REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
P.A.HILTON LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
P.A.HILTON LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
|
|
|
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
P.A.HILTON LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
BANKERS: |
|
Suite 27 4th Floor |
The Blade |
Abbey Street |
Reading |
Berkshire |
RG1 3BE |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
BALANCE SHEET |
31 MARCH 2021 |
|
2021 | 2020 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 7 |
|
|
Debtors | 8 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
) |
( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
BALANCE SHEET - continued |
31 MARCH 2021 |
|
|
|
|
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
|
|
|
|
|
|
|
|
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
1. | STATUTORY INFORMATION |
|
P.A.Hilton Limited is a
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. |
|
The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. |
|
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1. |
|
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
|
Going concern |
The directors have considered the impact and risk of COVID-19 on the company and the company's prospects, recognising the high degree of uncertainty. The directors have concluded that with the right management actions the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the financial statements on this basis. |
|
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
|
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 and depreciation |
|
Freehold property | - |
|
Plant and machinery | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
|
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Government grants |
The following government grants have been received during the year: |
|
Business Interruption Payment (BIP) under the Bounce Back Loan scheme: The BIP is payable in respect of the loan interest for the first 12 months, together with any related fees. The accrual model has been used to recognise the income on a systematic basis over the periods in which the related finance costs are incurred. The company has also benefited from the UK government's provision of security for 100% of the loan. |
|
Coronavirus Job Retention Scheme: the accrual model has been used to recognise the grant on a systematic basis over the periods in which the related staff costs are incurred. |
|
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
|
Stock and work in progress |
Stock and work in progress are stated at the lower of cost and net realisable value. |
|
Cost is calculated as follows:- |
|
Raw materials and bought out parts | Cost of goods per the suppliers invoice of the latest |
|
quantity of materials and parts supplied. Provision is
made against slow moving and obsolete stock. |
|
Work in progress and finished | Raw materials and bought out parts as above |
products | plus labour charged to work in progress at actual |
hourly rates plus production overheads. |
|
|
Financial assets |
The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
|
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
|
Basic financial assets, which include trade and other receivables and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
|
Financial liabilities |
Basic financial liabilities which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, 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. |
|
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
|
|
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account 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 for the directors and separate schemes for the employees. The assets of the schemes are held separately from those of the company in independently administered funds. Contributions payable for the year are charged in the profit and loss account. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
|
AMORTISATION |
At 1 April 2020 |
and 31 March 2021 |
|
NET BOOK VALUE |
At 31 March 2021 |
|
At 31 March 2020 |
|
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
DEPRECIATION |
At 1 April 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
NET BOOK VALUE |
At 31 March 2021 |
|
|
|
|
|
At 31 March 2020 |
|
|
|
|
|
|
|
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
under- |
takings |
£ |
COST |
At 1 April 2020 |
and 31 March 2021 |
|
NET BOOK VALUE |
At 31 March 2021 |
|
At 31 March 2020 |
|
|
The company owns 100% of the ordinary shares in Hilton Energy and Thermal Technology Limited, and Hi-Tech Limited, companies incorporated in England and Wales. Neither subsidiary traded during the year. |
|
7. | STOCKS |
2021 | 2020 |
£ | £ |
Raw materials stock and consumables |
|
|
Work-in-progress |
|
|
Finished goods and goods for resale |
|
|
|
|
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans repayable in more than five
years |
1,667 |
- |
|
11. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Bank loans |
|
|
|
The bank loan is secured by a legal first charge over the company's freehold property. |
|
12. | CONTINGENT LIABILITIES |
|
At the year end a legal claim against the company was ongoing in France, relating to a dispute with an agent alleging that the company were in breach of a contract for which damages of €500k were sought. As the outcome of the claim is unknown, no provision has been made. |
P.A.HILTON LIMITED (REGISTERED NUMBER: 00743785) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2021 |
|
|
13. | RELATED PARTY DISCLOSURES |
|
The Hilton Share Trust |
Controlling Party |
|
The company formed an employee share trust on the 15th December 1995 with a view to encouraging employees of the group to benefit from a holding of shares in the company and thereby to develop a closer identity of purpose with the group. |
|
The Trustees have no beneficial interest in any of the shares held by the trust. No employee has any conditional or unconditional rights in any of the shares. |
|
The Trustees of the Hilton Share Trust control the company by virtue of their holding which represents 86.03% of the shares in issue. |
|
14. | POST BALANCE SHEET EVENTS |
|
On 22 April 2021 the company sold its freehold property for £1,000,000. |