Company registration number NI634050 (Northern Ireland)
HEYN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
HEYN LIMITED
COMPANY INFORMATION
Directors
D Clarke
C Clarke
Secretary
H Cartmill
Company number
NI634050
Registered office
1 Corry Place
Belfast Harbour Estate
Belfast
Antrim
BT3 9AH
Auditor
Harbinson Mulholland
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Bankers
Danske Bank
1-9 Victoria Street
Belfast
BT1 3GA
Solicitors
A&L Goodbody
42/46 Fountain Street
Belfast
BT1 5EF
HEYN LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Income statement
7
Group statement of comprehensive income
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
HEYN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 September 2024.

Review of the business

The directors consider the results for the year to be satisfactory. The group will continue to seek every opportunity to increase profitable turnover.

Principal risks and uncertainties

Performance in the sector is affected by general economic conditions. The board carries out regular strategic reviews including assessment of competitor activity, market trends and customer buying patterns. The security of service supply is monitored by the directors on an ongoing basis with product quality and service levels regularly reviewed. The group's active review of market prices both provides protection and maximises opportunities from anticipated price risks.

Key performance indicators

Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.

On behalf of the board

D Clarke
Director
14 February 2025
HEYN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -

The directors present their annual report and financial statements for the year ended 30 September 2024.

Principal activities

The principal activities of the group are those of ships' agents, forwarding agents, precision engineers, providers of engineering services and material handling equipment.

 

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £120,003. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

D Clarke
C Clarke
Auditor

In accordance with the company's articles, a resolution proposing that Harbinson Mulholland be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

HEYN LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
On behalf of the board
D Clarke
Director
14 February 2025
HEYN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HEYN LIMITED
- 4 -
Opinion

We have audited the financial statements of Heyn Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the group income statement, the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 directors' 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HEYN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEYN LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

HEYN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HEYN LIMITED
- 6 -

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of out audit work and to whom we owe our responsibilities

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.

Angela Craigan (Senior Statutory Auditor)
For and on behalf of Harbinson Mulholland
Chartered Accountants
Statutory Auditor
14 February 2025
6th Floor East Tower
Lanyon Plaza
Belfast
Co. Antrim
BT1 3LP
HEYN LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
2024
2023
Notes
£
£
Turnover
12,366,452
12,425,139
Cost of sales
(7,854,549)
(7,845,860)
Gross profit
4,511,903
4,579,279
Administrative expenses
(3,585,749)
(3,506,768)
Other operating income
95,954
89,468
Operating profit
3
1,022,108
1,161,979
Interest receivable and similar income
5
264,494
161,537
Interest payable and similar expenses
6
4,379
-
0
Profit before taxation
1,290,981
1,323,516
Tax on profit
7
(234,010)
(168,096)
Profit for the financial year
21
1,056,971
1,155,420
Profit for the financial year is all attributable to the owners of the parent company.

The income statement has been prepared on the basis that all operations are continuing operations.

HEYN LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
2024
2023
£
£
Profit for the year
1,056,971
1,155,420
Other comprehensive income
-
-
Cash flow hedges gain arising in the year
-
0
-
0
Total comprehensive income for the year
1,056,971
1,155,420
Total comprehensive income for the year is all attributable to the owners of the parent company.
HEYN LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
321,443
412,866
Current assets
Stocks
12
1,872,431
2,131,470
Debtors
14
5,363,209
4,227,578
Investments
15
5,336,891
2,014,487
Cash at bank and in hand
2,202,673
4,534,311
14,775,204
12,907,846
Creditors: amounts falling due within one year
16
(6,400,074)
(5,558,758)
Net current assets
8,375,130
7,349,088
Total assets less current liabilities
8,696,573
7,761,954
Provisions for liabilities
Deferred tax liability
17
64,537
71,074
(64,537)
(71,074)
Net assets
8,632,036
7,690,880
Capital and reserves
Called up share capital
20
50
50
Share premium account
21
1,499,950
1,499,950
Profit and loss reserves
21
7,132,036
6,190,880
Total equity
8,632,036
7,690,880

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
14 February 2025
D Clarke
Director
Company registration number NI634050 (Northern Ireland)
HEYN LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2024
30 September 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
10
3,606,041
3,606,041
Current assets
Cash at bank and in hand
546,215
666,215
Creditors: amounts falling due within one year
16
(1,281,505)
(1,281,502)
Net current liabilities
(735,290)
(615,287)
Net assets
2,870,751
2,990,754
Capital and reserves
Called up share capital
20
50
50
Share premium account
21
1,499,950
1,499,950
Profit and loss reserves
21
1,370,751
1,490,754
Total equity
2,870,751
2,990,754

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £0 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
14 February 2025
D Clarke
Director
Company registration number NI634050 (Northern Ireland)
HEYN LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
50
1,499,950
5,154,513
6,654,513
Year ended 30 September 2023:
Profit and total comprehensive income
-
-
1,155,420
1,155,420
Dividends
8
-
-
(120,003)
(120,003)
Other movements
-
-
950
950
Balance at 30 September 2023
50
1,499,950
6,190,880
7,690,880
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
1,056,971
1,056,971
Dividends
8
-
-
(120,003)
(120,003)
Other movements
-
-
4,188
4,188
Balance at 30 September 2024
50
1,499,950
7,132,036
8,632,036
HEYN LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
50
1,499,950
1,610,757
3,110,757
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
-
-
-
0
Dividends
8
-
-
(120,003)
(120,003)
Balance at 30 September 2023
50
1,499,950
1,490,754
2,990,754
Year ended 30 September 2024:
Profit and total comprehensive income
-
-
-
-
0
Dividends
8
-
-
(120,003)
(120,003)
Balance at 30 September 2024
50
1,499,950
1,370,751
2,870,751
HEYN LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,052,404
1,517,900
Interest paid
4,379
-
0
Income taxes paid
(125,560)
(141,664)
Net cash inflow from operating activities
931,223
1,376,236
Investing activities
Purchase of tangible fixed assets
(132,048)
(304,031)
Proceeds from disposal of tangible fixed assets
47,100
54,647
Purchase of fixed asset investments
(3,322,404)
(2,000,000)
Interest received
264,494
161,537
Other income received from investments
-
0
(14,487)
Net cash used in investing activities
(3,142,858)
(2,102,334)
Financing activities
Dividends paid to equity shareholders
(120,003)
(120,003)
Net cash used in financing activities
(120,003)
(120,003)
Net decrease in cash and cash equivalents
(2,331,638)
(846,101)
Cash and cash equivalents at beginning of year
4,534,311
5,380,412
Cash and cash equivalents at end of year
2,202,673
4,534,311
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 14 -
1
Accounting policies
Company information

Heyn Limited (“the company”) is a private limited company domiciled and incorporated in Northern Ireland. The registered office is .

 

The group consists of Heyn Limited and all of its subsidiaries.

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.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Heyn Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5
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:

Plant and equipment
10% - 40% p.a
Fixtures and fittings
20% p.a
Motor vehicles
25% p.a

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 recognised in the income statement.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.8
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.

1.9
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.

1.10
Financial instruments

The group 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 group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group 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 group.

1.12
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.13
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

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 if, and only if, there is 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.

1.14
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.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.15
Retirement benefits

Defined contribution pension scheme

The group provides a defined contribution pension scheme, the assets of which are held separately from those of the group in an independently administered fund. Contributions payable to the defined contribution pension scheme are charged to the profit & loss account as they become payable.

 

Defined benefit pension scheme

The group is a participating employer in the Merchant Navy Officers Pension Fund and the Merchant Navy Ratings Pension Fund. These are multi employer final salary schemes which are accounted for as defined contribution schemes in accordance with FRS 102 as the group cannot identify its share of the assets and liabilities of the group scheme.

1.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 

1.17
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

Going Concern

The directors have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the group’s ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not include any adjustments to the carrying amounts and classification of assets and liabilities that may arise if the group was unable to continue as a going concern.

Impairment of trade debtors

The group trades with a large and varied number of customers on credit terms. Some debts due will not be paid through the default of a small number of customers. The group uses estimates based on historical experience and current information in determining the level of debts for which an impairment charge is required. The level of impairment required is reviewed on an ongoing basis. The total amount of trade debtors is £4,829,257(2023: £3,687,643).

Impairment of stocks

The group holds stocks amounting to £1,872,431 (2023: £2,131,470) at the financial year end date. The directors are of the view that an adequate charge has been made to reflect the possibility of stocks being sold at less than cost. However, this estimate is subject to inherent uncertainty.

Useful Lives of Tangible and Intangible Fixed Assets

The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary to reflect current conditions. In determining these useful lives management consider technological change, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of Tangible Fixed Assets subject to depreciation at the financial year end date was £321,443 (2023: £412,866).

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 22 -
3
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(19,576)
(42,037)
Fees payable to the group's auditor for the audit of the group's financial statements
13,500
13,500
Depreciation of owned tangible fixed assets
188,086
159,196
Profit on disposal of tangible fixed assets
(11,715)
(28,196)
Operating lease charges
170,770
167,950
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
84
85
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,889,742
1,814,868
-
0
-
0
Pension costs
232,271
351,089
-
0
-
0
2,122,013
2,165,957
-
0
-
0
5
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
264,438
160,423
Other interest income
56
1,114
Total income
264,494
161,537
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 23 -
6
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
(5,000)
-
Other interest
621
-
Total finance costs
(4,379)
-
0
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
333,060
251,336
Adjustments in respect of prior periods
(92,513)
(105,692)
Total current tax
240,547
145,644
Deferred tax
Other adjustments
(6,537)
22,452
Total tax charge
234,010
168,096

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,290,981
1,323,516
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
322,745
291,306
Unutilised tax losses carried forward
1,485
1,566
Adjustments in respect of prior years
(92,513)
(105,692)
Permanent capital allowances in excess of depreciation
9,409
(23,722)
Other non-reversing timing differences
(1,993)
(14,153)
Other permanent differences
1,043
(3,818)
Effect of overseas tax rates
371
157
Deferred tax
(6,537)
22,452
Taxation charge
234,010
168,096
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 24 -
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
120,003
120,003
9
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,025,403
708,123
844,475
2,578,001
Additions
44,831
25,227
61,990
132,048
Disposals
-
0
-
0
(101,991)
(101,991)
At 30 September 2024
1,070,234
733,350
804,474
2,608,058
Depreciation and impairment
At 1 October 2023
999,356
640,975
524,804
2,165,135
Depreciation charged in the year
24,266
34,805
129,015
188,086
Eliminated in respect of disposals
-
0
-
0
(66,606)
(66,606)
At 30 September 2024
1,023,622
675,780
587,213
2,286,615
Carrying amount
At 30 September 2024
46,612
57,570
217,261
321,443
At 30 September 2023
26,047
67,148
319,671
412,866
The company had no tangible fixed assets assets at 30 September 2024 or 30 September 2023.
10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
3,606,041
3,606,041
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
10
Fixed asset investments
(Continued)
- 25 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 October 2023 and 30 September 2024
3,606,041
Carrying amount
At 30 September 2024
3,606,041
At 30 September 2023
3,606,041
11
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
G Heyn & Sons Limited
Northern Ireland
Shipping Agents
Ordinary
100.00
Heyn Engineering (NI) Limited
Northern Ireland
Engineering
Ordinary
100.00
Heyn HS Limited
Northern Ireland
Engineering
Ordinary
100.00
Samuel Stewart & Co Limited
Northern Ireland
Dormant
Ordinary
100.00
Details of Heyn HS Limited's subsidiaries at 30 September 2022 are as follows:
Heyn Group Limited
Northern Ireland
Dormant
Ordinary
100.00
Details of Heyn Group Limited's subsidiaries at 30 September 2022 are as follows:
Heyn Engineering Limited
Republic of Ireland
Engineering
Ordinary
100.00
Ulster Steamship Company Limited
Northern Ireland
Dormant
Ordinary
100.00
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 26 -
12
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,729,804
1,974,186
-
-
Work in progress
142,627
157,284
-
-
1,872,431
2,131,470
-
-
13
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
5,200,634
4,063,912
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
5,999,803
5,353,327
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,829,257
3,687,643
-
0
-
0
Other debtors
409,037
339,299
-
0
-
0
Prepayments and accrued income
124,915
200,636
-
0
-
0
5,363,209
4,227,578
-
-
15
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
5,336,891
2,014,487
-
-
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 27 -
16
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
3,516,101
2,772,924
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
1,221,499
1,221,499
Corporation tax payable
292,653
177,666
-
0
-
0
Other taxation and social security
107,618
27,765
-
-
Other creditors
1,117,028
59,997
60,000
59,997
Accruals and deferred income
1,366,674
2,520,406
6
6
6,400,074
5,558,758
1,281,505
1,281,502
17
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
64,537
71,074
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 October 2023
71,074
-
Credit to profit or loss
(6,537)
-
Liability at 30 September 2024
64,537
-

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
232,271
351,089
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
18
Retirement benefit schemes
(Continued)
- 28 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

As at the 30 September 2024 the contributions payable into the scheme and included in creditors amounted to £25,667 (2023: £19,212).

 

Defined benefit schemes

 

The company previously contributed to the Merchant Navy Officers Pension Fund, the Merchant Navy Officers Pension Plan and the Merchant Navy Ratings Pension Fund. These are multi employer final salary schemes which are accounted for as a defined contribution scheme in accordance with FRS 102 as the company cannot identify its share of the assets and liabilities of the group scheme. No payments were made in respect of these schemes during the year ended 30 September 2024.

 

Merchant Navy Officers Pension Fund

 

The last triennial valuation was carried out at 31 March 2024, based on this the MNOPF did not propose to collect any additional deficit contributions in respect of the net deficit, therefore no provision is included in the accounts.

 

During the year ended 30 September 2013 the parent of the group at the time, Heyn Handling Limited, paid £181,776 in respect of a Section 75 debt triggered by a cessation event, whereby Heyn Engineering (NI) Limited ceased to employ an eligible member within the above plan. This debt payment will be used to offset future deficit contributions until such times as the offset has been utilised.

 

Merchant Navy Ratings Pension Fund

 

The company has been discharged from further liability to the Merchant Navy Ratings Pension Fund

19
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 October 2023 and 30 September 2024
300
300
0.01
0.01
Exercisable at 30 September 2024
300
300
0.01
0.01

The company has an Enterprise Management Incentive Scheme. Under the scheme the company can grant options over its shares to employees of the company. Options are granted with a fixed exercise price equal to the market price of the shares under option at the grant date. The contractual life of an option is 10 years.

The options outstanding at 30 September 2024 had an exercise price of £0.01, and a remaining contractual life of 6 years.

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 29 -
20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Authorised
5,000 Ordinary A shares of 1p each
50
50
Issued and fully paid
3,700 Ordinary A shares of 1p each
37
37
1,300 Ordinary B shares of 1p each
13
13
50
50
21
Reserves
Profit and loss reserves

The profit and loss reserve represents cumulative profits or losses, including unrealised profit on the remeasurement of investment properties net dividends paid and other adjustments.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
103,262
161,003
-
-
Between two and five years
192,000
295,613
-
-
295,262
384,000
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,735
23,490
-
-
Between two and five years
-
3,915
-
-
3,735
27,405
-
-
23
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
23
Related party transactions
(Continued)
- 30 -
Rental expenses
Management charge income
2024
2023
2024
2023
£
£
£
£
Group
Entities which are under common control
(96,000)
(96,000)
3,000
3,000

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities which are under common control
244,156
265,756
24
Controlling party

The ultimate controlling party is DN Clarke

25
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
1,056,971
1,155,420
Adjustments for:
Taxation charged
234,010
168,096
Finance costs
(4,379)
-
0
Investment income
(264,494)
(161,537)
Gain on disposal of tangible fixed assets
(11,715)
(28,196)
Depreciation and impairment of tangible fixed assets
188,086
159,196
Foreign exchange gains
4,188
950
Movements in working capital:
Decrease/(increase) in stocks
259,039
(184,810)
(Increase)/decrease in debtors
(1,135,631)
2,296,246
Increase/(decrease) in creditors
726,329
(1,881,372)
(Decrease) in deferred income
-
(6,093)
Cash generated from operations
1,052,404
1,517,900
HEYN LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 31 -
26
Analysis of changes in net funds - group
1 October 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
4,534,311
(2,331,638)
2,202,673
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