Heavymovement UK Limited

Audited Financial Statements for the Year Ended 31 December 2024

DIRECTORS:

A Vera Llinas

M T Pinol

SECRETARY:

Pennsec Limited

REGISTERED OFFICE:

125 Wood Street

London

EC2V 7AW

REGISTERED NUMBER:

12027502 (England and Wales)

AUDITORS:

ADVANTAGE ACCOUNTANCY & ADVISORY LTD

Chartered Certified Accountants & Statutory

Auditor

Avalon House

5-7 Cathedral Road

Cardiff

CF11 9HA

FIXED ASSETS

Tangible assets

4

10,098,709

1,847,446

CURRENT ASSETS

Debtors

5

4,582,755

1,045,396

Cash at bank

807,668

208,352

5,390,423

1,253,748

CREDITORS

Amounts falling due within one year

6

2,145,535

1,180,502

NET CURRENT ASSETS

3,244,888

73,246

TOTAL ASSETS LESS CURRENT
LIABILITIES

13,343,597

1,920,692

CREDITORS

Amounts falling due after more than
one year

7

(8,746,068

)

(994,981

)

PROVISIONS FOR LIABILITIES

(2,474,500

)

(136,000

)

NET ASSETS

2,123,029

789,711

CAPITAL AND RESERVES

Called up share capital

9

1,000

Retained earnings

2,122,029

788,711

SHAREHOLDERS' FUNDS

2,123,029

789,711

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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 May 2025 and were signed on its behalf by:

M T Pinol - Director

1.	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.

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" and the Companies Act 2006. The financial statements have been prepared under 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 entity.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances at the bank and cash in hand.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

Varying between 10 - 33.3% straight line

Computer equipment

-

25% straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs

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.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Distribution to equity holder and distributions receivable

Dividends and other distributions to the company's shareholder are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholder. Distributions receivable are recognised when declared. These amounts are recognised in the statement of changes in equity.

Trade and other debtors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost, less any impairment losses in the case of trade debtors.

Trade and other creditors

Trade and other creditors are recognised initially at transaction price plus attributable transaction costs. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of a similar debt instrument.

Borrowings

Interest-bearing borrowing 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial Instruments

Classification

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Debt instruments are subsequently measured at amortised cost.

Impairment

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2023 - 9 ) .

3.	AUDITORS' REMUNERATION

2024

2023

£

Fees payable to the company's auditors for the audit of the
company's financial statements

7,000

4,400

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

COST

At 1 January 2024

3,071,067

3,397

3,074,464

Additions

10,182,883

3,804

10,186,687

Disposals

(1,624,393

)

-

(1,624,393

)

At 31 December 2024

11,629,557

7,201

11,636,758

DEPRECIATION

At 1 January 2024

1,224,400

2,618

1,227,018

Charge for year

1,275,649

1,056

1,276,705

Eliminated on disposal

(965,674

)

-

(965,674

)

At 31 December 2024

1,534,375

3,674

1,538,049

NET BOOK VALUE

At 31 December 2024

10,095,182

3,527

10,098,709

At 31 December 2023

1,846,667

779

1,847,446

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

2,576,504

757,345

Amounts owed by group undertakings

-

553

Other debtors

-

241,425

Deferred tax

1,894,500

-

Prepayments

111,751

46,073

4,582,755

1,045,396

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

10,000

Hire purchase contracts (see note 8)

1,204,681

290,859

Trade creditors

477,584

316,161

Amounts owed to group undertakings

100,647

396,485

Taxes & social security costs

295,090

83,333

Other creditors & accruals

57,533

83,664

2,145,535

1,180,502

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR

2024

2023

£

Bank loans

4,167

14,167

Hire purchase contracts (see note 8)

4,318,901

401,814

Amounts owed to group undertakings

4,423,000

579,000

8,746,068

994,981

The long term liability owing to Heavymovement World S.L is unsecured and attracts interest at 5.534%.

The amount repayable by instalments after more than 5 years is £909,326. (2023: £nil).

The hire purchase contracts are secured against the assets to which they relate.

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Net obligations repayable:

Within one year

1,204,681

290,859

Between one and five years

4,318,901

401,814

5,523,582

692,673

Non-cancellable

operating leases

2024

2023

£

Within one year

31,344

85,792

Between one and five years

59,657

2,420

91,001

88,212

The company had total guarantees and commitments at the balance sheet date of £5,614,583 (2023 - £780,885).

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

1,000

Ordinary

£1

1,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen John Bickerton FCCA (Senior Statutory Auditor)

for and on behalf of ADVANTAGE ACCOUNTANCY & ADVISORY LTD

11.	RELATED PARTY

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.

12.	PARENT COMPANY

The company's parent undertaking and controlling party at the balance sheet date was Heavymovement World S.L, a company registered in Spain.