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REGISTERED NUMBER: 00169792 (England and Wales)













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: P A Faulkner





SECRETARY: Miss A L Faulkner





REGISTERED OFFICE: The Faulkner Building
North Ormesby Road
Middlesbrough
Cleveland
TS4 2AP





REGISTERED NUMBER: 00169792 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff Limited
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 4 289,752 231,222
Investments 5 1,375,260 1,375,260
Investment property 6 500,000 500,000
2,165,012 2,106,482

CURRENT ASSETS
Stocks 276,441 306,965
Debtors 7 1,136,659 1,167,993
Cash at bank and in hand 824,616 883,081
2,237,716 2,358,039
CREDITORS
Amounts falling due within one year 8 282,575 284,394
NET CURRENT ASSETS 1,955,141 2,073,645
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,120,153

4,180,127

CREDITORS
Amounts falling due after more than one
year

9

(2,694

)

(8,083

)

PROVISIONS FOR LIABILITIES (9,084 ) (11,084 )
NET ASSETS 4,108,375 4,160,960

CAPITAL AND RESERVES
Called up share capital 12 1,825 1,825
Revaluation reserve 13 27,251 27,251
Capital redemption reserve 675 675
Retained earnings 4,078,624 4,131,209
SHAREHOLDERS' FUNDS 4,108,375 4,160,960

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 June 2025 and were signed by:





P A Faulkner - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 25% on reducing balance

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 24 (2023 - 24 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 January 2024 351,093 221,215 200,285 772,593
Additions - 7,500 130,427 137,927
Disposals - (6,225 ) (55,475 ) (61,700 )
At 31 December 2024 351,093 222,490 275,237 848,820
DEPRECIATION
At 1 January 2024 225,805 218,859 96,707 541,371
Charge for year 6,437 1,253 55,691 63,381
Eliminated on disposal - (6,224 ) (39,460 ) (45,684 )
At 31 December 2024 232,242 213,888 112,938 559,068
NET BOOK VALUE
At 31 December 2024 118,851 8,602 162,299 289,752
At 31 December 2023 125,288 2,356 103,578 231,222

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 30,890
DEPRECIATION
At 1 January 2024 4,528
Charge for year 6,590
At 31 December 2024 11,118
NET BOOK VALUE
At 31 December 2024 19,772
At 31 December 2023 26,362

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 1,375,260
NET BOOK VALUE
At 31 December 2024 1,375,260
At 31 December 2023 1,375,260

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 500,000
NET BOOK VALUE
At 31 December 2024 500,000
At 31 December 2023 500,000

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 158,051 176,293
Other debtors 5,735 15,551
Directors' current accounts 750,667 749,007
s455 tax recoverable 201,639 201,078
Corporation tax recoverable 2,137 -
Prepayments and accrued income 18,430 26,064
1,136,659 1,167,993

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 5,388 5,388
Trade creditors 72,969 100,061
Corporation tax 560 12,056
Social security and other taxes 14,450 13,719
VAT 37,805 37,230
Other creditors 114,058 84,887
Accruals and deferred income 37,345 31,053
282,575 284,394

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 2,694 8,083

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 5,388 5,388
Between one and five years 2,694 8,083
8,082 13,471

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: £    £   
1,825 Ordinary Shares £1 1,825 1,825

13. RESERVES
Revaluation
reserve
£   
At 1 January 2024
and 31 December 2024 27,251

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.