Registration number:
Hickleys Limited
for the Year Ended 31 December 2024
Hickleys 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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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Hickleys Limited
Company Information
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Directors |
Mr D R G Meikle Mr D E Henderson Mr R N Huish |
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Registered office |
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Auditors |
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Hickleys Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is related to the motor industry and the distribution of healthcare products.
Fair review of the business
2025 marks a momentous milestone for the company as we celebrate our 100th year in business. This centenary is not only a testament to the company’s resilience, adaptability and innovation but also a powerful reminder of our deep-rooted commitment to our customers, partners and our people.
Over the past year we have navigated economic uncertainty and rising operational costs with diligence and agility. Our strong performance demonstrates the success of our long-term strategic investments and a culture that balances tradition with forward-thinking innovation.
Business Structure Review
During the year, the directors undertook a strategic review of the Group’s operations. As a result, it was decided to restructure the business into three separate trading companies, each dedicated to a distinct area of our activities. This change was implemented to enhance strategic focus, improve operational efficiency, and provide greater clarity when assessing the performance of each business unit.
The three new trading entities are:
• Hickleys Garage Equipment & Diagnostics (trading as Hickleys Ltd) – serving our garage equipment supply, installation, and diagnostic equipment supply and services markets.
• Hickleys Workshop (trading as Hickleys Technical Workshops Ltd and established in August 2024) – focusing on our vehicle servicing, repairs, and related workshop activities.
• Hickleys Healthcare (trading as Hickleys Healthcare Ltd and established 1 January 2025) – delivering our range of healthcare equipment and services.
This structure enables each business to operate with clear objectives, dedicated management, and tailored strategies, while allowing the Group to measure performance and allocate resources more effectively.
Business Performance Highlights
Diagnostic Division - Our reputation as a trusted national supplier continues to strengthen despite growing competition from lower-priced products. Our policy is to offer our customers high-quality products which exhibit technical excellence and proven reliability.
Garage Equipment - The rapid expansion of this division over the past few years continues. We have an ongoing policy of engineer recruitment and have put in place a comprehensive training programme. Our installation, calibration and repair services now cover the whole of the UK. The division is robust and profitable.
Digital Innovation
We have continued investing in platforms that improve efficiency including a new accounting software system and enhancements to our customer relationship management systems.
Hickleys Limited
Strategic Report for the Year Ended 31 December 2024
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
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Revenue |
£ |
11,271,765 |
10,851,745 |
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Net profit after tax |
£ |
833,121 |
579,288 |
We remain in a strong financial position with solid cash reserves, a prudent approach to debt and sustained profitability.
Hickleys is very proud of its legacy – a century of innovation, service and integrity. Yet we are not defined by our past. With a talented team, loyal customer base and bold strategy for the future, we are poised for success in our second century.
On behalf of the Board, I thank all our employees, customers and partners for their support and commitment.
Principal risks and uncertainties
The company is not subject to risks other than the normal business risks.
Approved and authorised by the
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Hickleys Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Dividends
The directors recommend a final dividend payment of £Nil be made in respect of the financial period ended 31 December 2024 (2023 - £Nil).
Financial instruments
Objectives and policies
The directors plan to concentrate on expanding market share within key growth areas whilst maintaining profitability in mature markets.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the company is exposed to price risk as a result of its operations. Fluctuations in commodity prices are low risk due to the nature of the products sold. The company does not hold equities or securities.
Credit risk - the company has procedures to check new customers and monitors existing customers. Procedures are in place to regularly review credit levels given and minimize risk to an acceptable level.
Liquidity risk - the company has a strong balance sheet and has maintained an appropriate level of working capital to ensure the company can meet its short term liabilities as they fall due.
Interest rate cash flow risk - the company's exposure to interest rates are minimal.
Future developments
The company’s strategic plan is to continue to identify and focus on niche markets which we perceive to have a long term growth potential. We recognise that some of our existing business will naturally contract as technology changes. This has been the case for many years and our current existence and future success are due to our ability to recognise new developing markets and retreat from declining sectors.
Disclosure of information to the auditors
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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Hickleys Limited
Directors' Report for the Year Ended 31 December 2024
Approved by the
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Hickleys 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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Hickleys Limited
Independent Auditor's Report to the Members of Hickleys Limited
Qualified opinion
We have audited the financial statements of Hickleys Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion on financial statements
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.
Hickleys Limited
Independent Auditor's Report to the Members of Hickleys 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
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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
Except for the matter described in the basis for qualified opinion section of our report, 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.
Arising solely from the limitation on the scope of our work relating to inventory, referred to above:
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we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
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we were unable to determine whether adequate accounting records have been kept. |
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, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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.
Hickleys Limited
Independent Auditor's Report to the Members of Hickleys Limited
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud. |
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undertaken a review of manual journals processed in the accounting system, applying professional scepticism to ensure they are in line with our expectation that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Key audit matters
In addition to the matter described in the basis for qualified opinion section, we have determined the matters described below to the key audit matters to be communicated in our report:
The company was not required to have a statutory audit for the year ended 31 December 2023 as the company was deemed to be small in size and the members had not required the company to obtain an audit under section 476 of the Companies Act 2006. Accordingly, the corresponding figures for the year ended 31 December 2023 were unaudited.
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.
Hickleys Limited
Independent Auditor's Report to the Members of Hickleys Limited
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Hickleys Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
Continuing operations 2024 |
Discontinued operations 2024 |
Total |
Continuing operations 2023 |
Discontinued operations 2023 |
Total |
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Turnover |
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Cost of sales |
( |
( |
( |
( |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
( |
( |
( |
( |
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Other operating income |
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- |
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- |
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Operating profit |
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Other interest receivable and similar income |
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- |
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- |
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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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The company has no recognised gains or losses for the year other than the results above.
Hickleys Limited
Statement of Comprehensive Income for the Year Ended 31 December 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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Hickleys Limited
(Registration number: 06443139)
Balance Sheet as at 31 December 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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Hickleys Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 January 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
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At 31 December 2023 |
1,000 |
2,625,294 |
2,626,294 |
Hickleys Limited
Statement of Cash Flows for the Year Ended 31 December 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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Profit on disposal of tangible assets |
( |
( |
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Finance income |
( |
( |
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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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(Decrease)/increase in provisions |
( |
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(Decrease)/increase in deferred income, including government grants |
( |
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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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Dividends paid |
( |
( |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
1,580,106 |
1,299,513 |
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Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales, United Kingdom.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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Accounting policies |
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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, and rounded to the nearest £.
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.
Going concern
The company meets its day-to-day working capital requirements through its trading activity. The directors are confident that the company has sufficient cash reserves and adequate resources to continue trading for the foreseeable future. The directors are not aware of any known risks or factors which would indicate the company was at risk of being unable to meet its obligations, financial or otherwise, and accordingly continues to prepare its financial statements on a going concern basis.
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ
from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The stock provision involves significant estimation uncertainty. Management assesses inventory for impairment by considering factors such as age, condition and obsolescence. Judgement is required in estimating the extent of slow-moving or obsolete stock and this is considered to have a significant risk of causing a material adjustment to the carrying value of stock. The carrying value of stock at 31 December 2024 is £1,423,515 (2023 - £1,494,918).
The company’s depreciation policy involves significant judgement in estimating the useful economic lives and residual values of property, plant and equipment. These estimates are reviewed annually and adjusted if expectations differ from previous estimates. The carrying amount of property, plant and equipment at 31 December 2024 is £588,338 (2023 - £508,788).
The bad debt provision involves significant estimation uncertainty. Management assesses recoverability of their debts based on historical losses, customer risk profiles, and current economic conditions. Assumptions such as recovery expectations are reviewed regularly, and the provision adjusted accordingly. The carrying amount of trade debtors at 31 December 2024 is £1,111,972 (2023 - £1,578,957.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Government grants
Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction, less any estimated residual value, over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Property improvements |
Straight line over the life of the lease |
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Other property, plant and equipment |
10%-33% straight line and 16%-33% reducing balance |
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’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. Amortisation is recognised in administrative expenses in the profit and loss account in the year it is charged. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. Goodwill has been fully amortised.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
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Goodwill |
Straight line over 2-4 years |
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Other intangible assets |
Straight line over 2 years |
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.
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 company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average 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 stocks 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.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of garage and diagnostics equipment |
|
|
|
Provision of vehicle servicing and repairs |
|
|
|
Sale of healthcare and mobility products |
|
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Government grants |
|
|
|
Management charges receivable |
|
- |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Gain on disposal of tangible assets |
|
|
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Operating profit |
Arrived at after charging/(crediting):
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Foreign exchange (gains)/losses |
( |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
- |
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Redundancy costs |
- |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
|
2024 |
2023 |
|
|
Engineers and technicians |
|
|
|
Sales, administration and management |
|
|
|
Directors |
|
|
|
|
|
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
271,264 |
148,967 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
- |
|
Other fees to auditors |
||
|
All other assurance services |
|
|
|
Taxation |
Tax charged/(credited) in the income statement:
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
- |
|
|
268,501 |
137,618 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
- |
|
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax credit from unrecognised tax loss or credit |
- |
( |
|
Deferred tax credit from unrecognised temporary difference from a prior period |
- |
( |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Accelerated capital allowances |
|
|
Other short term timing differences |
( |
|
|
|
2023 |
Liability |
|
Accelerated capital allowances |
|
|
Other short term timing differences |
( |
|
|
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Intangible assets |
|
Goodwill |
Other intangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 January 2024 |
|
|
|
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
- |
- |
- |
Amortisation is recognised within administrative expenses within the profit and loss account.
The directors have estimated the goodwill to have useful economic lives of between 2-4 years.
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Property improvements |
Other property, plant and equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £4,543 (2023 - £4,996) in respect of long leasehold land and buildings.
|
Stocks |
|
2024 |
2023 |
|
|
Work in progress |
- |
|
|
Finished goods |
|
|
|
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £Nil (2023 - £49,165). The amount of reversal of impairment recognised in profit or loss is £116,273 (2023 - £Nil).
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
- |
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
268,501 |
132,779 |
|
|
Deferred income |
|
|
|
|
|
|
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Increase/(decrease) in existing provisions |
|
( |
( |
|
Increase/(decrease) from transfers and other changes |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|||
There are no unused tax losses or unused tax credits.
The deferred tax provision is not expected to reverse significantly in the next twelve months, although this is subject to estimation uncertainty.
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Authorised, allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
800 |
|
800 |
|
|
|
200 |
|
200 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Ordinary B shares have the following rights, preferences and restrictions: |
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Dividends |
Interim dividends paid
|
2024 |
2023 |
|||
|
Interim dividend of £ |
|
|
||
|
Interim dividend of £ |
|
|
||
|
|
|
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash equivalents |
1,299,513 |
280,593 |
1,580,106 |
|
|
|
|
|
|
|
|||
|
Related party transactions |
Key management personnel
Key management is considered to be the directors and senior management.
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
Loan repayable on demand upon which interest is charged at HM Revenue and Customs approved rates |
|
|
( |
|
Hickleys Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
Loan repayable on demand upon which interest is charged at HM Revenue and Customs approved rates |
|
|
( |
|
Summary of transactions with parent
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The ultimate controlling party are
|
Non adjusting events after the financial period |
|
|