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COMPANY REGISTRATION NUMBER: 04260564
Hyperswift Limited
Filleted Unaudited Financial Statements
31 December 2021
Hyperswift Limited
Statement of Financial Position
31 December 2021
31 Dec 21
31 Aug 20
Note
£
£
£
Fixed assets
Tangible assets
6
3,842
Current assets
Stocks
400
Debtors
7
433
Cash at bank and in hand
27,899
----
--------
28,732
Creditors: amounts falling due within one year
8
40,370
----
--------
Net current liabilities
11,638
----
--------
Total assets less current liabilities
( 7,796)
Provisions
Taxation including deferred tax
( 855)
----
-------
Net liabilities
( 8,651)
----
-------
Hyperswift Limited
Statement of Financial Position (continued)
31 December 2021
31 Dec 21
31 Aug 20
Note
£
£
£
Capital and reserves
Called up share capital
110
110
Profit and loss account
( 110)
( 8,761)
----
-------
Shareholders deficit
( 8,651)
----
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 December 2021 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 August 2022 , and are signed on behalf of the board by:
Mr W K Chung
Director
Company registration number: 04260564
Hyperswift Limited
Notes to the Financial Statements
Period from 1 September 2020 to 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 24 Bridge Street, Newport, NP20 4SF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity. The figures in the financial statements are rounded to the nearest whole pound. The principal activity of the company during the period was that of a Chinese takeaway. The company ceased trading at the end of the financial period.
Going concern
The company is no longer trading.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered. Income Tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% p.a. Reducing balance
Equipment
-
20% p.a. Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 5 (2020: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2020 and 31 December 2021
79,000
--------
Amortisation
At 1 September 2020 and 31 December 2021
79,000
--------
Carrying amount
At 31 December 2021
--------
At 31 August 2020
--------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 September 2020
16,986
907
17,893
Disposals
( 16,986)
( 907)
( 17,893)
--------
----
--------
At 31 December 2021
--------
----
--------
Depreciation
At 1 September 2020
13,144
907
14,051
Charge for the period
973
973
Disposals
( 14,117)
( 907)
( 15,024)
--------
----
--------
At 31 December 2021
--------
----
--------
Carrying amount
At 31 December 2021
--------
----
--------
At 31 August 2020
3,842
3,842
--------
----
--------
The fixed assets of the company have been depreciated for the period and treated as a disposal of by the company .
7. Debtors
31 Dec 21
31 Aug 20
£
£
Other debtors
433
----
----
8. Creditors: amounts falling due within one year
31 Dec 21
31 Aug 20
£
£
Trade creditors
2,117
Other creditors
38,253
----
--------
40,370
----
--------
9. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Dec 21
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr W K Chung
( 35,914)
( 1,498)
70,780
33,368
--------
-------
--------
--------
31 Aug 20
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr W K Chung
( 38,321)
( 1,089)
3,496
( 35,914)
--------
-------
-------
--------
10. Related party transactions
The company was under the control of Mr W K Chung throughout the current and previous periods. Mr W K Chung was the managing director and majority shareholder of the company. The leasehold property from which the company traded during the year is owned by Mr and Mrs W K Chung. During the period the company incurred rent of £16,250 (2020: £13,000). The lease had been agreed under normal commercial terms. As at 31st August 2021 the company owed Mr W K Chung £nil (2020: £35,914).