Company registration number 05189436 (England and Wales)
HS PRODUCTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
HS PRODUCTS LTD
COMPANY INFORMATION
Directors
Mr P D Spinks
Mr S P Spinks
Ms A J Shea
Mr R Essery
Mr D P Marcangelo
Secretary
Ms A J Shea
Company number
05189436
Registered office
6 Millennium Drive
Leeds
West Yorkshire
LS11 5BP
Auditor
Azets Audit Services Limited
12 King Street
Leeds
LS1 2HL
HS PRODUCTS LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 27
HS PRODUCTS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The directors present the strategic report for the year ended 30 June 2024.
Review of the business
The directors report that the company has seen a significant decline in sales for this financial year, down 17.5% from the previous year. This is mainly due to certain key customers seeing a decline in their volumes along with opting for lower value products. Through this challenging trading period, strict control of costs was needed to ensure the company remained profitable with a declining turnover. This resulted in an adverse financial result than the previous year with the Operating Profit down 25.6% vs LY. This was the further assisted by a number of Innovate UK grant funded projects, relating to digitisation of our wire drawing facility, introduction of our microcoil technology into automotive seats and latterly rail seating, resulting in the PBT being 7.4% down on last year.
KPI’s 2024 2023 Measure
Turnover (£) 14,314,702 17,349,223 Sales in Year
Gross Profit % 25.9% 23.3% Gross profit/sales
Profit before tax % 7% 6.4% Profit before tax/sales
During this trading period, the business faced a number of challenges with regard to importing raw materials from China, due to significantly increasing container costs and delays to shipping times. This also impacted a number of our export customers who saw their delivered prices for our goods increase.
The company continued to invest in future innovations in its coil and wire drawing operations. Movement of wire drawing lines from the main site in Leeds were relocated to the wire drawing facility in Scunthorpe to enable this site to be the main site for this production. Through the digitisation project, we have been able to start the process of further improving our wire quality. This is critical in allowing us to produce the straightest, most consistent wire in our industry to run on our coiling equipment. Our development department continued to work on next generation coiling and coil assembly machinery. At HS Products, innovation continues to be key to our future success. Continually evolving glue-free pocket spring systems is key to our success. We have a global reputation to uphold, and whilst we are often copied, we need to stay ahead of the competition. Our spend on intellectual property during the financial period is significant, and this is to help ensure our competitors are unable to directly or indirectly copy what we design within our company.
We have continued to invest in brand building to set the core pillars for the next chapter in the growth and development of the Spinks brand. We are passionate about changing the way the world sits and sleeps and are driven by our vision to be world leaders in comfort through our sustainable and innovative technology.
Sustainability
As our vision is to be ‘world leaders in comfort through our sustainable and innovative technology’, we are committed to leading the industry on circularity. Our business is getting noticed globally for offering sustainable solutions and this is very much our strategic focus for future years. Our annual Impact Report was published in April 24, demonstrates our integrated ESG approach and plan to become the most responsible manufacturers and leading the way in circularity. We continue to be committed sourcing traceable ethical products and are focused on reducing our carbon footprint by working closely with our suppliers (particularly steel), reducing embedded carbon and steel mass in our current and new innovations.
We are also immensely proud to be awarded the King’s Award for Sustainability (April 24) which sits alongside our King’s Award for Innovation.
HS PRODUCTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Principal risks and uncertainties
The company ensures that in all of its commercial and operational dealings, risk mitigation is a major factor and is reviewed and considered at all times. The main risks facing the company arises from uncertainties regarding raw material costs and the UK economy and therefore the resulting impact of this on both profitability and margins. Energy prices have continued to rise during this period and measures to minimise energy usage has been widespread throughout the business.
The company continues to look for new opportunities and areas of efficiency and development. The directors are confident that through the strict control of overheads and taking advantage of opportunities in the market place as and when they arise, the business will continue to maintain its performance in the current economic climate. Cost-cutting across the whole group was a major focus during the period to ensure that we could make savings at a time when costs were increasing. By diversifying into transportation and upholstered seating, we help mitigate the risks imposed from the global mattress market we predominantly supply.
Employment has been an issue during the period with rising wage costs and employees being enticed away from our business. Further improvements to our overall employment benefits have been looked at with a commitment to try to improve year on year where financially possible, these include a “wellbeing day” for all staff along with increased pension contributions.
Financial key performance indicators
The directors meet regularly to review all the key performance indicators ensuring that the company is maximising its added value in each of the key areas. The main measures that are used include revenue growth, operating margins and free cash flow.
As well as the financial KPIs adopted, the directors are also committed to certain non-financial KPIs in order to manage the impact of the business on its stakeholders. There is a commitment to customer satisfaction through the use of Quality monitoring initiatives. There is also a big focus on retaining quality staff as we understand that an essential element of delivering a consistent, reliable product and service is retaining key people and providing appropriate training.
Directors' statement of compliance with duty to promote the success of the Company
The board of directors of HS Products Ltd consider that both individually and together for the year ended 30 June 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the company for the benefit of its members and stakeholders as a whole and, in doing so, to have regard (amongst other matters) to:
The likely consequences of any decision in the long term;
The interests of the company’s employees;
The need to foster the company’s business relationships with customers, suppliers and others;
The impact of the company’s operations on the community and the environment;
The desirability of the company maintaining a reputation for high standards of delivery, performance and business conduct; and
The need to act fairly between members of the company
The directors recognise that the business is reliant on maintaining its reputation for high standards of delivery, conduct, professionalism and care for its employee and this is always given high priority. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this, whether in the short term or long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose. This is taken into consideration in boardroom discussions and decisions.
The Board has always highlighted that the loyal and dedicated skilled workforce is a key part of our success. Continuing to invest in our workforce, ensuring their safety and regular engagement with them is a key part to our management approach. Where improvement to employment benefits are possible, the board with endeavour to improve where financially possible.
HS PRODUCTS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Building a sustainable business for the future
The directors recognise the success and reputation of business relies on positive relationships with all its stakeholders including colleagues, customers and suppliers, all of whom have an interest in our business and the impact of the decisions we take.
As a business we are committed to leading the way on manufacturing quality products with sustainability at the heart of our offer. Our strategy to be ‘world leaders in comfort through our sustainable and innovative technology’ will ensure we are building the business with solid foundations and values for the benefit of future generations.
Colleagues – we recognise the enormous contribution of all our colleagues and the success and growth of the business is heavily dependent on their contribution. We massively value their passion and commitment and are grateful for the support shown during the year. We are committed to the training and development of colleagues across the business and will look to introduce a formal appraisal system in the next financial year.
Customers – providing quality products and services is at the core of our vison as we aim to be their most trusted partner. Providing our valued customers with market leading, innovative and sustainable springs and wire is central to our success and allows us to stand out in a competitive market. Working in partnership with customers to provide quality differentiated and exclusive products where appropriate will drive our future success.
Suppliers– We value the contribution from our trusted and valued suppliers and the part they play in heling us to provide the highest quality and most sustainable products in the market.
Mr S P Spinks
Director
23 May 2025
HS PRODUCTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The directors present their directors' report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company continued to be that of design and manufacture of component parts for springs and mattresses.
Results and dividends
The results for the year are set out on page 9.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr P D Spinks
Mr S P Spinks
Ms A J Shea
Mr R Essery
Mr D P Marcangelo
Post reporting date events
Subsequent to the year end, ultimate control of HS Products Limited by virtue of majority shareholding was transferred to Spinko Holdings Limited.
Auditor
The auditor, Azets Audit Services Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
The company has chosen not to disclose the requirements which are set out in the companies (Directors' report) and Limited Liability (Energy and Carbon Report) Regulation 2018 ("2018 Regulations or "SECR requirements") as these are disclosed in its parent company's financial statements, Spinko Limited for the financial year ended 30 June 2024.
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 company’s auditor 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 company’s auditor is aware of that information.
On behalf of the board
Mr S P Spinks
Director
23 May 2025
HS PRODUCTS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
HS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HS PRODUCTS LTD
- 6 -
Opinion
We have audited the financial statements of HS Products Ltd (the 'company') for the year ended 30 June 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 30 June 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.
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 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 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.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
HS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HS PRODUCTS LTD
- 7 -
Matters on which we are required to report by exception
In the light of the 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 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:
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 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 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'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.
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.
HS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF HS PRODUCTS LTD
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias; and
Performing audit work over the timing and recognition of revenue and in particular whether it has been recorded in the correct accounting period.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Jessica Lawrence
Senior Statutory Auditor
For and on behalf of Azets Audit Services Limited
26 May 2025
Chartered Accountants
Statutory Auditor
12 King Street
Leeds
LS1 2HL
HS PRODUCTS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
14,314,702
17,349,223
Cost of sales
(10,605,696)
(13,307,815)
Gross profit
3,709,006
4,041,408
Distribution costs
(908,581)
(755,677)
Administrative expenses
(2,455,210)
(2,311,027)
Other operating income
447,443
91,652
Operating profit
4
792,658
1,066,356
Interest receivable and similar income
8
241,738
54,850
Interest payable and similar expenses
9
(4,529)
Profit before taxation
1,034,396
1,116,677
Tax on profit
10
(851,087)
(184,000)
Profit for the financial year
183,309
932,677
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There was no other comprehensive income for the year ended 30 June 2024 (2023: £Nil).
The notes on pages 12 to 27 form part of these financial statements.
HS PRODUCTS LTD
BALANCE SHEET
- 10 -
30 June 2024
25 June 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
163,439
161,018
Tangible assets
13
10,972,448
12,345,933
Investments
14
20,379
20,379
11,156,266
12,527,330
Current assets
Stocks
15
1,236,049
1,081,932
Debtors
16
1,825,705
2,983,568
Cash at bank and in hand
7,985,859
4,195,661
11,047,613
8,261,161
Creditors: amounts falling due within one year
17
(3,873,021)
(2,553,116)
Net current assets
7,174,592
5,708,045
Total assets less current liabilities
18,330,858
18,235,375
Provisions for liabilities
Deferred tax liability
19
1,017,174
1,105,000
(1,017,174)
(1,105,000)
Net assets
17,313,684
17,130,375
Capital and reserves
Called up share capital
20
1
1
Profit and loss reserves
17,313,683
17,130,374
Total equity
17,313,684
17,130,375
The notes on pages 12 to 27 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on 23 May 2025 and are signed on its behalf by:
Mr S P Spinks
Director
Company Registration No. 05189436
HS PRODUCTS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 27 June 2022
1
16,197,697
16,197,698
Year ended 25 June 2023:
Profit and total comprehensive income for the year
-
932,677
932,677
Balance at 25 June 2023
1
17,130,374
17,130,375
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
183,309
183,309
Balance at 30 June 2024
1
17,313,683
17,313,684
The notes on pages 12 to 27 form part of these financial statements.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
1
Accounting policies
Company information
HS Products Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 6 Millennium Drive, Leeds, West Yorkshire, LS11 5BP.
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 pound sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This 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:
Section 3 'Financial Statement Presentation';
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Spinko Limited as at 30 June 2024. These consolidated financial statements are available from its registered office, The Innovation Centre, Westland Road, Leeds, West Yorkshire, LS11 5SB.
1.2
Going concern
Atruet 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods 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.
Turnover 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 turnover 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.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 13 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Computer software
3 years straight line
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:
Freehold land and buildings
50 or 100 years straight line
Plant and equipment
7 years straight line
Fixtures and fittings
3 or 10 years straight line
Motor vehicles
4 years straight line
Freehold land and assets in the course of construction are not depreciated.
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 credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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).
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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 14 -
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 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 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.
1.7
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is 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.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 at bank and in hand 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.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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 company 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 company 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.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company 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 company.
1.11
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 profit and loss account 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 company’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 profit and loss account, 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 when the company has 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.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.14
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 leases 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.
1.15
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.16
Foreign exchange
Transactions in currencies other than pound 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.
1.17
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
2
Judgements and key sources of estimation uncertainty
In the application of the company’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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Assessing for indicators of impairment
In assessing whether there have been any indicators of impairment to any assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have been no indicators of impairments identified during the current financial year.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
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.
Recoverability of receivables
The company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the receivables, past experience of recoverability, and the credit profile of individual or groups of customers.
Recoverability of stock
The company establishes a provision for stocks that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the aging of the stocks, damaged and or obsolete stocks and past experience of recoverability.
Useful economic lives of tangible and intangible assets
The company depreciates tangible assets, and amortises intangible assets over their useful economic lives. The estimation of the useful economic lives of tangible assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied. The estimation of useful economic lives of intangible assets is based on any contractual or legal rights associated with the assets, or the period in which the group expects to use the asset if shorter.
Credit note provisions
The company establishes a provision for credit notes to be given retrospectively to customers. These are based on historical levels of provisions given and therefore can be subject to a degree of management judgement.
Rebate provisions
A certain level of estimation or judgement is required for certain agreements in assessing the level of qualifying sales and whether performance obligations have been met, which in turn drive the obligation to make payments to customers. This estimation is based on historical actual sales or projections. The group only recognises rebate agreements where there is documented evidence of an agreement with an individual customer and when associated performance conditions are met.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Design and manufacture of component parts for springs and mattresses
14,314,702
17,349,223
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
10,939,870
14,789,090
Rest of Europe
796,952
1,196,809
Rest of the World
2,577,880
1,363,324
14,314,702
17,349,223
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Interest income
241,738
54,850
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange (gains)/losses
(4,220)
1,253
Depreciation of owned tangible fixed assets
2,082,662
2,254,083
Impairment of owned tangible fixed assets
116,494
Profit on disposal of tangible fixed assets
(337,369)
(3,500)
Amortisation of intangible assets
83,390
48,693
Impairment of intangible assets
343
Operating lease charges
297,421
318,400
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
25,500
24,240
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Manufacturing
76
95
Administration
14
7
Sales and distribution
4
5
Total
94
107
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
4,164,926
4,023,167
Social security costs
405,606
441,913
Pension costs
155,312
141,129
4,725,844
4,606,209
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
300,012
309,853
Company pension contributions to defined contribution schemes
15,027
16,923
315,039
326,776
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 3).
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
148,823
155,567
Company pension contributions to defined contribution schemes
3,891
4,449
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
241,738
54,850
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
4,529
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
266,856
407,000
Adjustments in respect of prior periods
617,057
(178,000)
Total current tax
883,913
229,000
Deferred tax
Origination and reversal of timing differences
(46,313)
(745,000)
Adjustment in respect of prior periods
13,487
700,000
Total deferred tax
(32,826)
(45,000)
Total tax charge
851,087
184,000
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
1,034,396
1,116,677
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
258,599
228,919
Tax effect of expenses that are not deductible in determining taxable profit
3,256
6,375
Tax effect of income not taxable in determining taxable profit
(1,574)
Adjustments in respect of prior years
630,544
(178,312)
Depreciation on assets not qualifying for tax allowances
3,075
Other differences leading to an (decrease)/increase in the tax charge
125,517
Fixed asset differences
(41,312)
-
Taxation charge for the year
851,087
184,000
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
11
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2024
2023
Notes
£
£
In respect of:
Intangible assets
12
343
Property, plant and equipment
13
116,494
Recognised in:
Distribution costs
1,670
-
Administrative expenses
115,167
-
12
Intangible fixed assets
Computer software
£
Cost
At 26 June 2023
227,807
Additions
86,154
At 30 June 2024
313,961
Amortisation and impairment
At 26 June 2023
66,789
Amortisation charged for the year
83,390
Impairment losses
343
At 30 June 2024
150,522
Carrying amount
At 30 June 2024
163,439
At 25 June 2023
161,018
More information on impairment movements in the year is given in note 11.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
13
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost or valuation
At 26 June 2023
5,590,956
1,493,342
16,913,383
1,197,262
32,664
25,227,607
Additions
148,792
431,844
215,731
194,616
64,715
1,055,698
Disposals
(122,959)
(555,420)
(678,379)
Transfers
(154,799)
154,799
At 30 June 2024
5,739,748
1,647,428
16,728,493
1,391,878
97,379
25,604,926
Depreciation and impairment
At 26 June 2023
1,610,605
10,758,590
481,485
30,994
12,881,674
Depreciation charged in the year
101,150
1,786,571
182,496
12,445
2,082,662
Impairment losses
114,824
1,670
116,494
Eliminated in respect of disposals
(448,352)
(448,352)
At 30 June 2024
1,711,755
12,211,633
663,981
45,109
14,632,478
Carrying amount
At 30 June 2024
4,027,993
1,647,428
4,516,860
727,897
52,270
10,972,448
At 25 June 2023
3,980,351
1,493,342
6,154,793
715,777
1,670
12,345,933
More information on impairment movements in the year is given in note 11.
The fair value of certain land and buildings with a historical cost carrying amount of £4,714,986 has been arrived at on the basis of a valuation carried out on 24 February 2022 by Eddisons Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
14
Fixed asset investments
2024
2023
£
£
Unlisted investments
20,379
20,379
15
Stocks
2024
2023
£
£
Raw materials and consumables
818,673
725,746
Work in progress
27,301
-
Finished goods and goods for resale
390,075
356,186
1,236,049
1,081,932
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
766,539
921,588
Amounts owed by group undertakings
366,334
1,431,973
Other debtors
136,843
42,093
Prepayments and accrued income
555,989
532,914
1,825,705
2,928,568
Deferred tax asset (note 19)
55,000
1,825,705
2,983,568
Amounts owed by group undertakings are interest free and repayable upon demand.
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
138,133
Trade creditors
1,078,187
976,493
Amounts owed to group undertakings
1,379,022
161,860
Corporation tax
1,034,193
240,163
Other taxation and social security
1,965
Other creditors
661
Accruals and deferred income
381,619
1,033,841
3,873,021
2,553,116
Amounts owed to group undertakings are interest free and repayable upon demand.
18
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
138,133
Payable within one year
138,133
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
1,017,174
1,105,000
-
55,000
2024
Movements in the year:
£
Liability at 26 June 2023
1,050,000
Credit to profit or loss
(32,826)
Liability at 30 June 2024
1,017,174
The deferred tax liability set out above is expected to reverse in line with the useful life of the assets against which the capital allowances are allocated.
20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
21
Pension commitments
The company operated a defined contribution pensions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £155,312 (2023: £141,129).
22
Financial commitments, guarantees and contingent liabilities
The company is part of a group VAT registration under Section 43 of the Value Added Tax Act 1994 and in consequence may be held responsible for the liabilities of other members which at 30 June 2024 totaled £1,111,403 (2023: £793,140).
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
302,356
242,359
Between two and five years
651,981
568,359
954,337
810,718
24
Related party transactions
Transactions with related parties
The company is exempt under Section 33 of FRS 102 from disclosing transactions with other group companies.
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities under common control
-
-
7,360
5,977
Other related parties
245,602
1,238,289
-
-
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities under common control
565
5,785
2024
2023
Amounts due from related parties
£
£
Other related parties
366,334
123,659
25
Events after the reporting date
Subsequent to the year end, ultimate control of HS Products Limited by virtue of majority shareholding was transferred to Spinko Holdings Limited.
HS PRODUCTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
26
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr S P Spinks - Directors loan
-
-
10,993
(10,993)
-
-
10,993
(10,993)
-
27
Ultimate controlling party
As at the year end, the ultimate controlling party was Spinko Limited, a company registered in England and Wales. In the opinion of the directors, there is no single controlling party. The consolidated financial statements of Spinko Limited are available from The Registrar of the Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.
Subsequent to the year end, as disclosed in Note 25, the ownership of the company changed.
At the date of sign off, the immediate parent company is Spinko Limited, a company registered in England and Wales. The ultimate parent company is Spinko Holdings Limited, a company registered in England and Wales.
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