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REGISTERED NUMBER: 02852199 (England and Wales)

































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: S R Hope
C A Mckay



SECRETARY: K Hope



REGISTERED OFFICE: 8 Eastway
Sale
Cheshire
M33 4DX



REGISTERED NUMBER: 02852199 (England and Wales)



ACCOUNTANTS: Leavitt Walmsley Associates Limited
Chartered Certified Accountants
8 Eastway
Sale
Cheshire
M33 4DX



BANKERS: National Westminster Bank
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 16,487 25,372
Tangible assets 5 91,915 115,577
Investments 6 - 86,785
108,402 227,734

CURRENT ASSETS
Stocks 108,115 171,115
Debtors 165,505 111,201
Cash at bank and in hand 400,384 3,525,214
674,004 3,807,530
CREDITORS
Amounts falling due within one year 408,294 1,904,085
NET CURRENT ASSETS 265,710 1,903,445
TOTAL ASSETS LESS CURRENT
LIABILITIES

374,112

2,131,179

PROVISIONS FOR LIABILITIES 5,245 7,582
NET ASSETS 368,867 2,123,597

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 368,767 2,123,497
SHAREHOLDERS' FUNDS 368,867 2,123,597

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the period ended 31 January 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 15 August 2022 and were signed on its behalf by:





C A Mckay - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on reducing balance

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 12 (2020 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2021 58,090
Disposals (20,485 )
At 31 January 2022 37,605
AMORTISATION
At 1 January 2021 32,718
Amortisation for period 7,990
Eliminated on disposal (19,590 )
At 31 January 2022 21,118
NET BOOK VALUE

At 31 January 2022 16,487
At 31 December 2020 25,372

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 269,176
Additions 9,418
Disposals (26,958 )
At 31 January 2022 251,636
DEPRECIATION
At 1 January 2021 152,733
Charge for period 31,522
Eliminated on disposal (24,534 )
At 31 January 2022 159,721
NET BOOK VALUE
At 31 January 2022 91,915
At 31 December 2020 116,443

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 49,000 12,250
Between one and five years 179,667 -
228,667 12,250

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.