Hillcrest Wholesale Ltd

	Page
Accountants' Report	1
Balance Sheet	2—3
Notes to the Financial Statements	4—7

Report to the directors on the preparation of the unaudited statutory accounts of Hillcrest Wholesale Ltd for the year ended 31 December 2024

To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hillcrest Wholesale Ltd which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made to the directors of Hillcrest Wholesale Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hillcrest Wholesale Ltd and state those matters that we have agreed to state to the directors of Hillcrest Wholesale Ltd , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hillcrest Wholesale Ltd and its directors as a body for our work or for this report.

It is your duty to ensure that Hillcrest Wholesale Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Hillcrest Wholesale Ltd . You consider that Hillcrest Wholesale Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hillcrest Wholesale Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

29/12/2025

MKP Accountants Ltd

Chartered Certified Accountants

2nd Floor, Gortalowry House

94 Church Street

Cookstown

BT80 8HX

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Hillcrest Wholesale Ltd

Balance Sheet

As At 31 December 2024

Balance Sheet

Registered number: NI631053

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		6,234		9,687

			6,234		9,687
CURRENT ASSETS
Stocks		15,205		46,311
Debtors	6	45,417		39,258
Cash at bank and in hand		3,526		11,001

		64,148		96,570
Creditors: Amounts Falling Due Within One Year	7	(201,697 )		(211,568 )

NET CURRENT ASSETS (LIABILITIES)			(137,549 )		(114,998 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(131,315 )		(105,311 )

Creditors: Amounts Falling Due After More Than One Year	8		(6,096 )		(16,151 )

NET LIABILITIES			(137,411 )		(121,462 )

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			(137,413 )		(121,464 )

SHAREHOLDERS' FUNDS			(137,411)		(121,462)

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Hillcrest Wholesale Ltd

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

The financial statements were approved and authorised for issue by the board of directors on 29 December 2025 and were signed on its behalf by:

Kyle Wenlock

Director

The notes on pages 4 to 7 form part of these financial statements.

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Hillcrest Wholesale Ltd

Notes to the Financial Statements

For The Year Ended 31 December 2024

Notes to the Financial Statements

1. General Information

Hillcrest Wholesale Ltd is a private company, limited by shares, incorporated in Northern Ireland, registered number NI631053 . The registered office is 2nd Floor, Gortalowry House, 94 Church Street, Cookstown, BT80 8HX.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	20% Straight Line
Motor Vehicles	20% Straight Line

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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Hillcrest Wholesale Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Stocks and Work in Progress

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. The term 'cost' should be interpreted as meaning the total historical cost of bringing the relevant stock to its existing condition and location. The net realisable value is the expected sale price of the relevant stock in the condition in which it is expected to be sold in the traders normal selling market.

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.7. Provisions

Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

2.8. Debtors/Creditors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 2 (2023: 2)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	25,000

As at 31 December 2024	25,000

Amortisation
As at 1 January 2024	25,000

As at 31 December 2024	25,000

Net Book Value
As at 31 December 2024	-

As at 1 January 2024	-

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Hillcrest Wholesale Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

Goodwill is being written off in equal annual instalments over the directors estimate of its useful economic life of 5 years.

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 January 2024	6,761	36,510	43,271

As at 31 December 2024	6,761	36,510	43,271

Depreciation
As at 1 January 2024	2,486	31,098	33,584
Provided during the period	501	2,952	3,453

As at 31 December 2024	2,987	34,050	37,037

Net Book Value
As at 31 December 2024	3,774	2,460	6,234

As at 1 January 2024	4,275	5,412	9,687

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	43,153	36,985
Other debtors	2,264	2,273

	45,417	39,258

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	25,184	33,333
Bank loans and overdrafts	19,259	10,648
Other taxes and social security	2,083	942
Other creditors	5,022	2,112
Amounts owed to associates	150,149	164,533

	201,697	211,568

The bank holds a directors guarantee as security on the bank overdraft.

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Hillcrest Wholesale Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	6,096	16,151

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	2	2

10. Ultimate Controlling Party

The company's ultimate controlling party is Kyle and Elaine Wenlock by virtue of their ownership of 100% of the issued share capital in the company.

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