REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
H & S TOOL HOLDINGS LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2023 |
FOR |
H & S TOOL HOLDINGS LTD |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st May 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
H & S TOOL HOLDINGS LTD |
COMPANY INFORMATION |
for the Year Ended 31st May 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
BALANCE SHEET |
31st May 2023 |
2023 | 2022 |
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 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
BALANCE SHEET - continued |
31st May 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st May 2023 |
1. | STATUTORY INFORMATION |
H & S Tool Holdings Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 09760620. The addresses of its registered office and the principal place of business is Unit 3 Martel Court, S.Park Business Park, Stockport, Cheshire, England, SK1 2AF. |
These financial statements are presented in sterling, which is also the Company's functional currency, and are rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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. |
Turnover |
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of the sale and rental of portable machining tools which are recognised at the point of which the goods are provided. |
Goodwill |
Negative goodwill represents the difference between amounts paid on the cost of a business combination purchased in 2015 and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition, is being amortised evenly over its estimated useful life of ten years. |
Goodwill is stated at initial cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
Leasehold property improvements | Over the term of the lease |
Non-rental plant and machinery | 25% straight line |
Rental plant and machinery | 11% to 50% straight line |
Fixtures and fittings | 25% straight line |
Office equipment | 33% straight line |
Tangible fixed assets are depreciated from the date they are utilised in generating income. |
At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less provision for impairment. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds basic financial instruments, which comprise cash at bank and in hand, trade and other debtors, borrowings, and trade and other creditors. The company has chosen to apply the measurement and recognition provisions of Section 11 Basic Financial Instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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. |
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. |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets that are held by the Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases. |
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statements of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability, finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs . Contingent rentals are recognised as expenses in the periods in which they are incurred. |
Operating lease payments are recognised as an expense on straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred. |
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. |
Pension costs and other post-retirement benefits |
The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund. |
Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the trade debtors and other debtors are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Share premium |
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st June 2022 |
and 31st May 2023 | ( |
) |
AMORTISATION |
At 1st June 2022 | ( |
) |
Charge for year | ( |
) |
At 31st May 2023 | ( |
) |
NET BOOK VALUE |
At 31st May 2023 | ( |
) |
At 31st May 2022 | ( |
) |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Office |
vehicles | equipmt | Totals |
£ | £ | £ |
COST |
At 1st June 2022 |
Additions |
Disposals | ( |
) |
At 31st May 2023 |
DEPRECIATION |
At 1st June 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st June 2022 |
and 31st May 2023 |
NET BOOK VALUE |
At 31st May 2023 |
At 31st May 2022 |
The following were subsidiary undertakings of the company: |
Name |
Country of incorporation |
Class of shares |
Holding |
Principal Activity |
Climax Asia Pacific PTE Ltd |
Singapore |
Ordinary |
100% |
Sale and rental of portable machine tools |
Climax Portable Machine Tools Trading Middle East, LLC |
U.A.E |
Ordinary |
100% |
Sale and rental of portable machine tools |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2023 |
7. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 295,547 | 157,142 |
Other creditors |
Deferred income |
Accrued expenses |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Promissory notes |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 625,000 | 625,000 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
H & S TOOL HOLDINGS LTD (REGISTERED NUMBER: 09760620) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st May 2023 |
13. | OTHER FINANCIAL COMMITMENTS |
At the year end the company had operating lease commitments of £138,246 (2022: £168,333). Of which £73,047 (2022: 54,095) are payable within 12 months of the year end and £65,199 (2022: 114,238) are payable in more than 12 months of the year end. |
14. | RELATED PARTY DISCLOSURES |
As at the year end, the company owed £1,607,637 (2022: £0) to Climax Portable Machine Tools Inc., a Company registered in the USA which is a fellow subsidiary of its parent Company. In addition, the Company owed £245,004 in 2021 to Climax Portable Machine Tools Inc. in respect of a long term promissory note, this was satisfied during the year. |
As at the year end, the Company was owed £45,192 (2022: £5,722) from Climax Gmbh, a Company registered in Germany which is a fellow subsidiary of its parent Company. As at the year end, the Company owed amounts to Climax Gmbh amounting to £0 (2022: £28,785). Climax Gmbh is an acting guarantor in relation to a property operating lease for the registered office address of the Company. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party are the directors of the ultimate parent company by virtue of their controlling interest in the ultimate parent, CPMT Holdings Corp. |
The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is CPMT Holdings Corp, a company incorporated in the USA. The consolidated accounts are available to the public and may be obtained from :- CPMT Intermediate Holdings Corp, 100 Spear Street, San Francisco, CA 94105, USA. |