Hilltop Designer Radiators Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: NI690960 (Northern Ireland)

HILLTOP DESIGNER RADIATORS LTD

FINANCIAL STATEMENTS

FOR THE PERIOD 7 SEPTEMBER 2022 TO 31 DECEMBER 2023

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Declan Canavan

Martin Murphy

Mel O'Dowd

REGISTERED OFFICE:

C/O John Riddel & Son Limited

1 Dagger Road

Lisburn

Co. Antrim

BT28 2TJ

REGISTERED NUMBER:

NI690960 (Northern Ireland)

INDEPENDENT AUDITORS:

CavanaghKelly

Chartered Accountants and Statutory Auditors

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Bank of Ireland

24 Scotch Street

Dungannon

Tyrone

BT70 1AR

NON-CURRENT ASSETS

Intangible assets

5

1,269,328

Tangible assets

6

194,779

1,464,107

CURRENT ASSETS

Stocks

1,111,520

Receivables: amounts falling due within one year

7

766,793

Cash at bank

139,553

2,017,866

PAYABLES

Amounts falling due within one year

8

(2,375,463

)

NET CURRENT LIABILITIES

(357,597

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,106,510

PAYABLES

Amounts falling due after more than one year

9

(1,000,000

)

PROVISIONS FOR LIABILITIES

10

(48,695

)

NET ASSETS

57,815

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

57,715

SHAREHOLDERS' FUNDS

57,815

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 29 May 2024 and were signed on its behalf by:

Declan Canavan - Director

1.	STATUTORY INFORMATION

Hilltop Designer Radiators Ltd is a private company, limited by shares, registered in Northern Ireland within the United Kingdom. The company's registered number and registered office address can be found on the Company information page.

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

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements are prepared on a going concern basis under the historical cost convention, modified where necessary to include the revaluation of certain fixed assets.

Revenue

The revenue shown in the Income Statement represents amounts received or receivable for goods provided in the normal course of business, exclusive of Value Added Tax. Revenue is recognised on the delivery of goods to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, 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.

Property, plant and equipment

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

Property, plant and equipment are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to making the asset capable of operating as intended.

The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:

Plant and machinery

33% Straight line

Fixtures and fittings

33% Straight line

Motor vehicles

33% Straight line

Computer equipment

33% Straight line

The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Inventories

Inventories are stated at the lower of cost and net realisable value. Inventories are determined on a first-in, first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing inventories to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

Financial instruments

The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related parties and are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services andamortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the period comprises current 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 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Hire purchase and leasing commitments

Property, plant and equipment held under Hire Purchase and leasing arrangement which transfer

substantially all the risks and rewards of ownership to the company are capitalised and included in

the Statement of Financial Position at their cost or valuation, less depreciation. The corresponding

commitments are recorded as liabilities. Payments in respect of these obligations are treated as

consisting of capital and interest elements, with interest charged to the Income Statement.

Employee benefits

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company in an independently administered fund. Annual contributions payable to the company's pension scheme are charged to the Income Statement 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.

Finance costs

Finance expenses comprise interest payable on borrowings and leases. Interest is recognised in profit or loss as it accrues.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 8 .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

1,423,545

At 31 December 2023

1,423,545

AMORTISATION

Amortisation for period

154,217

At 31 December 2023

154,217

NET BOOK VALUE

At 31 December 2023

1,269,328

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

Additions

76,360

84,593

72,498

27,515

260,966

Disposals

(5,000

)

-

(8,500

)

-

(13,500

)

At 31 December 2023

71,360

84,593

63,998

27,515

247,466

DEPRECIATION

Charge for period

21,371

6,664

19,536

7,965

55,536

Eliminated on disposal

(1,196

)

-

(1,653

)

-

(2,849

)

At 31 December 2023

20,175

6,664

17,883

7,965

52,687

NET BOOK VALUE

At 31 December 2023

51,185

77,929

46,115

19,550

194,779

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade receivables

745,028

Amounts owed by group undertakings

14,618

Prepayments

7,147

766,793

The amounts owed by group companies and related undertakings are considered unsecured and payable on demand. No interest is charged in respect of same.

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Hire purchase contracts

58,422

Trade payables

276,142

Amounts owed to group undertakings

1,919,363

Tax

299

Social security and other taxes

6,644

VAT

14,678

Accruals and deferred income

99,915

2,375,463

The amounts owed to group companies and related undertakings are considered unsecured and payable on demand. No interest is charged in respect of same.

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

£

Other creditors

1,000,000

10.	PROVISIONS FOR LIABILITIES

£

Deferred tax

48,695

Deferred tax

£

Charge to Income Statement during period

48,695

Balance at 31 December 2023

48,695

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

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A.) (Senior Statutory Auditor)

for and on behalf of CavanaghKelly

12.	RELATED PARTY DISCLOSURES

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.

13.	PARENT COMPANY

The company regards R.T Large (NI) Ltd, a company registered in the Northern Ireland, as its parent company. The results of R.T Large (NI) Ltd are included in the consolidated financial statements of Sanbra Limited, which are available at the company's registered office at Conex Works, Santry Avenue, Dublin 9, Ireland.