Registration number:
Hindle Gears Holdings Limited
for the Year Ended 30 November 2024
Hindle Gears Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Hindle Gears Holdings Limited
Company Information
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Directors |
Mr Peter Roy Bingham Mr David Hindle Mr Richard John Hindle |
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Registered office |
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Accountants |
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Auditors |
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Hindle Gears Holdings Limited
Strategic Report for the Year Ended 30 November 2024
The directors present their strategic report for the year ended 30 November 2024.
Principal activity
The principal activity of the group is general engineers, gearbox specialists, gearbox manufacturers and specialist subcontractors. Hindle Gears Holdings Limited provides management services to the group.
Fair review of the business
During the previous financial year the directors implemented programmes to improve efficiency and cost cutting and these have resulted in a profit before tax of £1,372,238.
The directors are hopeful that these programmes, along with customer gains, will yield further improvements.
The directors believe that the group enjoys a good reputation within the sectors it operates.
The group takes its environmental and pollution responsibilities seriously and is continually working to reduce its energy usage.
Thr group works very hard to provide customers ever demanding needs in these difficult times with our sales in the UK, Europe and the rest of the world increasing over thye previous year. We see this continuing for the forseeable future but still face challenges with materials, shipping and staffing levels on a day to day basis.
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
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Turnover |
£ |
12,523,890 |
12,334,315 |
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Gross Profit |
£ |
2,373,654 |
2,102,861 |
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Profit before tax |
£ |
1,372,237 |
1,145,413 |
Principal risks and uncertainties
The group's manufacturing facility is based in the UK. The group manages the risks to the business and insures against risk wherever it is sensible and cost effective to do so.
Some of the group's activities operate in very competitive markets. In addition the group invest significant resources in monitoring costs and managing the potential threats from low cost economies.
The group works very hard to provide customers with ever demanding needs in these difficult times with
Approved and authorised by the
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Hindle Gears Holdings Limited
Directors' Report for the Year Ended 30 November 2024
The directors present their report and the for the year ended 30 November 2024.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The directors continue to implement efficiency and cost cutting programmes within the group and drive down energy usage in production.The objectives currently in place are to increase turnover by increasing the customer base of the group and increasing sales to the existing customer base, and to keep purchase costs as low as possible to maintain gross margins.
Price risk, credit risk, liquidity risk and cash flow risk
The group's principal financial instruments comprise trade debtors, trade creditors, bank loans and hire and lease purchase agreements. The main purpose of these instruments is to raise funds for the and finance the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk.
Trade debtors, credit and cash flow risks are managed by policies concerning the credit offered to customers and the monitoring of amounts outstanding in terms of time and credit limits.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Duncan & Toplis Audit Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Hindle Gears Holdings Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities 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 the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Hindle Gears Holdings Limited
Independent Auditor's Report to the Members of Hindle Gears Holdings Limited
Opinion
We have audited the financial statements of Hindle Gears Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of 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 group's and the parent company's affairs as at 30 November 2024 and of the group's 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. |
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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.
Other matters
The previous year's financial statements were not audited as the company was entitled to exemption under section 477 of the Companies Act 2006. Accordingly, the comparatives to the current year's financial statements are not audited.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
Hindle Gears Holdings Limited
Independent Auditor's Report to the Members of Hindle Gears Holdings Limited
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 Statement of Directors' Responsibilities [set out on page 4], 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Hindle Gears Holdings Limited
Independent Auditor's Report to the Members of Hindle Gears Holdings Limited
We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.
The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws and regulations as part of our financial statements audit. This included the identification and testing of unusual material journal entries and challenging management on key areas of uncertainty being the estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies.
Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations, Employment law and Environmental regulations. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statements items.
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Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
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For and on behalf of
Newark
Nottinghamshire
NG24 1TW
Hindle Gears Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 30 November 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Operating profit |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
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(28,955) |
15,466 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
Hindle Gears Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Total comprehensive income attributable to: |
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Owners of the company |
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Hindle Gears Holdings Limited
(Registration number: 09881509)
Consolidated Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed 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 |
10,000 |
10,000 |
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Retained earnings |
4,682,300 |
3,862,440 |
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Equity attributable to owners of the company |
4,692,300 |
3,872,440 |
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Shareholders' funds |
4,692,300 |
3,872,440 |
Approved and authorised by the
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Hindle Gears Holdings Limited
(Registration number: 09881509)
Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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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 liabilities |
( |
( |
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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 |
10,000 |
10,000 |
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Retained earnings |
354,281 |
336,466 |
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Shareholders' funds |
364,281 |
346,466 |
The company made a profit after tax for the financial year of £17,815 (2023 - profit of £103,815).
Approved and authorised by the
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Hindle Gears Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 November 2024
Equity attributable to the parent company
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Share capital |
Retained earnings |
Total |
Total equity |
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At 1 December 2023 |
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Profit for the year |
- |
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At 30 November 2024 |
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Share capital |
Retained earnings |
Total |
Total equity |
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At 1 December 2022 |
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Profit for the year |
- |
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At 30 November 2023 |
10,000 |
3,862,440 |
3,872,440 |
3,872,440 |
Hindle Gears Holdings Limited
Statement of Changes in Equity for the Year Ended 30 November 2024
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Share capital |
Retained earnings |
Total |
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At 1 December 2023 |
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Profit for the year |
- |
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At 30 November 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 December 2022 |
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Profit for the year |
- |
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At 30 November 2023 |
10,000 |
336,466 |
346,466 |
Hindle Gears Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 30 November 2024
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Note |
2024 |
2023 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Loss on disposal of tangible assets |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
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Decrease/(increase) in stocks |
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( |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
|
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
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Cash flows from investing activities |
|||
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Interest received |
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Proceeds from bank borrowing draw downs |
( |
|
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Net cash flows from financing activities |
( |
|
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Net increase/(decrease) in cash and cash equivalents |
|
( |
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Cash and cash equivalents at 1 December |
( |
( |
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Cash and cash equivalents at 30 November |
963,067 |
(232,908) |
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Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland 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 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 £.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2024.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
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 forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.
The group 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 group's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 income 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 group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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.
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
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, other than land and properties under construction over their estimated useful lives, as follows:
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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:
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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 group 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.
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
Judgements
Stock provisioning |
The group is that of general engineers, engine component remanufacturers, distributors of engineering products and manufacturer of industrial products. As a result, it is necessary to consider the recoverability of the cost and associated provision required. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated usability and saleability of finished goods. |
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
The analysis of the group's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Loss on disposal of property, plant and equipment |
|
|
|
Foreign exchange gains/losses |
3,928 |
(52,077) |
|
Auditor's remuneration - The audit of the company's annual accounts |
13,450 |
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
- |
|
|
Foreign exchange gains/(losses) |
|
( |
|
|
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
Group |
Group |
Company |
Company |
|
|
Wages and salaries |
|
|
- |
- |
|
Social security costs |
|
|
- |
- |
|
Pension costs, defined contribution scheme |
|
|
- |
- |
|
|
|
- |
- |
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
Group |
Group |
Company |
Company |
|
|
Production |
|
|
- |
- |
|
Administration and support |
|
|
- |
- |
|
|
|
- |
- |
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
42,544 |
36,476 |
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
13,450 |
- |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
8,450 |
- |
|
|
- |
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
( |
( |
|
Decrease from effect of different UK tax rates on some earnings |
- |
( |
|
Tax increase from other short-term timing differences |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised tax loss or credit |
|
|
|
Total tax charge |
|
|
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated Capital Allowances |
- |
|
|
Provisions |
|
- |
|
|
|
|
2023 |
Asset |
Liability |
|
Accelerated Capital Allowances |
- |
|
|
Provisions |
|
- |
|
|
|
Company
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated Capital Allowances |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated Capital Allowances |
- |
|
|
- |
|
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2023 |
|
|
|
At 30 November 2024 |
|
|
|
Amortisation |
||
|
At 1 December 2023 |
|
|
|
At 30 November 2024 |
|
|
|
Carrying amount |
||
|
At 30 November 2024 |
- |
- |
|
Tangible assets |
Group
|
Plant and machinery |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2023 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
|
At 30 November 2024 |
|
|
|
Depreciation |
||
|
At 1 December 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 30 November 2024 |
|
|
|
Carrying amount |
||
|
At 30 November 2024 |
|
|
|
At 30 November 2023 |
|
|
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
Company
|
Plant and machinery |
Total |
|
|
Cost or valuation |
||
|
At 1 December 2023 |
|
|
|
Additions |
|
|
|
Disposals |
( |
( |
|
At 30 November 2024 |
|
|
|
Depreciation |
||
|
At 1 December 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
( |
|
At 30 November 2024 |
|
|
|
Carrying amount |
||
|
At 30 November 2024 |
|
|
|
At 30 November 2023 |
|
|
|
Investments |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 December 2023 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 November 2024 |
|
|
At 30 November 2023 |
|
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
UK |
|
|
|
|
Subsidiary undertakings |
|
Hindle Gears Limited The principal activity of Hindle Gears Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Work in progress |
|
|
- |
- |
|
Finished goods and goods for resale |
|
|
- |
- |
|
Stock provision |
(219,979) |
(181,626) |
- |
- |
|
|
|
- |
- |
|
Group
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
|
|
- |
|
|
|
Other debtors |
|
|
- |
|
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
- |
|
||
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to related parties |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
|
- |
|
|
Other payables |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Income tax liability |
331,137 |
70,318 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
Bank loans are secured against the assets of the group.
Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 December 2023 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 November 2024 |
|
|
|
|
||
Deferred tax assets and liabilities are offset where the group has a legally enforceable right to do so. The above analysis shows the deferred tax balances (after offset) for financial reporting purposes.
Company
|
Deferred tax |
Total |
|
|
At 1 December 2023 |
|
|
|
Additional provisions |
|
|
|
At 30 November 2024 |
|
|
|
|
||
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The above analysis shows the deferred tax balances (after offset) for financial reporting purposes.
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
4,000 |
|
4,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
2,000 |
|
2,000 |
|
|
|
|
|
|
|
Reserves |
Group
|
£ |
|
|
As at 1 December 2023 |
3,862,440 |
|
Profit for the period |
819,860 |
|
As at 30 November 2024 |
4,682,300 |
Company
|
£ |
||
|
As at 1 December 2023 |
336,466 |
|
|
Profit for the period |
17,815 |
|
|
As at 30 November 2024 |
354,281 |
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Bank overdrafts |
|
|
- |
- |
|
|
|
|
|
|
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Hindle Gears Holdings Limited
Notes to the Financial Statements for the Year Ended 30 November 2024
|
Related party transactions |
Group
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Subsidiary |
Other related parties |
|
Purchase of goods |
- |
|
|
Rendering of services |
|
- |
|
|
|
|
|
Amounts payable to related party |
- |
|
|
|
||
|
2023 |
Subsidiary |
Other related parties |
|
Purchase of goods |
- |
|
|
Rendering of services |
|
- |
|
|
|
|
|
Amounts payable to related party |
- |
|
|
|
||
|
Controlling Party |
These financial statements are available upon request from Hapco Works, Caledonia Street, Bradford, BD5 0EL
The company is controlled by the directors