REGISTERED NUMBER: 03585860 (England and Wales)

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

HPL PROTOTYPES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C J Devane

REGISTERED OFFICE:

1 Windmill Industrial Estate

Birmingham Road

Coventry

West Midlands

CV5 9QE

REGISTERED NUMBER:

03585860 (England and Wales)

FIXED ASSETS

Tangible assets

4

2,384,057

1,622,129

CURRENT ASSETS

Stocks

304,764

415,659

Debtors

5

4,500,655

2,385,864

Cash at bank and in hand

3,723,429

192

8,528,848

2,801,715

CREDITORS

Amounts falling due within one year

8,370,611

2,943,764

NET CURRENT ASSETS/(LIABILITIES)

158,237

(142,049

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,542,294

1,480,080

CREDITORS

Amounts falling due after more than one year

(909,954

)

(635,978

)

PROVISIONS FOR LIABILITIES

(285,180

)

(130,165

)

NET ASSETS

1,347,160

713,937

CAPITAL AND RESERVES

Called up share capital

300

300

Revaluation reserve

8

37,180

52,175

Retained earnings

1,309,680

661,462

1,347,160

713,937

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 September 2025 and were signed by:

C J Devane - Director

1.	STATUTORY INFORMATION

HPL Prototypes Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information.

The place of business is Windmill Industrial Estate, Birmingham Road, Coventry, West Midlands, CV5 9WE.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover comprises the value of sales (net of value added tax) of goods and services provided in the normal course of business. Revenue is recognised in respect of service contracts when the company obtains the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvements

-

over the lease term

Plant and machinery

-

15% on reducing balance

Furniture and equipment

-

15% on reducing balance and 3 years straight line

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 79 (2023 - 68 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2023

4,215,804

Additions

1,146,553

At 30 September 2024

5,362,357

DEPRECIATION

At 1 October 2023

2,593,675

Charge for year

384,625

At 30 September 2024

2,978,300

NET BOOK VALUE

At 30 September 2024

2,384,057

At 30 September 2023

1,622,129

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 October 2023

722,797

Additions

813,462

At 30 September 2024

1,536,259

DEPRECIATION

At 1 October 2023

135,467

Charge for year

148,811

At 30 September 2024

284,278

NET BOOK VALUE

At 30 September 2024

1,251,981

At 30 September 2023

587,330

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Other debtors

839,081

838,931

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

396,448

286,907

Between one and five years

883,287

569,311

1,279,735

856,218

Non-cancellable

operating leases

2024

2023

£

£

Within one year

344,206

297,342

Between one and five years

1,061,301

1,189,368

In more than five years

-

24,779

1,405,507

1,511,489

7.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

66,667

106,667

Hire purchase contracts

1,279,735

856,218

1,346,402

962,885

The loan amounts are part of a scheme that provides the lender with a full government-backed guarantee against any outstanding balance of the finance arrangement, the company still remains fully liable for the debt.

Hire purchases liabilities are secured against the assets to which they relate.

8.

RESERVES

Revaluation

reserve

£

At 1 October 2023

52,175

Revaluation of plant

(14,995

)

At 30 September 2024

37,180

9.	PENSION COMMITMENTS

Pension contributions outstanding to be paid at the year end were £11,169 (2023 - £9,721).