Registration number:
Haddow Group Limited
for the Year Ended 30 June 2024
Haddow Group Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Haddow Group Limited
(Registration number: 02132183)
Balance Sheet as at 30 June 2024
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2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Haddow Group Limited
(Registration number: 02132183)
Balance Sheet as at 30 June 2024
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's functional and presentation currency is pound sterling.
Summary of disclosure exemptions
The company has taken advantage of the exemption under Financial Reporting Standard 102 Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Government grants
Grants are measured at the fair value of the asset received or receivable.
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, less any estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% to 25% straight line basis |
Fixtures, fittings and equipment |
15% to 25% straight line basis |
Motor vehicles |
25% straight line basis |
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, patents, and licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, patents, and licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents and trademarks |
10% straight line basis |
Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Financial instruments
Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 and any subsequent reversal is recognised in profit or loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities
Basic financial liabilities, including trade and other payables, 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 receipts discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Intangible assets |
Patents and trademarks |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Amortisation |
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At 1 July 2023 |
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Amortisation charge |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
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- |
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Disposals |
( |
- |
( |
At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
( |
At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Debtors |
Current |
2024 |
2023 |
Trade debtors |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts which are secured of £158,256 (2023 - £496,975) by way of fixed and floating charges over all assets of the company.
Creditors: amounts falling due after more than one year
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts which are secured of £200,000 (2023 - £350,000) by way of fixed and floating charges over all assets of the company.
Haddow Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Bank overdrafts |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
2024 |
At 1 July 2023 |
Advances to director |
At 30 June 2024 |
Interest free directors' loan |
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2023 |
At 1 July 2022 |
Advances to director |
Repayments by director |
At 30 June 2023 |
Interest free directors' loan |
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( |
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