Hallgate (Lincs) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05314947 (England and Wales)

HALLGATE (LINCS) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2022

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

C D Tarrant

N B Platts

G C Tarrant

SECRETARY:

N B Platts

REGISTERED OFFICE:

Unit 1

Nigel Court

Holly Road

Skegness

Lincolnshire

PE25 3TE

REGISTERED NUMBER:

05314947 (England and Wales)

ACCOUNTANTS:

Weaver Wroot

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hallgate (Lincs) Limited for the year ended 31st December 2022 which comprise the Income Statement, 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/rulebook.

This report is made solely to the Board of Directors of Hallgate (Lincs) Limited, as a body, in accordance with the terms of our engagement letter dated 15th January 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Hallgate (Lincs) Limited and state those matters that we have agreed to state to the Board of Directors of Hallgate (Lincs) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hallgate (Lincs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hallgate (Lincs) Limited. You consider that Hallgate (Lincs) Limited 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 financial statements of Hallgate (Lincs) Limited. 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 statutory financial statements.

Weaver Wroot

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

3rd July 2023

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

397,260

378,590

397,260

378,590

CURRENT ASSETS

Stocks

6

88,932

33,352

Debtors

7

452,742

489,367

Cash at bank and in hand

604,435

328,282

1,146,109

851,001

CREDITORS

Amounts falling due within one year

8

591,073

494,501

NET CURRENT ASSETS

555,036

356,500

TOTAL ASSETS LESS CURRENT LIABILITIES

952,296

735,090

CREDITORS

Amounts falling due after more than one year

9

(62,167

)

(94,065

)

PROVISIONS FOR LIABILITIES

(46,379

)

(46,017

)

NET ASSETS

843,750

595,008

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

843,646

594,904

SHAREHOLDERS' FUNDS

843,750

595,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 3rd July 2023 and were signed on its behalf by:

C D Tarrant - Director

1.	STATUTORY INFORMATION

Hallgate (Lincs) 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 consists of invoiced sales net of returns, trade discounts and Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold business unit

-

2% on cost

Equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 25 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2022

and 31st December 2022

80,000

AMORTISATION

At 1st January 2022

and 31st December 2022

80,000

NET BOOK VALUE

At 31st December 2022

-

At 31st December 2021

-

5.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

business

and

unit

Equipment

fittings

£

£

£

COST

At 1st January 2022

109,600

167,776

25,138

Additions

-

6,007

23,019

Disposals

-

-

-

At 31st December 2022

109,600

173,783

48,157

DEPRECIATION

At 1st January 2022

30,357

83,528

20,119

Charge for year

2,192

20,203

2,610

Eliminated on disposal

-

-

-

At 31st December 2022

32,549

103,731

22,729

NET BOOK VALUE

At 31st December 2022

77,051

70,052

25,428

At 31st December 2021

79,243

84,248

5,019

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1st January 2022

326,548

-

629,062

Additions

83,085

6,282

118,393

Disposals

(21,995

)

-

(21,995

)

At 31st December 2022

387,638

6,282

725,460

DEPRECIATION

At 1st January 2022

116,468

-

250,472

Charge for year

58,099

812

83,916

Eliminated on disposal

(6,188

)

-

(6,188

)

At 31st December 2022

168,379

812

328,200

NET BOOK VALUE

At 31st December 2022

219,259

5,470

397,260

At 31st December 2021

210,080

-

378,590

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

Motor

Equipment

vehicles

Totals

£

£

£

COST

At 1st January 2022

124,255

187,214

311,469

Additions

-

29,120

29,120

Transfer to ownership

(124,255

)

(45,628

)

(169,883

)

At 31st December 2022

-

170,706

170,706

DEPRECIATION

At 1st January 2022

55,846

45,651

101,497

Charge for year

-

30,651

30,651

Transfer to ownership

(55,846

)

(20,670

)

(76,516

)

At 31st December 2022

-

55,632

55,632

NET BOOK VALUE

At 31st December 2022

-

115,074

115,074

At 31st December 2021

68,409

141,563

209,972

6.

STOCKS

31.12.22

31.12.21

£

£

Stocks

88,932

33,352

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

406,104

468,461

Directors' current accounts

14,719

15,516

S419 tax recoverable

5,043

5,043

Prepayments

26,876

347

452,742

489,367

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts

18,460

18,460

Hire purchase contracts

22,084

33,362

Trade creditors

300,037

240,730

Current Corporation tax

87,426

56,846

Social security and other taxes

27,656

21,564

VAT

65,218

64,688

Other creditors

6,622

6,682

Directors' current accounts

538

-

Accrued expenses

63,032

52,169

591,073

494,501

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans - 1-2 years

18,460

18,460

Bank loans - 2-5 years

16,062

33,932

Hire purchase contracts

27,645

41,673

62,167

94,065

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Bank loans

52,982

70,852

The bank loan is secured by way of a fixed charge over the Company's buildings, fixtures and plant and machinery as well as a floating charge over all of the Company's moveable plant, machinery and equipment.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is C D Tarrant.