The Hollteck Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04288234 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2020

for

The Hollteck Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Towers

SECRETARY:

REGISTERED OFFICE:

63 Jenkin Road

Sheffield

South Yorkshire

S9 1DS

REGISTERED NUMBER:

04288234 (England and Wales)

ACCOUNTANTS:

DLA Chartered Accountants

36A Market Street

New Mills

High Peak

SK22 4AA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

350,991

291,235

350,991

291,235

CURRENT ASSETS

Stocks

486,982

468,945

Debtors

6

1,007,833

1,543,080

Cash at bank and in hand

167,147

76,941

1,661,962

2,088,966

CREDITORS

Amounts falling due within one year

7

1,122,252

1,078,945

NET CURRENT ASSETS

539,710

1,010,021

TOTAL ASSETS LESS CURRENT LIABILITIES

890,701

1,301,256

CREDITORS

Amounts falling due after more than one year

8

(135,261

)

(282,477

)

PROVISIONS FOR LIABILITIES

(64,690

)

(53,208

)

NET ASSETS

690,750

965,571

CAPITAL AND RESERVES

Called up share capital

49,700

49,700

Retained earnings

641,050

915,871

SHAREHOLDERS' FUNDS

690,750

965,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 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.

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 6 October 2021 and were signed by:

S Towers - Director

1.	STATUTORY INFORMATION

The Hollteck Company 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 page.

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.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

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.

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

-

10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

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

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 13 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

68,001

AMORTISATION

At 1 October 2019

and 30 September 2020

68,001

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

409,152

36,103

27,850

83,088

556,193

Additions

94,167

-

13,745

537

108,449

At 30 September 2020

503,319

36,103

41,595

83,625

664,642

DEPRECIATION

At 1 October 2019

125,233

36,103

22,644

80,978

264,958

Charge for year

43,076

-

4,737

880

48,693

At 30 September 2020

168,309

36,103

27,381

81,858

313,651

NET BOOK VALUE

At 30 September 2020

335,010

-

14,214

1,767

350,991

At 30 September 2019

283,919

-

5,206

2,110

291,235

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

593,107

1,202,751

Other debtors

40,975

118,214

Hollteck India

134,223

88,019

Sundry debtor - Bo-Mac

(1,500

)

(1,500

)

Sundry debtor - Hollteck Prop

15,091

22,875

Tax

86,326

-

VAT

71,728

106,169

Prepayments and accrued income

67,883

6,552

1,007,833

1,543,080

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Other loans

203,125

65,879

Trade creditors

706,873

845,011

Social security and other taxes

37,941

8,449

Other creditors

53,382

3,985

Crosslands Foundary Limited

105,000

105,000

Sundry creditors

-

12,000

Net wages

(680

)

-

Pension control

596

-

Directors' current accounts

16,015

38,621

1,122,252

1,078,945

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Other loans - 1-2 years

37,070

160,622

Other loans - over 2 yrs

-

37,068

Prepaid income

18,191

19,787

Other creditors

80,000

65,000

135,261

282,477

9.	CONTINGENT LIABILITIES

DIRECTOR PENSION CONTRIBUTIONS/ENTITLEMENTS

The company has liabilities to the director Mr S Towers in respect of his pension entitlements. As yet, these liabilities have not been quantified.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

30.9.20

30.9.19

£

£

S Towers

Balance outstanding at start of year

14,960

-

Amounts advanced

-

14,960

Amounts repaid

(14,960

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

14,960

11.	RELATED PARTY DISCLOSURES

During the year the company traded with Crosslands Foundry Limited, a company under common control.

Sales in the year to Crosslands Foundry Limited were £141,916 (2019: £46,122) and purchases were £271,099 (2019: £933,176). All trading between the two companies in the year was at normal commercial rates.

At 30.09.2020 the balance owed by The Hollteck Company Limited to Crosslands Foundry Limited was £345,503 (2019: £634,846). This balance is a total of a trade creditors figure of £240,503 (2019: £529,846) and a short term loan of £105,000 (2019: £105,000).

During the year the company traded with Bo-Mac (Sheffield) Limited, a company under common control.

Sales in the year to Bo-Mac (Sheffield) Limited were £31,120 (2019: £23,306) and purchases were £400,048 (2019: £490,637). All trading between the two companies in the year was at normal commercial rates.

At 30.09.2020 the balance owed by The Hollteck Company Limited to Bo-Mac (Sheffield) Limited was £260,443 (2019: £156,180).

The company trades from premises owned by Hollteck Properties Limited. During the period, rent of £16,500 was paid to Hollteck Properties Limited by The Hollteck Company Limited.

At 30.09.2020 the balance owed to The Hollteck Company Limited by Hollteck Properties Limited was £56,066 (2019: £81,130).