0 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 01676661 2022-01-01 2022-06-30 01676661 2022-06-30 01676661 2021-12-31 01676661 2021-01-01 2021-12-31 01676661 2021-12-31 01676661 bus:RegisteredOffice 2022-01-01 2022-06-30 01676661 bus:LeadAgentIfApplicable 2022-01-01 2022-06-30 01676661 bus:Director3 2022-01-01 2022-06-30 01676661 bus:CompanySecretary1 2022-01-01 2022-06-30 01676661 bus:Director1 2022-01-01 2022-06-30 01676661 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 01676661 core:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 01676661 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-06-30 01676661 core:WithinOneYear 2022-06-30 01676661 core:WithinOneYear 2021-12-31 01676661 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-01 2022-06-30 01676661 core:ShareCapital 2022-06-30 01676661 core:ShareCapital 2021-12-31 01676661 core:OtherReservesSubtotal 2022-06-30 01676661 core:OtherReservesSubtotal 2021-12-31 01676661 core:RetainedEarningsAccumulatedLosses 2022-06-30 01676661 core:RetainedEarningsAccumulatedLosses 2021-12-31 01676661 core:ShareCapital 2020-12-31 01676661 core:OtherReservesSubtotal 2020-12-31 01676661 core:RetainedEarningsAccumulatedLosses 2020-12-31 01676661 core:RestatedAmount 2020-12-31 01676661 core:RestatedAmount 2021-12-31 01676661 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 01676661 bus:Director1 2021-12-31 01676661 bus:Director1 2022-06-30 01676661 bus:Director1 2020-12-31 01676661 bus:Director1 2021-12-31 01676661 bus:Director1 2021-01-01 2021-12-31 01676661 bus:SmallEntities 2022-01-01 2022-06-30 01676661 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-06-30 01676661 bus:FullAccounts 2022-01-01 2022-06-30 01676661 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-06-30 01676661 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-06-30
COMPANY REGISTRATION NUMBER: 01676661
HOVERWISE LIMITED
Unaudited Financial Statements
30 June 2022
HOVERWISE LIMITED
Financial Statements
Period from 1 January 2022 to 30 June 2022
Contents
Page
Officers and professional advisers
1
Director's report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
6
Notes to the financial statements
7
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
12
HOVERWISE LIMITED
Officers and Professional Advisers
Director
S.N. Clemence
Company secretary
S. N. Clemence
Registered office
1st Floor
Sutherland House
5-6 Argyll Street
London
W1F 7TE
Accountants
Higgins Fairbairn & Co
Chartered accountants
1st Floor
Sutherland House
5-6 Argyll Street
London
W1F 7TE
HOVERWISE LIMITED
Director's Report
Period from 1 January 2022 to 30 June 2022
The director presents his report and the unaudited financial statements of the company for the Period ended 30 June 2022 .
Director
The director who served the company during the Period was as follows:
S.N. Clemence
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 4 September 2022 and signed on behalf of the board by:
S.N. Clemence
Director
Registered office:
1st Floor
Sutherland House
5-6 Argyll Street
London
W1F 7TE
HOVERWISE LIMITED
Income Statement
Period from 1 January 2022 to 30 June 2022
Period from
1 Jan 22 to
Year to
30 Jun 22
31 Dec 21
Note
£
£
Turnover
94,326
1,922
--------
-------
Gross profit
94,326
1,922
Administrative expenses
2,696
3,061
--------
-------
Operating profit/(loss)
91,630
( 1,139)
Other interest receivable and similar income
35
90
--------
-------
Profit/(loss) before taxation
4
91,665
( 1,049)
Tax on profit/(loss)
18,947
--------
-------
Profit/(loss) for the financial period
72,718
( 1,049)
--------
-------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the Period as set out above.
HOVERWISE LIMITED
Statement of Financial Position
30 June 2022
30 Jun 22
31 Dec 21
Note
£
£
£
Fixed assets
Tangible assets
5
325,059
Current assets
Debtors
6
10,554
10,654
Cash at bank and in hand
521,419
180,165
---------
---------
531,973
190,819
Creditors: amounts falling due within one year
7
227,131
208,401
---------
---------
Net current assets/(liabilities)
304,842
( 17,582)
---------
---------
Total assets less current liabilities
304,842
307,477
Provisions
Taxation including deferred tax
12,926
---------
---------
Net assets
304,842
294,551
---------
---------
Capital and reserves
Called up share capital
100
100
Other reserves
62,427
Profit and loss account
304,742
232,024
---------
---------
Shareholders funds
304,842
294,551
---------
---------
These financial statements have been prepared 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'.
For the Period ending 30 June 2022 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 .
HOVERWISE LIMITED
Statement of Financial Position (continued)
30 June 2022
These financial statements were approved by the board of directors and authorised for issue on 4 September 2022 , and are signed on behalf of the board by:
S.N. Clemence
Director
Company registration number: 01676661
HOVERWISE LIMITED
Statement of Changes in Equity
Period from 1 January 2022 to 30 June 2022
Called up share capital
Other reserves
Profit and loss account
Total
£
£
£
£
At 1 January 2021
100
62,427
233,073
295,600
Loss for the period
( 1,049)
( 1,049)
----
--------
---------
---------
Total comprehensive income for the period
( 1,049)
( 1,049)
At 31 December 2021
100
62,427
232,024
294,551
Profit for the period
72,718
72,718
----
--------
---------
---------
Total comprehensive income for the period
72,718
72,718
----
--------
---------
---------
At 30 June 2022
100
62,427
304,742
367,269
----
--------
---------
---------
HOVERWISE LIMITED
Notes to the Financial Statements
Period from 1 January 2022 to 30 June 2022
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 1st Floor, Sutherland House, 5-6 Argyll Street, London, W1F 7TE.
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 have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the profit and loss account represents Property Sales and Rent Receivable.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. Deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Equipment
-
15% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Profit before taxation
Profit before taxation is stated after charging:
Period from
1 Jan 22 to
Year to
30 Jun 22
31 Dec 21
£
£
Depreciation of tangible assets
59
10
----
----
5. Tangible assets
Freehold property
Equipment
Total
£
£
£
Cost/Valuation
At 1 January 2022
325,000
6,293
331,293
Disposals
( 325,000)
( 325,000)
---------
-------
---------
At 30 June 2022
6,293
6,293
---------
-------
---------
Depreciation
At 1 January 2022
6,234
6,234
Charge for the period
59
59
---------
-------
---------
At 30 June 2022
6,293
6,293
---------
-------
---------
Carrying amount
At 30 June 2022
---------
-------
---------
At 31 December 2021
325,000
59
325,059
---------
-------
---------
6. Debtors
30 Jun 22
31 Dec 21
£
£
Other debtors
10,554
10,654
--------
--------
7. Creditors: amounts falling due within one year
30 Jun 22
31 Dec 21
£
£
Corporation tax
17,230
Other creditors
209,901
208,401
---------
---------
227,131
208,401
---------
---------
Other creditors include Director Loan Account of £207,688 (2021 £207,688)
8. Director's advances, credits and guarantees
During the Period the director entered into the following advances and credits with the company:
30 Jun 22
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R.N. Clemence
( 207,688)
( 207,688)
---------
----
---------
31 Dec 21
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
R.N. Clemence
( 208,087)
399
( 207,688)
---------
----
---------
HOVERWISE LIMITED
Management Information
Period from 1 January 2022 to 30 June 2022
The following pages do not form part of the financial statements.
HOVERWISE LIMITED
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of HOVERWISE LIMITED
Period from 1 January 2022 to 30 June 2022
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the Period ended 30 June 2022, which comprise the income statement, statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Higgins Fairbairn & Co Chartered accountants
1st Floor Sutherland House 5-6 Argyll Street London W1F 7TE
4 September 2022