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Registration number: 13152167

Handsacre Local Ltd

Abridged Financial Statements

for the Period from 22 January 2021 to 31 January 2022

 

Handsacre Local Ltd

Contents

Company Information

1

Accountants' Report

2

Abridged Balance Sheet

3 to 4

Notes to the Unaudited Abridged Financial Statements

5 to 8

 

Handsacre Local Ltd

Company Information

Directors

Mr Rajinder Shokar

Mr Tara Shokar

Mr Sandeep Shokar

Registered office

Unit 3-4 Tupenhurst Lane
Rugeley
Staffs
WS15 4EH

Accountants

Bradley Accountancy Practice Limited
First Floor Offices
84-90 Market Street
Hednesford
Cannock
Staffordshire
WS12 1AG

 

Accountants' Report to the Board of Directors on the Preparation of the Statutory Accounts of
Handsacre Local Ltd
for the Period Ended 31 January 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Handsacre Local Ltd for the period ended 31 January 2022 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Handsacre Local 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 Handsacre Local Ltd and state those matters that we have agreed to state to the Board of Directors of Handsacre Local Ltd. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Handsacre Local Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Handsacre Local 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 Handsacre Local Ltd. You consider that Handsacre Local Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Handsacre Local 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.

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

Bradley Accountancy Practice Limited
First Floor Offices
84-90 Market Street
Hednesford
Cannock
Staffordshire
WS12 1AG

3 August 2022

 

Handsacre Local Ltd

(Registration number: 13152167)
Abridged Balance Sheet as at 31 January 2022

Note

2022
£

Fixed assets

 

Intangible assets

4

141,550

Tangible assets

5

15,000

 

156,550

Current assets

 

Stocks

6

48,750

Cash at bank and in hand

 

131,307

 

180,057

Creditors: Amounts falling due within one year

(266,679)

Net current liabilities

 

(86,622)

Total assets less current liabilities

 

69,928

Accruals and deferred income

 

(1,000)

Net assets

 

68,928

Capital and reserves

 

Profit and loss account

68,928

Shareholders' funds

 

68,928

For the financial period ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 3 August 2022 and signed on its behalf by:
 

 

Handsacre Local Ltd

(Registration number: 13152167)
Abridged Balance Sheet as at 31 January 2022

.........................................
Mr Rajinder Shokar
Director

.........................................
Mr Tara Shokar
Director

.........................................
Mr Sandeep Shokar
Director

 

Handsacre Local Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 22 January 2021 to 31 January 2022

1

General information

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

The address of its registered office is:
Unit 3-4 Tupenhurst Lane
Rugeley
Staffs
WS15 4EH

These financial statements were authorised for issue by the Board on 3 August 2022.

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 abridged 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 abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Handsacre Local Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 22 January 2021 to 31 January 2022

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

Fixtures and fittings

25% on a reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% on a straight line.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5.

 

Handsacre Local Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 22 January 2021 to 31 January 2022

4

Intangible assets

Total
£

Cost or valuation

Additions acquired separately

149,000

At 31 January 2022

149,000

Amortisation

Amortisation charge

7,450

At 31 January 2022

7,450

Carrying amount

At 31 January 2022

141,550

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

20,000

20,000

At 31 January 2022

20,000

20,000

Depreciation

Charge for the period

5,000

5,000

At 31 January 2022

5,000

5,000

Carrying amount

At 31 January 2022

15,000

15,000

6

Stocks

2022
£

Other inventories

48,750

7

Share capital

Allotted, called up and fully paid shares

 

Handsacre Local Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 22 January 2021 to 31 January 2022

 

2022

 

No.

£

Ordinary of £1 each

100

100

     

8

Related party transactions

Directors' remuneration