Company registration number 01278500 (England and Wales)
RONALD HULL JNR. LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
RONALD HULL JNR. LIMITED
COMPANY INFORMATION
Directors
R Hull Jnr
V J Hull
M R Hull
D J Hull
N P Hull
Secretary
V J Hull
Company number
01278500
Registered office
Mangham Works
Mangham Road
Parkgate
Rotherham
S62 6EF
Auditor
BHP LLP
Albert Works
Sidney Street
Sheffield
S1 4RG
Bankers
Barclays Bank Plc
40 Pinstone Street
Sheffield
S1 2HN
RONALD HULL JNR. LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 6
Independent auditor's report
7 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
RONALD HULL JNR. LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 31 January 2025.

Review of the business

Over the period the company’s strategic plans have been continuously actioned to develop the long-term performance of the business.

 

The previous year's financial reporting period was shortened to 31 January 2024, therefore the comparative figures represent a 10 month trading period.

 

Turnover for the period has increased by 3.6% and profit before tax has decreased by 65.1%.

 

The group continues to trade well, the past year has seen subdued ferrous prices but the group is well placed to take advantage of any upturn in demand and prices.

 

The group continues to develop and monitor its ongoing strategic plans to maintain profitability.

Principal risks and uncertainties

 

The group’s principal financial instruments comprise cash, short term deposits, hire purchase contracts and intercompany loans. The main purpose of these financial instruments is to raise finance for the group’s operations. The group has various other financial instruments such as trade debtors and trade creditors, which arise directly from its operations.

 

It is, and has been throughout the period under review, the group's policy that no trading in financial instruments shall be undertaken. The main risks arising from the groups financial instruments are summarised below:

 

Commodity price risk

 

The group is vulnerable to the fluctuating prices of steel. To accommodate this factor selling prices are monitored regularly to manage the risk.

 

Liquidity risk

 

The group’s focus is to withhold a favourable balance between continuous funding and the use of hire purchase agreements and inter-company loans to create flexibility.

 

Credit risk

 

The group only trades with 3rd parties that are creditworthy and recognised. Company policy dictates that all customers desiring credit facilities are subject to vigorous credit vetting procedures. Furthermore, outstanding debts are monitored continuously to ensure the risk of bad debt is limited and kept to a minimum.

 

Uncertainties

 

Ongoing world conflicts and other adverse current affairs continue to create uncertainties within the metal markets leading to extreme pricing fluctuations.

 

Developments

We have many future plans for the business including the addition of a new 60,000 square foot unit to our main site at Mangham Works to include amongst other things new optical sorting technology.

 

The group also continues to invest in its Fragmentiser facility in Sheffield , including the addition of solar panels to make the site more energy and cost efficient.

RONALD HULL JNR. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
Key performance indicators

 

The group monitors its financial performance through its key performance indicators; primarily earnings before tax which was £359,328 (2024: £1,029,730)

Section 172 statement

The publication of the Ron Hull Group Section 172 statement is made in accordance with Companies Act 2006 and applies to all subsidiaries of the Ron Hull Group of companies.

 

Section 172 of The Companies Act states that the directors must act in the way it considers, in good faith would most likely promote the success of the Group, for the benefit of its members as a whole. In doing so the directors shall take into consideration (amongst other matters):

 

 

 

Key business decisions

 

In the face of rising energy costs the decision was taken to put in place mitigating measures. Key amongst these was significant investment in a battery storage system enabling the group to store energy from a variety of sources and utilise it when needed. This supports the group’s intention for reducing its overall carbon footprint and aligns it with the UK’s wider aims of becoming a net zero economy.

 

Employees

 

The group’s key focus is employee health and well-being, employee development, pay and benefits. The strength of our business is built on the hard work and dedication of our employees. We offer training opportunities and encourage employee participation in our toolbox talks and internal brainstorming sessions.

 

Customers

 

The success of the business is built on the skills and expertise of our employees. Their ability to identify, source, and sort specific material for our customers is critical in maintaining both a quality service and strong relationships.

 

Suppliers

 

The directors recognise that both relationships with and appropriate vetting of material suppliers are important to the group’s success. We seek to balance the benefit of maintaining good working relationships with the need to ensure that industry specific licences and regulations are adhered to.

 

Communities and environment

 

The directors recognise the group’s impact on its local community within which it is a significant employer, and its responsibility to the environment. The group’s objective is to reduce its carbon footprint with the use of renewable fuels and has already made progress in this area with the development of bio-mass and solar powered energy solutions.

 

Government and regulations

 

Key areas of focus are compliance with specific industry laws and regulations and health and safety. The directors are updated on legal and regulatory developments and takes these into account when considering future actions.

RONALD HULL JNR. LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

Culture and values

 

The directors seek to maintain a reputation within its industry for high standards of business conduct. We believe these are the ethics for securing long term growth. This is determined by a clear appreciation of our responsibilities and obligations. Lawful conduct, fair competition and adherence to the industry’s specific regulatory environment are integral to the group’s business activities.

On behalf of the board

R Hull Jnr
Director
18 July 2025
RONALD HULL JNR. LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Principal activities

The principal activity of the company continued to be that of metal merchants, waste recycling, confidential destruction and the manufacture of aluminium ingots.

 

For other group activities see note 16.

Results and dividends

The results for the year are set out on page 10.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

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

R Hull Jnr
V J Hull
M R Hull
D J Hull
N P Hull
Research and development

The group engages in research and development activities with the main activities being process improvement.

Auditor

The auditor, BHP LLP, is deemed reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report
2025
2024
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
18,123,268
20,839,666
RONALD HULL JNR. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 5 -
2025
2024
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
1,759.00
1,609.00
- Fuel consumed for owned transport
1,459.00
2,014.00
3,218.00
3,623.00
Scope 2 - indirect emissions
- Electricity purchased
776.00
828.00
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
915.00
1,042.00
Total gross emissions
4,909.00
5,493.00
Intensity ratio
Tonnes of CO2e per £M turnover
124.52
138.02
Quantification and reporting methodology

The GHG emissions have been assessed following the ISO 14064-1:2018 standard and has used the 2022 emission conversion factors published by Department for Environment, Food and Rural Affairs (Defra) and the Department for Business, Energy & Industrial Strategy (BEIS). The assessment follows the dual reporting approach for assessing Scope 2 emissions from electricity usage. The operational control approach has been used.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per £M turnover, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The group continues to look into energy efficiency where there is a direct contribution to bottom line profitability. These include investigating alternative fuel sources such as HVO and bio - diesel to power vehicles (HGV's) with the largest emissions.

 

There are also plans to install solar panels at our Fragmentiser facility in Sheffield to make the site more energy and cost efficient.

RONALD HULL JNR. LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 6 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments, financial instruments and engagement with suppliers and customers.

Statement of disclosure to auditor

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

On behalf of the board
R Hull Jnr
Director
18 July 2025
RONALD HULL JNR. LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RONALD HULL JNR. LIMITED
- 7 -
Opinion

We have audited the financial statements of Ronald Hull Jnr. Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

RONALD HULL JNR. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RONALD HULL JNR. LIMITED
- 8 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

 

RONALD HULL JNR. LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RONALD HULL JNR. LIMITED
- 9 -

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

 

 

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

 

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

 

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 is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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.

Use of our report

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.

Terri Pierpoint (Senior Statutory Auditor)
For and on behalf of BHP LLP, Statutory Auditor
Chartered Accountants
Albert Works
Sidney Street
Sheffield
S1 4RG
11 August 2025
RONALD HULL JNR. LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 10 -
Year
Period
ended
ended
31 January
31 January
2025
2024
Notes
£
£
Turnover
3
39,422,053
38,041,307
Cost of sales
(24,426,089)
(23,456,516)
Gross profit
14,995,964
14,584,791
Administrative expenses
(15,421,260)
(14,215,285)
Other operating income
213,077
167,592
Operating (loss)/profit
4
(212,219)
537,098
Interest receivable and similar income
8
735,949
629,649
Interest payable and similar expenses
9
(164,402)
(137,017)
Profit before taxation
359,328
1,029,730
Tax on profit
11
(1,500)
(287,920)
Profit for the financial year
357,828
741,810
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RONALD HULL JNR. LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 11 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
19,500
22,500
Other intangible assets
12
679
905
Total intangible assets
20,179
23,405
Tangible assets
14
19,433,448
20,527,661
Investment property
13
775,000
775,000
20,228,627
21,326,066
Current assets
Stocks
17
8,869,688
7,405,713
Debtors
18
5,594,192
7,356,951
Cash at bank and in hand
13,050,775
11,913,239
27,514,655
26,675,903
Creditors: amounts falling due within one year
19
(3,727,040)
(6,508,722)
Net current assets
23,787,615
20,167,181
Total assets less current liabilities
44,016,242
41,493,247
Creditors: amounts falling due after more than one year
20
(2,206,667)
-
Provisions for liabilities
Deferred tax liability
23
2,916,000
2,957,500
(2,916,000)
(2,957,500)
Net assets
38,893,575
38,535,747
Capital and reserves
Called up share capital
25
50,000
50,000
Profit and loss reserves
38,843,575
38,485,747
Total equity
38,893,575
38,535,747
The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
R Hull Jnr
Director
Company registration number 01278500 (England and Wales)
RONALD HULL JNR. LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 12 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
19,500
22,500
Tangible assets
14
18,508,211
19,523,382
Investment property
13
775,000
775,000
Investments
15
70,179
70,179
19,372,890
20,391,061
Current assets
Stocks
17
8,869,688
7,405,713
Debtors
18
5,141,918
6,896,895
Cash at bank and in hand
11,283,417
11,238,201
25,295,023
25,540,809
Creditors: amounts falling due within one year
19
(3,299,847)
(6,517,549)
Net current assets
21,995,176
19,023,260
Total assets less current liabilities
41,368,066
39,414,321
Creditors: amounts falling due after more than one year
20
(2,206,667)
-
Provisions for liabilities
Deferred tax liability
23
2,798,000
2,855,000
(2,798,000)
(2,855,000)
Net assets
36,363,399
36,559,321
Capital and reserves
Called up share capital
25
50,000
50,000
Profit and loss reserves
36,313,399
36,509,321
Total equity
36,363,399
36,559,321

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £195,922 (2024 - £1,566,010 profit).

The financial statements were approved by the board of directors and authorised for issue on 18 July 2025 and are signed on its behalf by:
18 July 2025
R Hull Jnr
Director
Company registration number 01278500 (England and Wales)
RONALD HULL JNR. LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
50,000
37,748,937
37,798,937
Period ended 31 January 2024:
Profit and total comprehensive income
-
741,810
741,810
Dividends
10
-
(5,000)
(5,000)
Balance at 31 January 2024
50,000
38,485,747
38,535,747
Year ended 31 January 2025:
Profit and total comprehensive income
-
357,828
357,828
Balance at 31 January 2025
50,000
38,843,575
38,893,575
RONALD HULL JNR. LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
50,000
34,948,311
34,998,311
Period ended 31 January 2024:
Profit and total comprehensive income for the period
-
1,566,010
1,566,010
Dividends
10
-
(5,000)
(5,000)
Balance at 31 January 2024
50,000
36,509,321
36,559,321
Year ended 31 January 2025:
Profit and total comprehensive income
-
(195,922)
(195,922)
Balance at 31 January 2025
50,000
36,313,399
36,363,399
RONALD HULL JNR. LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 15 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
2,173,994
(4,191,411)
Interest paid
(164,402)
(137,017)
Income taxes paid
(3,650)
(137,393)
Net cash inflow/(outflow) from operating activities
2,005,942
(4,465,821)
Investing activities
Purchase of tangible fixed assets
(1,927,716)
(2,989,619)
Proceeds from disposal of tangible fixed assets
476,569
1,573,383
Interest received
735,949
629,649
Net cash used in investing activities
(715,198)
(786,587)
Financing activities
Payment of finance leases obligations
(153,208)
(9,488)
Dividends paid to equity shareholders
-
0
(5,000)
Net cash used in financing activities
(153,208)
(14,488)
Net increase/(decrease) in cash and cash equivalents
1,137,536
(5,266,896)
Cash and cash equivalents at beginning of year
11,913,239
17,180,135
Cash and cash equivalents at end of year
13,050,775
11,913,239
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 16 -
1
Accounting policies
Company information

Ronald Hull Jnr. Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Mangham Works, Mangham Road, Parkgate, Rotherham, S62 6EF.

 

The group consists of Ronald Hull Jnr. Limited and all of its subsidiaries as detailed in note 16.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

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

 

1.2
Basis of consolidation

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -

The consolidated financial statements incorporate those of Ronald Hull Jnr. Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.4
Reporting period

In the prior year the parent company and its subsidiary shortened the accounting period. The financial statements were prepared for a 10 month period ending 31 January 2024. Accordingly, the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.

1.5
Turnover

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

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

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred.

1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
1.8
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
25% reducing balance
1.9
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
2% reducing balance
Leasehold improvements
2% straight line
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.10
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as the reporting end date.

1.11
Fixed asset investments

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

 

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

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

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -
1.12
Impairment of fixed assets

At each reporting period end date, the group 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.13
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.14
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months.

1.15
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 20 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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. 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.

Derecognition of financial liabilities

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

1.16
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 21 -
1.17
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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.18
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.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible assets

The charge in respect of depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of the group's assets may vary depending on several factors such as, technological innovation, maintenance programmes and future market conditions. They are determined by management at the time the asset is acquired and reviewed annually for appropriateness. 

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Metal merchants and waste management
35,320,675
35,847,011
Demolition and excavation contractors
4,101,378
2,194,296
39,422,053
38,041,307
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
34,383,634
36,809,513
Rest of Europe
290,607
31,409
Rest of the World
4,747,812
1,200,385
39,422,053
38,041,307
2025
2024
£
£
Other revenue
Interest income
735,949
629,649
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 23 -
4
Operating (loss)/profit
2025
2024
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
2,755,267
2,246,495
Depreciation of tangible fixed assets held under finance leases
19,905
6,235
Profit on disposal of tangible fixed assets
(124,812)
(374,329)
Amortisation of intangible assets
3,226
2,738
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor :
£
£
For audit services
Audit of the financial statements of the group and company
24,200
23,050
Audit of the financial statements of the company's subsidiaries
14,100
13,430
38,300
36,480
For other services
Taxation compliance services
11,655
11,100
Other taxation services
48,430
10,816
60,085
21,916
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Production
129
133
110
113
Administration
33
33
28
28
Management
10
10
6
6
Total
172
176
144
147
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
6,777,262
5,525,207
5,297,582
4,208,614
Social security costs
718,256
582,508
584,666
452,065
Pension costs
398,189
263,364
371,203
238,235
7,893,707
6,371,079
6,253,451
4,898,914
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
806,999
722,707
Company pension contributions to defined contribution schemes
90,000
-
896,999
722,707

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
290,350
369,171
Company pension contributions to defined contribution schemes
10,000
-
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
735,949
629,333
Other interest income
-
316
Total income
735,949
629,649
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 25 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on other loans
144,287
136,725
Interest on finance leases and hire purchase contracts
50
195
Other interest
20,065
97
Total finance costs
164,402
137,017
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
-
5,000
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
43,000
-
0
Adjustments in respect of prior periods
-
0
(31,580)
Total current tax
43,000
(31,580)
Deferred tax
Origination and reversal of timing differences
(41,500)
319,500
Total tax charge
1,500
287,920
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
11
Taxation
2025
2024
£
£
(Continued)
- 26 -

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:

2025
2024
£
£
Profit before taxation
359,328
1,029,730
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
89,832
257,433
Tax effect of expenses that are not deductible in determining taxable profit
10,108
4,420
Tax effect of income not taxable in determining taxable profit
-
0
(42)
Tax effect of utilisation of tax losses not previously recognised
-
0
53,436
Change in unrecognised deferred tax assets
(588)
123
Adjustments in respect of prior years
-
0
(31,580)
Permanent capital allowances in excess of depreciation
16,398
-
0
Research and development tax credit
(114,250)
-
0
Other non-reversing timing differences
-
0
(2)
Effect of change in deferred tax rates
-
0
(55,722)
Other tax adjustments, reliefs and transfers
-
0
(5,087)
Chargeable gains/(losses)
-
0
64,941
Taxation charge
1,500
287,920
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 27 -
12
Intangible fixed assets
Group
Goodwill
Computer software
Total
£
£
£
Cost
At 1 February 2024 and 31 January 2025
30,000
35,653
65,653
Amortisation and impairment
At 1 February 2024
7,500
34,748
42,248
Amortisation charged for the year
3,000
226
3,226
At 31 January 2025
10,500
34,974
45,474
Carrying amount
At 31 January 2025
19,500
679
20,179
At 31 January 2024
22,500
905
23,405
Company
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
30,000
Amortisation and impairment
At 1 February 2024
7,500
Amortisation charged for the year
3,000
At 31 January 2025
10,500
Carrying amount
At 31 January 2025
19,500
At 31 January 2024
22,500
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 February 2024 and 31 January 2025
775,000
775,000

Investment property comprises land and buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 January 2013 by Burgess Commercial 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.

The directors performed a valuation of the investment property at 31 January 2025 and determined that there has been no material change to the market value of the property in the current year.

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 28 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2024
9,969,046
355,035
25,146,213
222,930
3,937,100
39,630,324
Additions
9,422
-
0
1,156,492
2,360
864,442
2,032,716
Disposals
(37,628)
-
0
(1,215,780)
-
0
(478,385)
(1,731,793)
At 31 January 2025
9,940,840
355,035
25,086,925
225,290
4,323,157
39,931,247
Depreciation and impairment
At 1 February 2024
1,048,588
123,781
15,781,910
202,217
1,946,167
19,102,663
Depreciation charged in the year
104,848
-
0
2,180,762
5,160
484,402
2,775,172
Eliminated in respect of disposals
(725)
-
0
(1,037,156)
-
0
(342,155)
(1,380,036)
At 31 January 2025
1,152,711
123,781
16,925,516
207,377
2,088,414
20,497,799
Carrying amount
At 31 January 2025
8,788,129
231,254
8,161,409
17,913
2,234,743
19,433,448
At 31 January 2024
8,920,458
231,254
9,364,303
20,713
1,990,933
20,527,661
Company
Freehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2024
9,935,026
355,035
22,643,398
122,527
3,127,597
36,183,583
Additions
9,422
-
0
1,033,719
-
0
765,566
1,808,707
Disposals
(37,628)
-
0
(1,215,780)
-
0
(287,546)
(1,540,954)
At 31 January 2025
9,906,820
355,035
22,461,337
122,527
3,605,617
36,451,336
Depreciation and impairment
At 1 February 2024
1,048,588
123,781
13,894,237
109,657
1,483,938
16,660,201
Depreciation charged in the year
104,848
-
0
2,017,118
2,869
394,631
2,519,466
Eliminated in respect of disposals
(725)
-
0
(1,037,156)
-
0
(198,661)
(1,236,542)
At 31 January 2025
1,152,711
123,781
14,874,199
112,526
1,679,908
17,943,125
Carrying amount
At 31 January 2025
8,754,109
231,254
7,587,138
10,001
1,925,709
18,508,211
At 31 January 2024
8,886,438
231,254
8,749,161
12,870
1,643,659
19,523,382
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
14
Tangible fixed assets
(Continued)
- 29 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2025
2024
2025
2024
£
£
£
£
Plant and equipment
85,095
120,265
85,095
-
0
15
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
70,179
70,179
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 31 January 2025
70,179
Carrying amount
At 31 January 2025
70,179
At 31 January 2024
70,179
16
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Arrowzone Limited
Mangham Works, Mangham Road Parkgate, Rotherham, S62 6EF
Dormant
Ordinary
100.00
Meadowhall Landfill Limited
Same as above
Dormant
Ordinary
100.00
RHJ Developments Limited
Same as above
Dormant
Ordinary
100.00
Ron Hull Demolition Limited
Same as above
Demolition and excavation contractors
Ordinary
99.00
17
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
8,869,688
7,405,713
8,869,688
7,405,713
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 30 -
18
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,684,296
4,393,461
1,438,932
4,016,326
Corporation tax recoverable
40,611
40,611
40,611
40,611
Other debtors
3,385,129
2,480,049
3,223,067
2,472,098
Prepayments and accrued income
484,156
442,830
439,308
367,860
5,594,192
7,356,951
5,141,918
6,896,895
19
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
22
40,000
94,875
40,000
-
0
Other borrowings
21
6,088
6,088
6,088
6,088
Trade creditors
2,224,508
2,625,238
1,821,015
2,504,969
Amounts owed to group undertakings
-
0
-
0
336,228
517,061
Corporation tax payable
43,100
3,750
-
0
-
0
Other taxation and social security
259,233
146,981
110,129
109,215
Other creditors
339,604
2,988,216
333,537
2,967,430
Accruals and deferred income
814,507
643,574
652,850
412,786
3,727,040
6,508,722
3,299,847
6,517,549
20
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
22
6,667
-
0
6,667
-
0
Other borrowings
21
2,200,000
-
0
2,200,000
-
0
2,206,667
-
2,206,667
-
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 31 -
21
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Preference shares
2,200,000
-
0
2,200,000
-
0
Other loans
6,088
6,088
6,088
6,088
2,206,088
6,088
2,206,088
6,088
Payable within one year
6,088
6,088
6,088
6,088
Payable after one year
2,200,000
-
0
2,200,000
-
0
22
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
46,667
94,875
46,667
-
0

Finance lease obligations are secured on the assets to which they relate. Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. The average lease term is 12 months. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
2,442,000
2,483,000
Short term timing differences
(5,000)
(4,500)
Capital gains rolled forward
479,000
479,000
2,916,000
2,957,500
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
23
Deferred taxation
(Continued)
- 32 -
Liabilities
Liabilities
2025
2024
Company
£
£
Accelerated capital allowances
2,323,000
2,380,000
Short term timing differences
(4,000)
(4,000)
Capital gains rolled forward
479,000
479,000
2,798,000
2,855,000
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 February 2024
2,957,500
2,855,000
Credit to profit or loss
(41,500)
(57,000)
Liability at 31 January 2025
2,916,000
2,798,000

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

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
398,189
263,364

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

Accrued pension contributions at the year end in respect of defined contribution schemes amounted to £9,519 (2024: £9,417)

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
25
Share capital
(Continued)
- 33 -
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
2,200,000
-
2,200,000
-
Preference shares classified as liabilities
2,200,000
-
26
Related party transactions

The group entered into transactions with other business interests of Mr R Hull Jnr, a director. A summary of these transactions are set out below:

 

Fitzwilliam Hotel Limited

 

Fitzwilliam Arms Hotel was previously a sole trader business of Ron Hull, during the year the business incorporated and is now Fitzwilliam Hotel Limited.

 

During the year the group made sales of £68,155 (2024: £7,779) to the Fitzwilliam Hotel Limited and purchases of £2,725 (2024: £658). During the year there was a management charge of £Nil (2024: £60,000) to the Fitzwilliam Hotel Limited. At the year end the balance owed from Fitzwilliam Hotel Limited was £2,760 (2024: £60,736) and is included in trade debtors. A balance of £680 (2024: £Nil) was owed to the Fitzwilliam Hotel Limited and is included in trade creditors at the year end.

 

Ron Hull & Sons Farm

 

During the year the group made sales of £746,273 (2024: £610,681) to Ron Hull & Sons Farm and purchases of £100,996 (2024: £84,362). During the year there was a management charge of £120,000 (2024: £60,000) to R Hull & Sons Farm. At the year end the balance owed from Ron Hull & Sons Farm was £188,655 (2024: £125,613) and is included in trade debtors. A balance of £10,000 (2024: £10,000) was also owed to Ron Hull & Sons Farm and is included in trade creditors at the year end.

 

Ron Hull Estates Limited

 

During the year the group made sales of £22,226 (2024: £Nil) to Ron Hull Estates Limited. At the year end the balance owed from Ron Hull Estates Limited was £2,397 (2024: £Nil) and is included in trade debtors.

 

Amounts loaned to Ron Hull Estates Limited remain outstanding. At the year end the amount outstanding was £2,350,000 (2024: £2,350,000) and is included within other creditors.

 

RONALD HULL JNR. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 34 -
27
Cash generated from/(absorbed by) group operations
2025
2024
£
£
Profit after taxation
357,828
741,810
Adjustments for:
Taxation charged
1,500
287,920
Finance costs
164,402
137,017
Investment income
(735,949)
(629,649)
Gain on disposal of tangible fixed assets
(124,812)
(374,329)
Amortisation and impairment of intangible assets
3,226
2,738
Depreciation and impairment of tangible fixed assets
2,775,172
2,252,730
Movements in working capital:
Increase in stocks
(1,463,975)
(395,312)
Decrease/(increase) in debtors
1,762,759
(1,636,810)
Decrease in creditors
(566,157)
(4,577,526)
Cash generated from/(absorbed by) operations
2,173,994
(4,191,411)
28
Analysis of changes in net funds - group
1 February 2024
Cash flows
New finance leases
Other non-cash changes
31 January 2025
£
£
£
£
£
Cash at bank and in hand
11,913,239
1,137,536
-
-
13,050,775
Borrowings excluding overdrafts
(6,088)
-
-
(2,200,000)
(2,206,088)
Obligations under finance leases
(94,875)
153,208
(105,000)
-
(46,667)
11,812,276
1,290,744
(105,000)
(2,200,000)
10,798,020
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