| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Hardware Supply Company |
| (Middlesbrough) Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 December 2024 |
| for |
| Hardware Supply Company |
| (Middlesbrough) Limited |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Hardware Supply Company |
| (Middlesbrough) Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Balance Sheet |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Revaluation reserve | 13 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Balance Sheet - continued |
| 31 December 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Hardware Supply Company (Middlesbrough) Limited is a |
| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Preparation of consolidated financial statements |
| The financial statements contain information about Hardware Supply Company (Middlesbrough) Limited as an individual company and do not contain consolidated financial information as the parent of a group.The company is exempt under Section 399 (2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
| Turnover |
| Turnover represents the invoiced value of goods supplied by the company excluding value added tax.Turnover is recognised when the goods are despatched. |
| Tangible fixed assets |
| Freehold property | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Freehold land is not depreciated. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Employee benefit trust |
| In 2009 the company established a discretionary trust for the benefit of the families of all of its officers and employees (the Employee Benefit Trust or EBT). In accordance with FRS102 1A the investment in the trust is recognised at initial cost. This investment is subsequently reviewed for any indicators of impairment at each balance sheet date. If such indication exists, the investment in the trust is impaired to it's recoverable amount. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Investments |
| Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through the profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Motor |
| property | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Included in cost of land and buildings is freehold land of £ 29,262 (2023 - £ 29,262 ) which is not depreciated. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST OR VALUATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Cost or valuation at 31 December 2024 is represented by: |
| Other |
| investments |
| £ |
| Cost | 1,375,260 |
| An employee benefit trust with the name 'Hardware Supply Company (Middlesbrough) Limited NRT' was established in 2009 for the benefit of past, present and future employees and directors of the company and members of their family. Any shareholders (or former shareholders) who hold 5% or more of the ordinary shares in the company, and persons connected with them, are excluded from benefiting from the trust. |
| In 2010, investments with an initial cost of £810,000 were transferred to the trust at their market value of £872,060. This amount, together with amounts transferred in 2009 of £503,200, give a total investment in the trust of £1,375,260. As the company is deemed to have de facto control over the assets of the trust, this investment is treated as an asset of the company in accordance with FRS102 (Section 9). |
| At the year end, the value of this investment was deemed to be in excess of initial cost. |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2023 | 36,335 |
| Cost | 463,665 |
| 500,000 |
| The investment property was purchased in 2020 for a cost of £463,665 and a professional valuation was carried out shortly afterwards by Thomas Stevenson (Chartered Surveyors) indicating that the fair value of the property was the same as the initial cost. In the opinion of the director, recent changes in the local property market have resulted in the property increasing in value to £500,000 as at 31 December 2024.. |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors | 5,735 | 15,551 |
| Directors' current accounts | 750,667 | 749,007 |
| s455 tax recoverable |
| Corporation tax recoverable | 2,137 | - |
| Prepayments and accrued income |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| VAT | 37,805 | 37,230 |
| Other creditors |
| Accruals and deferred income |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 10) |
| Hardware Supply Company |
| (Middlesbrough) Limited (Registered number: 00169792) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 11. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 8,082 | 13,471 |
| Hire purchase liabilities are secured on the assets to which they relate. |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary Shares | £1 | 1,825 | 1,825 |
| 13. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| and 31 December 2024 |
| 14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| As at 31 December 2024 £750,667 (2023: £749,007) was due from a director. During the year advances amounting to £10,660 (2023: £10,843) were made to the director and £9,000 (2023: £7,710) was repaid by the director. |
| The loan is free of interest and repayable on demand. |