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Registration number: 09881509

Hindle Gears Holdings Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2024

 

Hindle Gears Holdings Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Statement of Comprehensive Income

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 29

 

Hindle Gears Holdings Limited

Company Information

Directors

Mr Peter Roy Bingham

Mr David Hindle

Mr Richard John Hindle

Registered office

Hapco Works
Caledonia Street
Bradford
West Yorkshire
BD5 0EL

Accountants

Charles Best Limited 12 Henley Close
Rawdon
Leeds
Yorkshire
LS19 6QB

Auditors

Duncan & Toplis Audit Limited 14 London Road
Newark
Nottinghamshire
NG24 1TW

 

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:

Financial KPIs

Unit

2024

2023

Turnover

£

12,523,890

12,334,315

Gross Profit

£

2,373,654

2,102,861

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 Board on 19 August 2025 and signed on its behalf by:
 

.........................................
Mr David Hindle
Director

 

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:

Mr Peter Roy Bingham

Mr David Hindle

Mr Richard John Hindle

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 Board on 19 August 2025 and signed on its behalf by:
 

.........................................
Mr David Hindle
Director

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the 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:

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

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.

 

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.

......................................
Rachel Rudkin FCCA (Senior Statutory Auditor)
For and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
 14 London Road
Newark
Nottinghamshire
NG24 1TW

19 August 2025

 

Hindle Gears Holdings Limited

Consolidated Profit and Loss Account for the Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

3

12,523,890

12,534,315

Cost of sales

 

(10,150,236)

(10,431,454)

Gross profit

 

2,373,654

2,102,861

Distribution costs

 

(8,936)

(11,787)

Administrative expenses

 

(963,526)

(961,127)

Operating profit

4

1,401,192

1,129,947

Other interest receivable and similar income

5

6,307

99

Interest payable and similar expenses

6

(35,262)

15,367

   

(28,955)

15,466

Profit before tax

 

1,372,237

1,145,413

Tax on profit

10

(552,377)

(71,569)

Profit for the financial year

 

819,860

1,073,844

Profit/(loss) attributable to:

 

Owners of the company

 

819,860

1,073,844

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

2024
£

2023
£

Profit for the year

819,860

1,073,844

Total comprehensive income for the year

819,860

1,073,844

Total comprehensive income attributable to:

Owners of the company

819,860

1,073,844

 

Hindle Gears Holdings Limited

(Registration number: 09881509)
Consolidated Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

1,461,054

1,466,328

Current assets

 

Stocks

14

3,066,795

3,375,398

Debtors

15

2,514,450

4,293,001

Cash at bank and in hand

 

963,068

32,576

 

6,544,313

7,700,975

Creditors: Amounts falling due within one year

16

(2,823,583)

(4,870,564)

Net current assets

 

3,720,730

2,830,411

Total assets less current liabilities

 

5,181,784

4,296,739

Creditors: Amounts falling due after more than one year

16

(188,074)

(341,743)

Provisions for liabilities

17

(301,410)

(82,556)

Net assets

 

4,692,300

3,872,440

Capital and reserves

 

Called up share capital

19

10,000

10,000

Retained earnings

20

4,682,300

3,862,440

Equity attributable to owners of the company

 

4,692,300

3,872,440

Shareholders' funds

 

4,692,300

3,872,440

Approved and authorised by the Board on 19 August 2025 and signed on its behalf by:
 

.........................................
Mr David Hindle
Director

 

Hindle Gears Holdings Limited

(Registration number: 09881509)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

12

1,392,350

1,408,780

Investments

13

10,000

10,000

 

1,402,350

1,418,780

Current assets

 

Debtors

15

-

544,037

Cash at bank and in hand

 

173,318

1,959

 

173,318

545,996

Creditors: Amounts falling due within one year

16

(735,376)

(1,206,947)

Net current liabilities

 

(562,058)

(660,951)

Total assets less current liabilities

 

840,292

757,829

Creditors: Amounts falling due after more than one year

16

(188,074)

(341,743)

Provisions for liabilities

17

(287,937)

(69,620)

Net assets

 

364,281

346,466

Capital and reserves

 

Called up share capital

19

10,000

10,000

Retained earnings

354,281

336,466

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 Board on 19 August 2025 and signed on its behalf by:
 

.........................................
Mr David Hindle
Director

 

Hindle Gears Holdings Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2023

10,000

3,862,440

3,872,440

3,872,440

Profit for the year

-

819,860

819,860

819,860

At 30 November 2024

10,000

4,682,300

4,692,300

4,692,300

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2022

10,000

2,788,596

2,798,596

2,798,596

Profit for the year

-

1,073,844

1,073,844

1,073,844

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

Share capital
£

Retained earnings
£

Total
£

At 1 December 2023

10,000

336,466

346,466

Profit for the year

-

17,815

17,815

At 30 November 2024

10,000

354,281

364,281

Share capital
£

Retained earnings
£

Total
£

At 1 December 2022

10,000

232,651

242,651

Profit for the year

-

103,815

103,815

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

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

819,860

1,073,844

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

236,653

189,669

Loss on disposal of tangible assets

9,517

5,094

Finance income

5

(6,307)

(99)

Finance costs

6

31,334

36,710

Income tax expense

10

552,377

71,569

 

1,643,434

1,376,787

Working capital adjustments

 

Decrease/(increase) in stocks

14

308,603

(835,974)

Decrease/(increase) in trade debtors

15

1,778,551

(1,032,466)

(Decrease)/increase in trade creditors

16

(2,032,182)

953,993

Cash generated from operations

 

1,698,406

462,340

Income taxes paid

10

(72,704)

(41,579)

Net cash flow from operating activities

 

1,625,702

420,761

Cash flows from investing activities

 

Interest received

6,307

99

Acquisitions of tangible assets

(241,644)

(971,060)

Proceeds from sale of tangible assets

 

750

-

Net cash flows from investing activities

 

(234,587)

(970,961)

Cash flows from financing activities

 

Interest paid

6

(31,334)

(36,710)

Proceeds from bank borrowing draw downs

 

(163,806)

420,663

Net cash flows from financing activities

 

(195,140)

383,953

Net increase/(decrease) in cash and cash equivalents

 

1,195,975

(166,247)

Cash and cash equivalents at 1 December

 

(232,908)

(66,661)

Cash and cash equivalents at 30 November

 

963,067

(232,908)

 

Hindle Gears Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Hapco Works
Caledonia Street
Bradford
West Yorkshire
BD5 0EL

These financial statements were authorised for issue by the Board on 19 August 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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.

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

12,523,890

12,534,315

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

12,194,284

11,840,377

Europe

166,373

483,433

Rest of world

163,233

210,505

12,523,890

12,534,315

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

236,653

189,669

Operating lease expense - plant and machinery

12,858

18,718

Loss on disposal of property, plant and equipment

9,517

5,094

Foreign exchange gains/losses

3,928

(52,077)

Auditor's remuneration - The audit of the company's annual accounts

13,450

-

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

6,303

72

Other finance income

4

27

6,307

99

 

Hindle Gears Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

31,334

35,266

Interest expense on other finance liabilities

-

1,444

Foreign exchange gains/(losses)

3,928

(52,077)

35,262

(15,367)

7

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

Group
2024
£

Group
2023
£

Company
2024
£

Company
2023
£

Wages and salaries

2,411,890

2,120,837

-

-

Social security costs

250,158

199,764

-

-

Pension costs, defined contribution scheme

77,486

68,887

-

-

2,739,534

2,389,488

-

-

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

Group
2024
No.

Group
2023
No.

Company
2024
No.

Company
2023
No.

Production

57

59

-

-

Administration and support

7

7

-

-

64

66

-

-

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

21,056

16,088

Contributions paid to money purchase schemes

21,488

20,388

42,544

36,476

 

Hindle Gears Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

9

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

-

21,900

-


 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

333,523

70,319

Deferred taxation

Arising from origination and reversal of timing differences

218,854

1,250

Tax expense in the income statement

552,377

71,569

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 25% (2023 - 25%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

1,372,237

1,145,413

Corporation tax at standard rate

343,059

286,353

Tax decrease from effect of capital allowances and depreciation

(13,998)

(211,560)

Decrease from effect of different UK tax rates on some earnings

-

(6,078)

Tax increase from other short-term timing differences

2,015

293

Effect of expense not deductible in determining taxable profit (tax loss)

2,447

1,311

Deferred tax expense from unrecognised tax loss or credit

218,854

1,250

Total tax charge

552,377

71,569

 

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

-

304,856

Provisions

3,446

-

3,446

304,856

2023

Asset
£

Liability
£

Accelerated Capital Allowances

-

83,694

Provisions

1,138

-

1,138

83,694

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated Capital Allowances

-

218,317

-

218,317

2023

Asset
£

Liability
£

Accelerated Capital Allowances

-

69,620

-

69,620

 

Hindle Gears Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

11

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

13,274

13,274

At 30 November 2024

13,274

13,274

Amortisation

At 1 December 2023

13,274

13,274

At 30 November 2024

13,274

13,274

Carrying amount

At 30 November 2024

-

-

12

Tangible assets

Group

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2023

2,304,380

2,304,380

Additions

241,644

241,644

Disposals

(30,400)

(30,400)

At 30 November 2024

2,515,624

2,515,624

Depreciation

At 1 December 2023

838,052

838,052

Charge for the year

236,651

236,651

Eliminated on disposal

(20,133)

(20,133)

At 30 November 2024

1,054,570

1,054,570

Carrying amount

At 30 November 2024

1,461,054

1,461,054

At 30 November 2023

1,466,328

1,466,328

 

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

2,128,555

2,128,555

Additions

214,220

214,220

Disposals

(30,400)

(30,400)

At 30 November 2024

2,312,375

2,312,375

Depreciation

At 1 December 2023

719,775

719,775

Charge for the year

220,383

220,383

Eliminated on disposal

(20,133)

(20,133)

At 30 November 2024

920,025

920,025

Carrying amount

At 30 November 2024

1,392,350

1,392,350

At 30 November 2023

1,408,780

1,408,780

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

10,000

10,000

Subsidiaries

£

Cost or valuation

At 1 December 2023

10,000

Provision

Carrying amount

At 30 November 2024

10,000

At 30 November 2023

10,000

 

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

Hindle Gears Limited

UK

Ordinary

100%

100%

Subsidiary undertakings

Hindle Gears Limited

The principal activity of Hindle Gears Limited is General Engineers.

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

808,149

1,100,080

-

-

Work in progress

1,360,353

1,243,414

-

-

Finished goods and goods for resale

1,118,272

1,213,530

-

-

Stock provision

(219,979)

(181,626)

-

-

3,066,795

3,375,398

-

-

Group

15

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,869,944

2,776,666

-

-

Amounts owed by related parties

23

628,457

1,483,181

-

511,672

Other debtors

 

14,625

32,365

-

32,365

Prepayments

 

1,424

789

-

-

   

2,514,450

4,293,001

-

544,037

 

Hindle Gears Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

16

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

80,403

356,023

80,402

90,539

Trade creditors

 

763,838

1,188,248

7,693

143,820

Amounts due to related parties

23

872,329

1,601,938

-

-

Social security and other taxes

 

467,507

402,850

11,663

-

Other payables

 

214,562

1,181,392

628,459

971,509

Accruals

 

93,807

69,795

7,159

1,079

Income tax liability

10

331,137

70,318

-

-

 

2,823,583

4,870,564

735,376

1,206,947

Due after one year

 

Loans and borrowings

21

188,074

341,743

188,074

341,743

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.

17

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 December 2023

82,556

82,556

Increase (decrease) in existing provisions

218,854

218,854

At 30 November 2024

301,410

301,410

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

69,620

69,620

Additional provisions

218,317

218,317

At 30 November 2024

287,937

287,937

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

18

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 £77,486 (2023 - £68,887).

19

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary Shares of £1 each

4,000

4,000

4,000

4,000

B Ordinary Shares of £1 each

2,000

2,000

2,000

2,000

C Ordinary Shares of £1 each

2,000

2,000

2,000

2,000

D Ordinary Shares of £1 each

2,000

2,000

2,000

2,000

10,000

10,000

10,000

10,000

20

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

21

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

188,074

341,743

188,074

341,743

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

80,402

90,539

80,402

90,539

Bank overdrafts

1

265,484

-

-

80,403

356,023

80,402

90,539

22

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

17,940

9,030

Later than one year and not later than five years

64,285

-

82,225

9,030

The amount of non-cancellable operating lease payments recognised as an expense during the year was £12,857 (2023 - £18,718).

 

Hindle Gears Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2024

23

Related party transactions

Group

Key management compensation

2024
£

2023
£

Salaries and other short term employee benefits

21,056

16,087

Post-employment benefits

21,488

20,388

42,544

36,475

Expenditure with and payables to related parties

2024

Subsidiary
£

Other related parties
£

Purchase of goods

-

2,852,366

Rendering of services

216,648

-

216,648

2,852,366

Amounts payable to related party

-

444,341

2023

Subsidiary
£

Other related parties
£

Purchase of goods

-

3,804,344

Rendering of services

212,640

-

212,640

3,804,344

Amounts payable to related party

-

1,796,403

24

Controlling Party

These financial statements are available upon request from Hapco Works, Caledonia Street, Bradford, BD5 0EL

 The company is controlled by the directors.