1.
General Information
Hispec Electrical Holdings Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
15191163
. The registered office, and principal place of business, is 21 Drumhead Road, Chorley North Business Park, Chorley, Lancashire, PR6 7BX.
The presentational currency of the financial statements is Pound Sterling (£).
Amounts in these financial statements are rounded to the nearest £.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Basis Of Consolidation
The group consolidated financial statements include the financial statements of the company and all of its subsidiary undertakings made up to 30 June 2025.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the group owns less than 50% of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which give it control of the financial and operating policies of the entity, it accounts for that entity as a subsidiary.
Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.
2.3.
Business Combinations
Business combinations are accounted for by applying the purchase method.
The cost of a business combination is the fair value of the consideration given, liabilities incurred or assumed and of equity instruments issued plus the costs directly attributable to the business combination. Where control is achieved in stages the cost is the consideration at the date of each transaction.
On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Intangible assets are only recognised separately from goodwill where they are separable and arise from contractual or other legal rights. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities.
2.4.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the group and parent company's ability to continue as a going concern.
2.5.
Significant judgements and estimations
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities at the reporting date and amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes might differ from those estimates.
The following estimates have been made by the directors in applying the group's accounting policies:
Customer rebates
In order to provide for rebates due to customers at the reporting date, management are required to estimate rebate levels due to each qualifying customer.
Amortisation of goodwill
The directors have estimated the useful economic life of goodwill to be 10 years.
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
2.6.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes when the significant risks and rewards of ownership have been transferred to the buyer. In general this occurs on despatch of the goods.
2.7.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of a business combination over the fair value of the group’s share of the identifiable net assets, liabilities and contingent liabilities acquired.
Goodwill arising on the acquisition of subsidiaries is included in Intangible Assets.
Goodwill is amortised over its expected useful life which is estimated to be 10 years.
Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the Consolidated Statement of Comprehensive Income.
2.8.
Intangible Fixed Assets and Amortisation - Other Intangible
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Patents and licences are being amortised evenly over their estimated useful life of ten years.
Development costs, once the assets have been brought into use, are amortised evenly over their estimated useful lives of between five and ten years.
2.9.
Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.10.
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:
| Leasehold Improvements |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Fixtures & Fittings |
|
| Computer Equipment |
|
The assets' residual values, useful lives and depreciation methods are reviewed and, adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
2.11.
Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the Consolidated Statement of Comprehensive Income as incurred.
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
2.12.
Stocks and Work in Progress
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 stocks.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in Consolidated Statement of Comprehensive Income. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the Consolidated Statement of Comprehensive Income.
2.13.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.14.
Financial Instruments
The group uses forward foreign exchange contracts and foreign exchange options to manage its exposure to foreign currency risk arising from purchases denominated in US dollars.
Derivative financial instruments are initially recognised at fair value on the date the contract is entered into and subsequently remeasured at their fair value at each reporting date.
Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income in the period in which they arise.
Derivative financial instruments are recognised as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
The group does not apply hedge accounting in respect of its derivative financial instruments.
Basic financial assets, which include trade debtors and cash balances, and basic financial liabilities, which include trade creditors, trade facilities and bank loans, are measured at transaction price.
2.15.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.
2.16.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in Other Comprehensive Income or directly in equity, in which case, the current and deferred tax is also recognised in Other Comprehensive Income or directly in equity respectively.
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
2.17.
Pensions
The group operates a defined contribution pension scheme. Contributions to the scheme are charged to the Consolidated Statement of Comprehensive Income in the period to which they relate.
2.18.
Dividends
Equity dividends are recognised when they become legally payable. Interim dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
3.
Turnover
Analysis of turnover by class of business is as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Sale of goods | 14,985,366 | 1,632,414 | |
Analysis of turnover by geographical market is as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| 14,985,366 | 1,632,414 | ||
4.
Operating Loss
The operating loss is stated after charging:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 24,842 | 18,926 | |
| Operating lease rentals |
|
|
|
| Depreciation of tangible fixed assets |
|
|
|
| Amortisation of intangible fixed assets |
|
|
|
| Impairment losses - intangible fixed assets |
|
|
|
5.
Auditor's Remuneration
Remuneration received by the group's auditors and their associates during the period was as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the group and company's financial statements |
|
|
|
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
6.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Wages and salaries |
|
|
|
| Social security costs |
|
|
|
| Other pension costs |
|
|
|
|
|
|
||
7.
Average Number of Employees
Group
Average number of employees, including directors, during the period was as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| Office and administration |
|
|
|
| Directors |
|
|
|
|
|
|
||
Company
Average number of employees, including directors, during the period was: NIL (2024: NIL)
8.
Directors' remuneration
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Emoluments |
|
|
|
| Company contributions to money purchase pension schemes |
|
|
|
|
|
|
||
The number of directors to whom retirement benefits were accruing was as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| Money purchase pension schemes |
|
|
|
9.
Interest Receivable and Similar Income
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| Other interest receivable | 11,839 | 1,834 | |
| 13,701 | 14,114 | ||
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
10.
Interest Payable and Similar Charges
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Interest payable on other loans |
|
|
|
| Other finance charges |
|
|
|
| 380,093 | 54,514 | ||
11.
Tax on Profit
The tax credit on the loss for the period was as follows:
| Tax Rate | 30 June 2025 | 31 March 2024 | |||
|---|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
( |
|
| Deferred Tax | |||||
| Deferred taxation |
( |
( |
|||
| Total tax charge for the period |
( |
( |
|||
The actual credit for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:
| 30 June 2025 | 31 March 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | (2,852,270) | (370,545) | |||
| Tax on profit at 25% (UK standard rate) |
( |
( |
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
|
|
|||
| Capital allowances |
( |
( |
|||
| Short term timing differences |
|
|
|||
| Tax losses unutilised carried forward |
|
|
|||
| Deferred tax from unrecognised tax loss or credit |
( |
( |
|||
| Total tax charge for the period | (1,464) | (13,655) | |||
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
12.
Intangible Assets
Group
Company
| Goodwill | Other | Development Costs | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| As at 30 June 2025 |
|
|
|
|
| Amortisation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Impairment losses |
|
|
|
|
| As at 30 June 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 30 June 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
The company had no intangible fixed assets as at 30 June 2025 or 31 March 2024.
13.
Tangible Assets
Group
Company
| Land & Property | ||||
|---|---|---|---|---|
| Leasehold Improvements | Plant & Machinery | Motor Vehicles | Fixtures & Fittings | |
| £ | £ | £ | £ | |
| Cost | ||||
| As at 1 April 2024 |
|
|
|
|
| Additions |
|
|
|
|
| Disposals |
|
|
|
( |
| As at 30 June 2025 |
|
|
|
|
| Depreciation | ||||
| As at 1 April 2024 |
|
|
|
|
| Provided during the period |
|
|
|
|
| Disposals |
|
|
|
( |
| As at 30 June 2025 |
|
|
|
|
| Net Book Value | ||||
| As at 30 June 2025 |
|
|
|
|
| As at 1 April 2024 |
|
|
|
|
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost | ||
| As at 1 April 2024 |
|
|
| Additions |
|
|
| Disposals |
|
( |
| As at 30 June 2025 |
|
|
| Depreciation | ||
| As at 1 April 2024 |
|
|
| Provided during the period |
|
|
| Disposals |
|
( |
| As at 30 June 2025 |
|
|
| Net Book Value | ||
| As at 30 June 2025 |
|
|
| As at 1 April 2024 |
|
|
The company had no tangible fixed assets as at 30 June 2025 or 31 March 2024.
14.
Investments
Company
| Unlisted | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 April 2024 |
|
| As at 30 June 2025 |
|
| Provision | |
| As at 1 April 2024 |
|
| As at 30 June 2025 |
|
| Net Book Value | |
| As at 30 June 2025 |
|
| As at 1 April 2024 |
|
Subsidiaries
Details of the group's subsidiaries as at 30 June 2025 are as follows:
| Name of undertaking | Registered Office | Class of shares held | Direct holding | Indirect holding |
|---|---|---|---|---|
|
|
21 Drumhead Road, Chorley North Business Park, Chorley, Lancashire, PR6 7BX |
|
|
- |
|
|
Suite 2.2 My Buro, 20 Market Street, Altrincham, Cheshire, WA14 1PF |
|
|
100.00% |
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
Powergolf Ltd. has been excluded from consolidation under section 405(2) of the Companies Act 2016 as it is not material to the group's financial position. At both reporting dates Powergolf Ltd.'s capital and reserves amounted to £1 and there was neither a profit or a loss for either periods.
15.
Stocks
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Goods for resale |
|
|
|
Movements in the stock provision are shown below:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Provisions 1 April
|
114,001
|
-
|
|
|
Provisions on acquisition of subsidiary
|
-
|
57,253
|
|
|
Increase in provisions
|
-
|
57,148
|
|
|
Reversal of provisions
|
(51,761)
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
-
|
|
|
Provisions 30 June/31 March
|
62,240
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
114,001
|
16.
Debtors
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | 30 June 2025 | 31 March 2024 | ||||
| £ | £ | £ | £ | ||||
| Due within one year | |||||||
| Trade debtors |
|
|
|
|
|||
| Prepayments and accrued income |
|
|
|
|
|||
| Other debtors |
|
|
|
|
|||
| S455 tax |
|
|
|
|
|||
| Corporation tax recoverable |
|
|
|
|
|||
| Directors' loan accounts | - |
|
- | - | |||
|
|
|
|
|
||||
| Due after more than one year | |||||||
| Other debtors |
|
|
|
|
|||
| Deferred tax current asset | - | - |
|
|
|||
|
|
|
|
|
||||
|
|
|
|
|
||||
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
Movements in the bad debt provision are shown below:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Provisions 1 April
|
40,000
|
-
|
|
|
Provisions on acquisition of subsidiary
|
-
|
30,000
|
|
|
Increase in provisions
|
10,000
|
10,000
|
|
|
Reversal of provisions
|
-
|
-
|
|
|
Provisions 30 June/31 March
The bad debt provision was allocated to Other debtors at 30 June 2025 (31 March 2024: Trade debtors).
|
50,000
|
40,000
|
17.
Creditors: Amounts Falling Due Within One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | 30 June 2025 | 31 March 2024 | ||||
| £ | £ | £ | £ | ||||
| Trade creditors |
|
|
|
|
|||
| Bank loans and overdrafts |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
| Corporation tax | - |
|
|
|
|||
| Other taxes and social security |
|
|
- | - | |||
| VAT |
|
|
- | - | |||
| Other creditors |
|
|
|
|
|||
| Pension fund |
|
|
|
|
|||
| Derivative financial liabilities |
|
|
|
|
|||
| Accruals |
|
|
|
|
|||
| Amount owed to group undertaking | - | - |
|
|
|||
|
|
|
|
|
||||
18.
Creditors: Amounts Falling Due After More Than One Year
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | 30 June 2025 | 31 March 2024 | ||||
| £ | £ | £ | £ | ||||
| Bank loans |
|
|
|
|
|||
Of the creditors the following amounts are secured:
| Group | ||||
|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | |||
| £ | £ | |||
| Bank loans and overdrafts | 5,965,302 | 4,299,584 | ||
The secured creditors are secured by a fixed and floating charge over the assets of the company. Interest on the bank loan is charged at 3% above the Bank of England base rate.
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
19.
Loans
An analysis of the maturity of loans is given below:
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | 30 June 2025 | 31 March 2024 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due within one year or on demand: | |||||||
| Bank loans |
|
|
|
|
|||
| Other loans |
|
|
|
|
|||
|
|
|
|
|
||||
| Group | Company | ||||||
|---|---|---|---|---|---|---|---|
| 30 June 2025 | 31 March 2024 | 30 June 2025 | 31 March 2024 | ||||
| £ | £ | £ | £ | ||||
| Amounts falling due between one and five years: | |||||||
| Bank loans |
|
|
|
|
|||
20.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 25,673 | 27,137 | |
Deferred tax is analysed as follows:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Accelerated capital allowances
|
37,056
|
37,962
|
|
|
Short term timing differences
|
(1,464)
|
(906)
|
|
|
Tax losses
|
(9,919)
|
(9,919)
|
|
|
25,673
|
27,137
|
21.
Provisions for Liabilities
| Group | ||
|---|---|---|
| Deferred Tax | Total | |
| £ | £ | |
| As at 1 April 2024 |
|
27,137 |
| Utilised |
( |
(1,464) |
| Balance at 30 June 2025 |
|
25,673 |
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
22.
Share Capital
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Allotted, Called up and fully paid |
|
|
|
|
2025
|
2024
|
||
|
£
|
£
|
||
|
9,000 A Ordinary shares of £0.01 each
|
90.00
|
90.00
|
|
|
1,000 B Ordinary shares of £0.01 each
|
10.00
|
10.00
|
|
|
1 C Ordinary share of £0.01 each
|
0.01
|
-
|
|
|
100.01
|
100.00
|
During the period one C Ordinary Share of £0.01 was issued for a consideration of £0.01.
A Ordinary shares, B Ordinary shares and C Ordinary shares - each have full voting rights, full rights to participate in dividends, full rights to participate in a capital distribution and are non-redeemable.
23.
Financial Instruments
Group
The group enters into forward foreign exchange contracts and foreign exchange options to manage foreign currency risk.
At the reporting date the fair value of outstanding derivative financial instruments was as follows:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Financial assets | |||
| Financial liabilities | |||
| Financial liabilities measured at fair value through profit and loss | 426,063 | - | |
The fair value movement on derivative financial instruments recognised in the Consolidated Statment of Comprehensive Income during the period amounted to a loss of £426,063 (2024: £nil).
24.
Contingent Liabilities
There is a cross guarantee in place in respect of the bank borrowings of Hispec Electrical Ltd, the company's subsidiary company. At the reporting date these bank borrowings amounted to £3,298,297 (2024: £441,391).
During the period, a competitor launched an alleged patent breach claim against the trading subsidiary company, Hispec Electrical Products Limited, via the Intellectual Property Enterprise Court. The case is due to be heard in that Court in October 2026 with any judgement to be passed in November 2026 and any liability expected to be settled in early 2028. The maximum liability that Court can impose is £500,000 with Court costs restricted to £55,000 and a further costs cap of £30,000 for the damages assessment. The Directors, having taken advice from legal counsel and their IP/patent lawyers, believe that the likelihood of losing the case is not probable, but equally not remote, and have therefore made no provision in these financial statements. That legal advice has also indicated that the trading subsidiary company should be able to argue that any liability should be lower than the £500,000 maximum.
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
25.
Capital Commitments
At the end of the period, the group had capital commitments contracted for but not provided in these financial statements as follows:
|
2025
|
2024
|
||
|
£
|
£
|
||
|
-
|
16,224
|
26.
Other Commitments
The group had a total of future minimum lease payments under non-cancellable operating leases are as following:
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
The company had no operating lease commitments.
27.
Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the period the charge to the income statement in respect of defined contribution schemes was £36,876 (2024: £3,172).
At the statement of financial position date contributions of £5,858 (2024: £3,625) were due to the fund and are included in creditors.
28.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 April 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 30 June 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Christopher Loughlin |
|
|
( |
- |
|
| Mr Neil Kilgallon |
|
|
( |
- |
|
| Mr Wayne Loughlin |
|
|
( |
- |
|
The above advances were unsecured, interest was charged at 2025% and 3.75% and they were repayable on demand.
29.
Dividends
| 30 June 2025 | 31 March 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
Hispec Electrical Holdings Limited
Notes to the Financial Statements (continued)
For the Period 1 April 2024 to 30 June 2025
30.
Reserves
Retained earnings - this reserve includes all current and prior year retained profits and losses net of distributions to shareholders.
Share premium account - this reserve represents the premium paid on the allotment of shares.
31.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
The balance with the subsidiary is shown in note 17.
Alpha Associates Recruitment Ltd
A company under common control.
An amount of £49,233 (2024: £5,337) is included in other debtors in respect of the balance due from this company. This is stated after a £50,000 (2024: £nil) provision.
WLA (UK) Ltd
A company under common control.
An amount of £105,132 (2024: £100,906) is included in other creditors in respect of the balance due to this company.
Dividends
Dividends amounting to £588,040 (2024: £90,000) were paid to the directors.
32.
Controlling Parties
The company's ultimate controlling party is
Mr Christopher Loughlin
by virtue of his interest in the share capital of the company.
33.
Exceptional Items
|
2025
|
2024
|
||
|
£
|
£
|
||
|
Legal fees
|
232,292
|
-
|
Exceptional items included within the Consolidated Statement of Comprehensive Income are in respect of legal fees incurred by the company's subsidiary company defending an alleged patent breach claim against the subsidiary company.
34.
Derivative financial instruments - forward contracts
The group enters into forward foreign currency contracts to mitigate the exchange rate risks for certain foreign currency payables. At the year end the group is committed to buy US$2,985,000 at a fixed sterling price of £2,290,360 (2024: US$1,250,000 at a fixed sterling price of £1,004,367).