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Registration number: 11888550

HS Projects Northwest Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

HS Projects Northwest Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

HS Projects Northwest Limited

Company Information

Directors

Mr J J Lloyd

Mrs H C Lloyd

Registered office

Grange Farm Cottage
Higher Lane
Dalton
Wigan
Greater Manchester
WN8 7TW

 

HS Projects Northwest Limited

(Registration number: 11888550)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

31,561

5,186

Current assets

 

Debtors

5

63,711

51,894

Cash at bank and in hand

 

7,450

27,837

 

71,161

79,731

Creditors: Amounts falling due within one year

6

(9,577)

(9,852)

Net current assets

 

61,584

69,879

Total assets less current liabilities

 

93,145

75,065

Creditors: Amounts falling due after more than one year

6

(28,765)

(22,500)

Provisions for liabilities

(5,996)

(935)

Net assets

 

58,384

51,630

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

58,284

51,530

Shareholders' funds

 

58,384

51,630

For the financial year ending 31 March 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 year 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.

Approved and authorised by the Board on 25 July 2022 and signed on its behalf by:
 

.........................................
Mr J J Lloyd
Director

 

HS Projects Northwest Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Grange Farm Cottage
Higher Lane
Dalton
Wigan
Greater Manchester
WN8 7TW

These financial statements were authorised for issue by the Board on 25 July 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 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.

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 deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

HS Projects Northwest Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

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% reducing balance

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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.

 

HS Projects Northwest Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 1).

 

HS Projects Northwest Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2021

8,352

-

-

8,352

Additions

2,150

29,503

325

31,978

At 31 March 2022

10,502

29,503

325

40,330

Depreciation

At 1 April 2021

3,166

-

-

3,166

Charge for the year

1,834

3,688

81

5,603

At 31 March 2022

5,000

3,688

81

8,769

Carrying amount

At 31 March 2022

5,502

25,815

244

31,561

At 31 March 2021

5,186

-

-

5,186

5

Debtors

Note

2022
£

2021
£

Trade debtors

 

20,000

8,000

Inter company loan account

42,695

42,695

Other debtors

 

1,016

1,199

 

63,711

51,894

 

HS Projects Northwest Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

7

8,376

2,500

Accruals and deferred income

 

1,171

516

Directors loan account

 

30

6,836

 

9,577

9,852

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

28,765

22,500

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

15,833

22,500

Hire purchase contracts

12,932

-

28,765

22,500

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,000

2,500

Hire purchase contracts

3,376

-

8,376

2,500

 

HS Projects Northwest Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Taxation

Tax charged/(credited) in the income statement

2022
 £

2021
 £

Deferred taxation

Arising from origination and reversal of timing differences

5,061

116

Deferred tax