REGISTERED NUMBER:
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Hallmark Group Products Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31st December 2021 |
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REGISTERED NUMBER:
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Hallmark Group Products Limited |
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31st December 2021 |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Contents of the Financial Statements |
for the year ended 31st December 2021 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 5 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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Hallmark Group Products Limited |
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Company Information |
for the year ended 31st December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Hallmark Group Products Limited (Registered number: 04143189) |
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Strategic Report |
for the year ended 31st December 2021 |
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The directors present their strategic report for the year ended 31st December 2021. |
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REVIEW OF BUSINESS |
The principal activity of the company continued to be that of an intermediate holding company providing support for the group for the manufacture of laminated products, doors and door panels. |
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The full results for the year are set out on page 8. The directors have paid an interim dividend amounting to £204,000 (2020: £300,000) and do not recommend payment of a final dividend (2020: £Nil). |
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The group maintain a number of key performance indicators in respect of sales growth, gross margin and circulation numbers. |
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The key financial and other performance indicators during the year were as follows: |
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2021 | 2020 |
£ | £ |
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Turnover | 1,325,300 | 1,237,333 |
(Loss)/Profit before taxation | 413,669 | (300,811 | ) |
Equity shareholders' funds | 1,690,886 | 1,543,785 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The company faces competition risk from other companies in the industry resulting in pressure to keep prices low whilst ensuring quality remains high. Another key risk is the performance of the UK and European economies. |
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FINANCIAL INSTRUMENTS |
The company's principal financial instruments comprise bank balances, trade creditors and asset finance agreements. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's working capital. |
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Due to the nature of the financial instruments used by the company there is little exposure to price risk or bad debt risk. The company's approach to managing other risks applicable to the financial instruments is shown below. |
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In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of invoice discounting. |
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In respect of asset finance agreements, the interest rate and monthly repayments are fixed. The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments. |
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Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts as they fall due. |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Strategic Report |
for the year ended 31st December 2021 |
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FUTURE OUTLOOK |
New products are constantly being added to the company's comprehensive range to meet the demand of its customers. |
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The board believes that the company's strategy together with its experienced management will be a solid foundation for future successful performance. |
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ON BEHALF OF THE BOARD: |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Report of the Directors |
for the year ended 31st December 2021 |
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The directors present their report with the financial statements of the company for the year ended 31st December 2021. |
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DIVIDENDS |
During the year interim dividends totalling £204,000 (2020 £345,370) were paid. The directors recommend that no final dividends be paid. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1st January 2021 to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Hallmark Group Products Limited |
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Opinion |
We have audited the financial statements of Hallmark Group Products Limited (the 'company') for the year ended 31st December 2021 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2021 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Hallmark Group Products Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, tax legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence. |
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We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
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To address the risk of fraud through management bias and override of controls, we: |
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- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
Report of the Independent Auditors to the Members of |
Hallmark Group Products Limited |
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In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
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- | agreeing financial statement disclosures to underlying supporting documentation; |
- | reading the minutes of meetings of those charged with governance; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with relevant regulators and the company's legal advisors. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Income Statement |
for the year ended 31st December 2021 |
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Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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197,476 | (55,906 | ) |
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Other operating income |
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OPERATING PROFIT | 4 |
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Loss on sale of fixed asset | 5 |
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226,974 | (591,625 | ) |
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Income from shares in group
undertakings |
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430,974 | (291,625 | ) |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION |
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Tax on profit/(loss) | 7 |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Other Comprehensive Income |
for the year ended 31st December 2021 |
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Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
Notes | £ | £ |
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PROFIT/(LOSS) FOR THE YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Balance Sheet |
31st December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
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Investments | 10 |
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CURRENT ASSETS |
Debtors | 11 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 12 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
13 |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Share premium |
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Revaluation reserve |
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Other reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Hallmark Group Products Limited (Registered number: 04143189) |
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Statement of Changes in Equity |
for the year ended 31st December 2021 |
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Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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Balance at 1st September 2019 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31st December 2020 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31st December 2021 |
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Revaluation | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
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Balance at 1st September 2019 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income | ( |
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( |
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Balance at 31st December 2020 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income | ( |
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Balance at 31st December 2021 |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Notes to the Financial Statements |
for the year ended 31st December 2021 |
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1. | STATUTORY INFORMATION |
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Hallmark Group Products Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Preparation of consolidated financial statements |
The financial statements contain information about Hallmark Group Products Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Hallmark Group Holdings Limited, Valletta House, Valletta Street, Hull, HU9 5NP. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Government grants |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
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3. | EMPLOYEES AND DIRECTORS |
Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
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Administration |
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Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Government grants | ( |
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5. | EXCEPTIONAL ITEMS |
Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Loss on sale of fixed asset |
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( |
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During the period land and buildings with a carrying value of £1,650,000 were sold resulting in a loss on sale of £610,605. |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Bank loan interest |
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Hire purchase |
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7. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Current tax: |
UK corporation tax |
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Under provided in prior period | 10,368 | - |
Total current tax |
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Deferred tax |
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Tax on profit/(loss) |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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7. | TAXATION - continued |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Profit/(loss) before tax |
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( |
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Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of |
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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( |
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Capital allowances in excess of depreciation | ( |
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Depreciation in excess of capital allowances | - |
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Adjustments to tax charge in respect of previous periods |
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Dividends received | (38,760 | ) | (57,000 | ) |
Group relief | - | (7,849 | ) |
Changes in tax rates | 11,936 | - |
Total tax charge | 62,568 | 470 |
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8. | DIVIDENDS |
Period |
1.9.19 |
Year ended | to |
31.12.21 | 31.12.20 |
£ | £ |
Ordinary shares of 1 each |
Interim |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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9. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | and | Motor |
leasehold | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1st January 2021 |
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Additions |
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At 31st December 2021 |
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DEPRECIATION |
At 1st January 2021 |
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Charge for year |
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At 31st December 2021 |
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NET BOOK VALUE |
At 31st December 2021 |
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At 31st December 2020 |
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The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. |
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2021 | 2020 |
£ | £ |
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Plant and Machinery | 22,380 | 64,157 |
Motor Vehicles | - | 20,138 |
22,380 | 84,295 |
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Depreciation charge for the year in respect of leased assets | 2,640 | 12,920 |
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10. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2021 |
and 31st December 2021 |
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NET BOOK VALUE |
At 31st December 2021 |
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At 31st December 2020 |
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Hallmark Group Products Limited (Registered number: 04143189) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
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10. | FIXED ASSET INVESTMENTS - continued |
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Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital at 31 December 2021 are as follows:- |
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Name of company |
Country of registration and operation |
Nature of business |
Proportion of
voting rights and shares held |
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Fortrace Limited | England | Dormant | 100% |
Hallmark Doors Limited | England | Dormant | 100% |
Hallmark Panels Limited | England | Manufacturing | 100% |
Laminated Supplies Limited | England | Manufacturing | 100% |
Toughened Glass Solutions Limited | England | Dormant | 100% |
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11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Directors' current accounts | 537,838 | 93,154 |
Tax |
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VAT |
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Prepayments and accrued income |
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12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
13. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans (see note 14) |
|
|
Hire purchase contracts (see note 15) |
|
|
|
|
Hallmark Group Products Limited (Registered number: 04143189) |
|
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
|
14. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2021 | 2020 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | - | 44,000 |
|
15. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase | contracts |
2021 | 2020 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable | operating leases |
2021 | 2020 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
16. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2021 | 2020 |
£ | £ |
Hire purchase contracts | 635,991 | 145,424 |
Hallmark Group Products Limited (Registered number: 04143189) |
|
Notes to the Financial Statements - continued |
for the year ended 31st December 2021 |
|
17. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax | 49,735 | 34,416 |
|
Deferred |
tax |
£ |
Balance at 1st January 2021 |
|
Charge to Income Statement during year |
|
Balance at 31st December 2021 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
|
Ordinary | 1 | 100,000 | 100,000 |
|
19. | CONTINGENT LIABILITIES |
|
The company has unlimited guarantees in respect of bank borrowings with the following group companies: |
|
Hallmark Group Holdings Limited |
Hallmark Panels Limited |
Laminated Supplies Limited |
Fortrace Limited |
Toughened Glass Solutions Limited |
Valetta Surplus Limited |
|
In the opinion of the directors the likelihood of the guarantees being called upon is remote.The potential liability under this agreement amounted to £Nil (2020 £Nil). |
|
20. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
Included within debtor amounts falling due within one year, within other debtors, is an unsecured, interest free balance due from a director of £537,838 |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The company's parent undertaking and ultimate parent undertaking is
Vallett a Street, Hedon Road, Hull, East Yorkshire, HU9 5NP. |