REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
Hang Loose (Beverley) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
for |
Hang Loose (Beverley) Ltd |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Contents of the Financial Statements |
for the Year Ended 31 December 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Hang Loose (Beverley) Ltd |
Company Information |
for the Year Ended 31 December 2021 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
25 Woodgates Lane |
North Ferriby |
East Yorkshire |
HU14 3JR |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Balance Sheet - continued |
31 December 2021 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Hang Loose (Beverley) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company meets its day to day working capital requirements via funding and a loan facility provided by a company under the control of one of the directors and a shareholder of the ultimate parent company which is interest free and repayable on demand. |
Without the above mentioned support it is likely the Company would not be able to continue as a going concern therefore certain assets in the Company's balance sheet which are shown at their in use value may need to be valued on a different basis which is likely to result in a considerable mark down in their value. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax for the sale of goods and the provision of services in the ordinary course of the company's activities. The company's turnover is recognised when the amount can be reliably measured and when the provision of services is provided or goods are sold. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Cash and bank balances |
Cash and bank balances are recognised at transaction price. |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
2. | ACCOUNTING POLICIES - continued |
Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2021 |
Additions |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Other debtors |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 4,167 |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 |
£ |
Within one year | 20,000 |
Between one and five years | 80,000 |
In more than five years | 220,000 |
320,000 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.21 | 31.12.20 |
£ | £ |
Other loans |
Hang Loose (Beverley) Ltd (Registered number: 08560634) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
10. | RELATED PARTY DISCLOSURES |
At the year end the company owed a company under the control of one of the directors and a shareholder of the ultimate parent company £554,853 (2020 £587,515) which is interest free and repayable on demand. |
This company has a debenture over the assets of the company amounting to £420,000 to cover the majority of the amount outstanding. |
11. | ULTIMATE PARENT COMPANY |
The ultimate parent company is Augusta Services (Yorkshire) Limited (Company Number 11559058) registered in England & Wales. Augusta Services (Yorkshire) Limited registered address and principal place of business is Kingfisher Court, Plaxton Bridge Road, Woodmansey, Beverley, East Yorkshire HU17 0RT. |