REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Period |
1 January 2021 to 31 January 2022 |
for |
H & H CLASSICS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Period |
1 January 2021 to 31 January 2022 |
for |
H & H CLASSICS LTD |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Contents of the Financial Statements |
For The Period 1 January 2021 to 31 January 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
H & H CLASSICS LTD |
Company Information |
For The Period 1 January 2021 to 31 January 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
8 Eastway |
Sale |
Cheshire |
M33 4DX |
BANKERS: |
23 Sankey Street |
Warrington |
WA1 1XH |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Abridged Balance Sheet |
31 January 2022 |
31.1.22 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 | 91,915 | 115,577 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Capital redemption reserve |
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. |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Abridged Balance Sheet - continued |
31 January 2022 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Notes to the Financial Statements |
For The Period 1 January 2021 to 31 January 2022 |
1. | STATUTORY INFORMATION |
H & H Classics Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Preparation of consolidated financial statements |
The financial statements contain information about H & H Classics Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
The company's policy of revenue recognition is to recognise a sale when the contractual obligations to the customer have been fulfilled. For contracts where obligations to the customer have not been fulfilled, but have been invoiced the sale is recognised within deferred income in current liabilities until such time a right to consideration arises. |
Computer software |
The company initially records computer software at its purchase price, and this is written off over a period of 5 years as the company considers this to be the useful economic life of the intangible asset. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure which is directly attributable in bringing the asset to its location and condition so that it is capable of operating in the manner intended by management. |
Profits and losses on the disposal of fixed assets are included in the calculation of profit for the year. |
The directors assess the company's tangible assets for evidence of impairment at each reporting date. Where there are indicators of impairment, the directors calculate recoverable amount of the asset(s) and compare this with the carrying amount. If recoverable amount is lower than carrying amount, the asset is written down to recoverable amount by way of an impairment loss which is recognised in profit or loss for the year. Impairment losses are reversed when there is evidence that the reasons giving rise to the original impairment loss have ceased to apply. Impairment losses are reversed through profit and loss, but only to the extent that the reversal does not increase the carrying amount of the asset to the amount which would have been stated, net of depreciation, had no impairment loss been recognised. |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Notes to the Financial Statements - continued |
For The Period 1 January 2021 to 31 January 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Estimated selling price is the price which would be obtained by selling the product in the open market in an arm's length transaction. |
Provision is made by way of write down to estimated selling price less costs to complete and sell for obsolete and slow moving items. |
Financial instruments |
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit or loss. All other investments are subsequently measured at cost less impairment. |
Debtors and creditors which fall due within one year are recorded in the financial statements at transaction price and subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded in profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt. |
Debtors do not carry interest and are stated at their nominal value. |
Trade creditors are not interest-bearing and are stated at their nominal value. |
Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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. |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Notes to the Financial Statements - continued |
For The Period 1 January 2021 to 31 January 2022 |
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. Deferred tax is calculated using the timing difference plus approach. |
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 period 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. |
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. |
Employee benefits |
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year with an associated expense in profit or loss. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2021 |
Disposals | ( |
) |
At 31 January 2022 |
AMORTISATION |
At 1 January 2021 |
Amortisation for period |
Eliminated on disposal | ( |
) |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 December 2020 |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Notes to the Financial Statements - continued |
For The Period 1 January 2021 to 31 January 2022 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) |
At 31 January 2022 |
DEPRECIATION |
At 1 January 2021 |
Charge for period |
Eliminated on disposal | ( |
) |
At 31 January 2022 |
NET BOOK VALUE |
At 31 January 2022 |
At 31 December 2020 |
6. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST OR VALUATION |
At 1 January 2021 | 86,785 |
Disposals | (86,785 | ) |
At 31 January 2022 | - |
NET BOOK VALUE |
At 31 January 2022 | - |
At 31 December 2020 | 86,785 |
Cost or valuation at 31 January 2022 is represented by: |
Totals |
£ |
Valuation in 2020 | 1,785 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.1.22 | 31.12.20 |
£ | £ |
Within one year |
Between one and five years |
H & H CLASSICS LTD (REGISTERED NUMBER: 02852199) |
Notes to the Financial Statements - continued |
For The Period 1 January 2021 to 31 January 2022 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the company made advances to the director of £55,857 (2020- £42,433) and received credits of £61,122 (2020 - £37,585) from the director.The advances are interest-free and are repayable on demand. No amounts were written off or waived. |
9. | RELATED PARTY TRANSACTIONS |
On 26th October 2021 the ultimate ownership changed to H & H EOT Limited, an Employee Ownership Trust who are now the ultimate Holding Company, with the shares held in trust for the benefit of the company's employees. |
During the year, the company made a dividend of £2m to the parent entity in respect of an employee ownership trust transaction. This dividend has consequently reduced the company's retained earnings by the equivalent amount. |