Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-3152021-01-01falseNo description of principal activity5truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09600839 2021-01-01 2021-12-31 09600839 2020-01-01 2020-12-31 09600839 2021-12-31 09600839 2020-12-31 09600839 c:Director1 2021-01-01 2021-12-31 09600839 d:PlantMachinery 2021-01-01 2021-12-31 09600839 d:PlantMachinery 2021-12-31 09600839 d:PlantMachinery 2020-12-31 09600839 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09600839 d:MotorVehicles 2021-01-01 2021-12-31 09600839 d:MotorVehicles 2021-12-31 09600839 d:MotorVehicles 2020-12-31 09600839 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09600839 d:OfficeEquipment 2021-01-01 2021-12-31 09600839 d:OfficeEquipment 2021-12-31 09600839 d:OfficeEquipment 2020-12-31 09600839 d:OfficeEquipment d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09600839 d:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 09600839 d:CurrentFinancialInstruments 2021-12-31 09600839 d:CurrentFinancialInstruments 2020-12-31 09600839 d:Non-currentFinancialInstruments 2021-12-31 09600839 d:Non-currentFinancialInstruments 2020-12-31 09600839 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 09600839 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 09600839 d:ShareCapital 2021-12-31 09600839 d:ShareCapital 2020-12-31 09600839 d:SharePremium 2021-01-01 2021-12-31 09600839 d:SharePremium 2021-12-31 09600839 d:SharePremium 2020-12-31 09600839 d:OtherMiscellaneousReserve 2021-01-01 2021-12-31 09600839 d:OtherMiscellaneousReserve 2021-12-31 09600839 d:OtherMiscellaneousReserve 2020-12-31 09600839 d:RetainedEarningsAccumulatedLosses 2021-12-31 09600839 d:RetainedEarningsAccumulatedLosses 2020-12-31 09600839 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-12-31 09600839 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-12-31 09600839 c:FRS102 2021-01-01 2021-12-31 09600839 c:AuditExempt-NoAccountantsReport 2021-01-01 2021-12-31 09600839 c:FullAccounts 2021-01-01 2021-12-31 09600839 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 09600839 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 09600839 d:AcceleratedTaxDepreciationDeferredTax 2020-12-31 09600839 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 09600839 d:TaxLossesCarry-forwardsDeferredTax 2020-12-31 09600839 d:OtherDeferredTax 2021-12-31 09600839 d:OtherDeferredTax 2020-12-31 09600839 2 2021-01-01 2021-12-31 09600839 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:pure

Registered number: 09600839










HUSHCRAFT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2021

 
HUSHCRAFT LIMITED
REGISTERED NUMBER: 09600839

BALANCE SHEET
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Tangible assets
 4 
22,722
37,768

Investments
 5 
100
100

  
22,822
37,868

Current assets
  

Debtors: amounts falling due after more than one year
 6 
819,889
-

Debtors: amounts falling due within one year
 6 
43,062
41,750

Cash at bank and in hand
 7 
1,412,976
2,596,486

  
2,275,927
2,638,236

Creditors: amounts falling due within one year
 8 
(9,263)
(382,371)

Net current assets
  
 
 
2,266,664
 
 
2,255,865

Total assets less current liabilities
  
2,289,486
2,293,733

  

Net assets
  
2,289,486
2,293,733


Capital and reserves
  

Called up share capital 
  
15,318
15,318

Share premium account
 10 
1,944,681
1,944,681

Other reserves
 10 
121,302
121,302

Profit and loss account
 10 
208,185
212,432

  
2,289,486
2,293,733


Page 1

 
HUSHCRAFT LIMITED
REGISTERED NUMBER: 09600839
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 September 2022.




Benjamin Patrick Huw Simpson
Director

Page 2

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

Hushcraft is a limited liability company, incorporated in England, number 09600839. Its registered office is at Blackwater House CM9 8SE and its principal activity is the design and construction of water craft and marine power trains.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

Page 3

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Share based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Where fair value of the goods or services cannot be ascertained, the fair value of the equity instruments at the date of issue is estimated.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2020 - 5).

Page 7

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2021
54,149
17,970
4,100
76,219


Additions
-
-
320
320


Disposals
-
(17,970)
-
(17,970)



At 31 December 2021

54,149
-
4,420
58,569



Depreciation


At 1 January 2021
21,010
15,349
2,092
38,451


Charge for the year on owned assets
11,766
749
979
13,494


Disposals
-
(16,098)
-
(16,098)



At 31 December 2021

32,776
-
3,071
35,847



Net book value



At 31 December 2021
21,373
-
1,349
22,722

Page 8

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2021
100



At 31 December 2021
100




Page 9

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£

Due after more than one year

Amounts owed by group undertakings
819,889
-

819,889
-


2021
2020
£
£

Due within one year

Trade debtors
360
2,160

Other debtors
64
43

Deferred taxation
42,638
39,547

43,062
41,750



7.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
1,412,976
2,596,486

1,412,976
2,596,486



8.


Creditors: Amounts falling due within one year

2021
2020
£
£

Amounts owed to group undertakings
-
363,523

Other taxation and social security
-
10,996

Other creditors
204
204

Accruals and deferred income
9,059
7,648

9,263
382,371


Page 10

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

Financial instruments

2021
2020
£
£

Financial assets


Financial assets measured at fair value through profit or loss
1,412,976
2,596,486




Financial assets measured at fair value through profit or loss comprise bank balances.


9.


Deferred taxation




2021


£






At beginning of year
39,547


Credited to profit and loss
3,091



At end of year
42,638

The deferred tax asset is made up as follows:

2021
2020
£
£


Accelerated capital allowances
(4,336)
(7,176)

Tax losses carried forward
20,016
20,054

Provision on intrinsic value of equity share-based  payment
26,958
26,669

42,638
39,547


10.


Reserves

Share premium account

In February 2020, 5,318 shares of £1 were allotted at a price of £366.68, with the excess over nominal value being transferred to share premium.

Other reserves

Other reserves consist of a provision in respect of an equity settled, share based payment.

Page 11

 
HUSHCRAFT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

11.


Share based payments

In May 2020, a warrant was issued to a non-employee in respect of 957 shares, in recognition of support with a major project undertaken in 2018. It is not possible to quantify the value of the services supplied, so fair value has been assessed at the date of grant.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £36,417 (2020 - £36,417).  .No contributions (2020 - £nil) were payable to the fund at the balance sheet date.

Page 12