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Registration number: 09063464

Hangloose @ Eden Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2018

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Hangloose @ Eden Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Financial Statements

5 to 9

 

Hangloose @ Eden Ltd

Company Information

Director

Mr Brian Phelps

Registered office

Unit 2
Village Farm
Preston
Cirencester
Gloucestershire
GL7 5PR

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hangloose @ Eden Ltd
Year Ended 30 September 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hangloose @ Eden Ltd for the year ended 30 September 2018 as set out on pages 3 to 9 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/gb/en/discover/public-value/rulebook.html.

This report is made solely to the Board of Directors of Hangloose @ Eden Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hangloose @ Eden Ltd and state those matters that we have agreed to state to the Board of Directors of Hangloose @ Eden Ltd, 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/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hangloose @ Eden Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hangloose @ Eden Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hangloose @ Eden Ltd. You consider that Hangloose @ Eden Ltd 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 accounts of Hangloose @ Eden Ltd. 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 accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

25 October 2018

 

Hangloose @ Eden Ltd

(Registration number: 09063464)
Balance Sheet
30 September 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

322,467

302,255

Current assets

 

Debtors

5

62,082

60,654

Cash at bank and in hand

 

101,097

59,171

 

163,179

119,825

Creditors: Amounts falling due within one year

6

(217,717)

(188,434)

Net current liabilities

 

(54,538)

(68,609)

Net assets

 

267,929

233,646

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

267,829

233,546

Total equity

 

267,929

233,646

 

Hangloose @ Eden Ltd

(Registration number: 09063464)
Balance Sheet
30 September 2018

For the financial year ending 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 25 October 2018
 

.........................................

Mr Brian Phelps

Director

 

Hangloose @ Eden Ltd

Notes to the Financial Statements
Year Ended 30 September 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 2
Village Farm
Preston
Cirencester
Gloucestershire
GL7 5PR

These financial statements were authorised for issue by the director on 25 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

Straight line over 6 years

 

Hangloose @ Eden Ltd

Notes to the Financial Statements
Year Ended 30 September 2018

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hangloose @ Eden Ltd

Notes to the Financial Statements
Year Ended 30 September 2018

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 22 (2017 - 22).

 

Hangloose @ Eden Ltd

Notes to the Financial Statements
Year Ended 30 September 2018

4

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 October 2017

16,400

-

406,417

422,817

Additions

22,650

9,995

72,099

104,744

At 30 September 2018

39,050

9,995

478,516

527,561

Depreciation

At 1 October 2017

-

-

120,562

120,562

Charge for the year

-

500

84,032

84,532

At 30 September 2018

-

500

204,594

205,094

Carrying amount

At 30 September 2018

39,050

9,495

273,922

322,467

At 30 September 2017

16,400

-

285,855

302,255

Included within the net book value of land and buildings above is £39,050 (2017 - £16,400) in respect of long leasehold land and buildings.
 

5

Debtors

2018
£

2017
£

Trade debtors

44,091

60,654

Other debtors

17,991

-

Total current trade and other debtors

62,082

60,654

6

Creditors

 

Hangloose @ Eden Ltd

Notes to the Financial Statements
Year Ended 30 September 2018

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

95,233

53,650

Trade creditors

 

36,033

44,369

Taxation and social security

 

66,706

87,334

Other creditors

 

19,745

3,081

 

217,717

188,434

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank borrowings

81,216

29,634

Other borrowings

14,017

24,016

95,233

53,650