our investments in digital transformation, logistics infrastructure, and customer service have positioned us well for continued growth and resilience.
I would like to thank our dedicated teams across The Hill Company, Pluscrates.com, and CrateHireCompany.co.uk. Their professionalism, adaptability, and shared commitment to excellence are the foundation of our success.
Looking ahead, we remain focused on sustainable expansion-leveraging the synergies across our group, enhancing our digital and environmental capabilities, and continuing to deliver long-term value to our clients and stakeholders.
The Hill Company Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is the management and provision of storage facilities, document scanning, document shredding, and crate rental.
Business Overview
The Hill Company Ltd is a leading provider of secure document management solutions, including off-site storage, document scanning, and confidential shredding. Our mission is to deliver reliable, compliant, and cost-effective services that help organisations manage their information lifecycle securely and efficiently.
In addition, we work closely with Pluscrates.com, a specialist in crate rental and moving equipment solutions. Together, we offer a comprehensive suite of services that support business continuity, relocation, and information governance.
Business Model
Our business model is built on long-term client relationships, operational excellence, and a commitment to security and compliance. Revenue is generated through recurring service contracts and project-based engagements. Our core services include:
• Document Storage: Secure off-site storage with retrieval and delivery services.
• Document Scanning: High-volume digitisation and indexing for digital transformation.
• Secure Shredding: Certified destruction of confidential materials.
• Crate Rental & Logistics (via Pluscrates.com): Supply of reusable crates and moving equipment for commercial relocations and facilities management.
Strategy and Objectives
Our strategic priorities are focused on:
• Customer Experience: Enhancing service delivery and responsiveness across both The Hill Company and Pluscrates.
• Digital Transformation: Expanding scanning and digital archiving capabilities.
• Operational Efficiency: Investing in automation, logistics, and process improvements.
• Sustainability: Promoting reusable crate solutions and reducing our environmental footprint.
• Growth: Leveraging cross-selling opportunities between The Hill Company and Pluscrates to expand market share.
Business Performance
Despite a challenging economic environment, the group has maintained stable revenues and high customer retention. Key performance highlights include:
• Growth in demand for digital services and crate rental solutions.
• High customer satisfaction, reflected in a 4.8/5 Trustpilot rating.
• Operational improvements across both businesses, leading to faster turnaround times and improved logistics.
Principal Risks and Uncertainties
The group faces several risks, including:
• Operational Risks: Equipment failure, service disruption, or supply chain issues.
• Regulatory Risks: Changes in data protection or environmental regulations.
• Market Risks: Economic downturns affecting client budgets.
• Reputational Risks: Service failures or data breaches.
Mitigation strategies include robust disaster recovery plans, staff training, and regular compliance audits across both entities.
The Hill Company Limited
Strategic Report for the Year Ended 31 December 2024
The company uses various financial instruments including inter company loans, cash and equity investments as well as other items, such as trade debtors and trade creditors that arise directly from its operation to raise finance. The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below.
Liquidity risk - The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs.
Credit risk - The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have appropriate credit ratings. The principal credit risk arises therefore from its trade debtors. In order to manage credit risk the directors set limits for customers. Credit limits are reviewed on a regular basis.
Future Outlook
The outlook for The Hill Company and Pluscrates remains positive. We anticipate continued demand for secure document services and sustainable moving solutions. Strategic investments in technology, customer service, and logistics will position us for long-term growth and resilience.
Section 172(1) Statement
In line with our duties under Section 172 of the Companies Act 2006, the directors have acted in good faith to promote the success of the company. This includes considering the long-term consequences of decisions, the interests of employees, the need to foster business relationships, and the impact of operations on the environment and community.
Key Performance Indicators
The directors monitor the growth of the business by reference to certain key financial performance indicators.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2024 |
2023 |
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Turnover |
£ |
9,013,309 |
8,369,468 |
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Gross Profit |
£ |
8,582,242 |
7,990,392 |
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Gross Profit % |
% |
95 |
95 |
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Profit Before Tax |
£ |
1,256,126 |
1,060,058 |
The directors also monitor the growth of the business by reference to certain non financial performance indicators, including the number of new customers, boxes under management and warehouse space occupancy.
Approved and authorised by the
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The Hill Company Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Statement of directors' responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report 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). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
The Hill Company Limited
Directors' Report for the Year Ended 31 December 2024
Reappointment of auditors
The auditors Xeinadin Audit Limited are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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The Hill Company Limited
Independent Auditor's Report to the Members of The Hill Company Limited
Opinion
We have audited the financial statements of The Hill Company Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, and 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 31 December 2024 and of its profit 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
The Hill Company Limited
Independent Auditor's Report to the Members of The Hill Company Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
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 5], 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 is 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.
Auditor 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 an auditor’s report 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 Hill Company Limited
Independent Auditor's Report to the Members of The Hill Company Limited
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures to identify any unusual or unexpected relationships;
• tested journal entries to identify unusual transactions;
• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• reading the minutes of meetings of those charged with governance;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators, and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
The Hill Company Limited
Independent Auditor's Report to the Members of The Hill Company Limited
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 an auditor’s report 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.
......................................
For and on behalf of
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Hertfordshire
WD25 7GS
The Hill Company Limited
Profit and Loss Account and Statement of Retained Earnings
for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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|
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Operating profit |
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|
|
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Other interest receivable and similar income |
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|
|
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Interest payable and similar charges |
( |
( |
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(561,273) |
(450,859) |
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Profit before tax |
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|
|
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Taxation |
( |
( |
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Profit for the financial year |
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|
|
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Retained earnings brought forward |
10,125,812 |
9,389,376 |
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Retained earnings carried forward |
11,001,701 |
10,125,812 |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
The Hill Company Limited
(Registration number: 04959684)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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£ |
£ |
£ |
£ |
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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 assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 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:
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
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.
Summary of disclosure exemptions
The company is exempt from the requirement to present a cash flow statement in accordance with FRS 102.
The company has taken advantage of the exemption under FRS102 Section 33.1A not to disclose transactions with group undertakings that are wholly owned by the group.
Going concern
The financial statements have been prepared on a going concern basis.
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.
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 balance sheet 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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Freehold buildings |
2% Straight line |
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Long leasehold buildings |
2% Straight line |
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Plant and machinery |
25% Straight line |
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Motor vehicles |
25% Straight line |
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Fixtures and fittings |
2% - 20% Straight line |
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Computer equipment |
33% Straight line |
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 amortised over its useful life.
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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Goodwill |
Straight line over 3 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, 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.
Trade debtors
Trade debtors are recognised initially at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
Trade creditors
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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 profit and loss account 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. Assets held under hire purchase leases are depreciated over their estimated useful lives. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease or hire purchase obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity.
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Financial instruments
Classification
Recognition and measurement
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2024 |
2023 |
|
|
Sale of goods |
|
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Rendering of services |
|
|
|
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2024 |
2023 |
|
|
Rental income |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
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Depreciation expense |
|
|
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Amortisation expense |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
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|
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Other interest receivable |
|
|
|
|
|
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Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
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Interest on obligations under finance leases and hire purchase contracts |
- |
|
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Interest expense on other finance liabilities |
|
- |
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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2024 |
2023 |
|
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Wages and salaries |
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Social security costs |
|
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Pension costs, defined contribution scheme |
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2024 |
2023 |
|
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Directors |
|
|
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Management and administration |
|
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Drivers and warehouse |
|
|
|
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The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Directors' remuneration |
The directors' remuneration for the year was as follows:
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2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
1,007,520 |
796,816 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2024 |
2023 |
|
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Accruing benefits under money purchase pension scheme |
|
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In respect of the highest paid director:
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2024 |
2023 |
|
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Remuneration |
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Auditors' remuneration |
|
2024 |
2023 |
|
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Audit of the financial statements |
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The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Taxation |
Tax charged/(credited) in the profit and loss account
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2024 |
2023 |
|
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Current taxation |
||
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UK corporation tax |
|
|
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Deferred taxation |
||
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Arising from origination and reversal of timing differences |
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Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Deferred chargeable gains |
|
|
Rollover of chargeable gains |
|
|
|
|
2023 |
Liability |
|
Accelerated capital allowances |
|
|
Deferred chargeable gains |
|
|
Rollover of chargeable gains |
|
|
|
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Amortisation of intangible fixed assets is included in administrative expenses.
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Freehold land and buildings |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
||||
|
Cost or valuation |
|||||||
|
At 1 January 2024 |
|
|
|
|
|||
|
Additions |
|
- |
|
- |
|||
|
Disposals |
- |
- |
( |
- |
|||
|
Transfers |
( |
- |
|
- |
|||
|
At 31 December 2024 |
|
|
|
|
|||
|
Depreciation |
|||||||
|
At 1 January 2024 |
|
|
|
|
|||
|
Charge for the year |
|
|
|
|
|||
|
Eliminated on disposal |
- |
- |
( |
- |
|||
|
At 31 December 2024 |
|
|
|
|
|||
|
Carrying amount |
|||||||
|
At 31 December 2024 |
|
|
|
|
|||
|
At 31 December 2023 |
|
|
|
|
|||
|
Computer equipment |
Motor vehicles |
Total |
|||||
|
Cost or valuation |
|||||||
|
At 1 January 2024 |
|
|
|
||||
|
Additions |
|
|
|
||||
|
Disposals |
- |
( |
( |
||||
|
Transfers |
- |
- |
- |
||||
|
At 31 December 2024 |
|
|
|
||||
|
Depreciation |
|||||||
|
At 1 January 2024 |
|
|
|
||||
|
Charge for the year |
|
|
|
||||
|
Eliminated on disposal |
- |
( |
( |
||||
|
At 31 December 2024 |
|
|
|
||||
|
Carrying amount |
|||||||
|
At 31 December 2024 |
|
|
|
||||
|
At 31 December 2023 |
|
|
|
||||
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Included in freehold land and buildings is land at directors' valuation of £4,934,902 (2023 - £4,934,902) which is not depreciated. Included in long leasehold land and buildings is land at directors' valuation of £2,500,000 (2023 - £2,500,000) which is not depreciated.
During the year tangible fixed assets with a cost and net book value of £630,541 were reclassified from freehold land and buildings to fixtures and fittings.
Restriction on title and pledged as security
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Corporation tax |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Corporation tax |
174,973 |
145,125 |
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
- |
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
208 |
|
208 |
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
- |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
The bank borrowings of £11,360,909 (2023 - £8,231,473) are secured by legal charges over specific fixed assets of the company. |
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2023 - £
The Hill Company Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
Key management personnel
Key management personnel consists of the company's directors.
Summary of transactions with key management
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Advances to directors |
Repayments by directors |
At 31 December 2024 |
|
Loans to directors (interest charged at rate of 2.25%, and repayable on demand) |
|
|
( |
|
|
2023 |
At 1 January 2023 |
Advances to directors |
Repayments by directors |
At 31 December 2023 |
|
Loans to directors (interest charged at rate of 2.25%, and repayable on demand) |
|
|
( |
|
Expenditure with and payables to related parties
|
2024 |
Parent |
Key management |
Other group companies |
|
Leases |
- |
|
- |
|
Amounts payable to related party |
|
- |
|
|
|
|||
|
2023 |
Parent |
Key management |
Other group companies |
|
Leases |
- |
|
- |
|
Amounts payable to related party |
|
- |
|
|
|
|||
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is