Hawkmoth Leather Co Limited 09477582 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Retail sale via mail order houses or via Internet Digita Accounts Production Advanced 6.30.9574.0 true true 09477582 2022-04-01 2023-03-31 09477582 2023-03-31 09477582 core:RetainedEarningsAccumulatedLosses 2023-03-31 09477582 core:ShareCapital 2023-03-31 09477582 core:CurrentFinancialInstruments 2023-03-31 09477582 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09477582 core:Non-currentFinancialInstruments 2023-03-31 09477582 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09477582 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 09477582 bus:SmallEntities 2022-04-01 2023-03-31 09477582 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09477582 bus:FullAccounts 2022-04-01 2023-03-31 09477582 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09477582 bus:RegisteredOffice 2022-04-01 2023-03-31 09477582 bus:Director1 2022-04-01 2023-03-31 09477582 bus:Director2 2022-04-01 2023-03-31 09477582 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09477582 core:OfficeEquipment 2022-04-01 2023-03-31 09477582 core:KeyManagementPersonnel 2022-04-01 2023-03-31 09477582 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 09477582 countries:AllCountries 2022-04-01 2023-03-31 09477582 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 09477582 2021-04-01 2022-03-31 09477582 2022-03-31 09477582 core:RetainedEarningsAccumulatedLosses 2022-03-31 09477582 core:ShareCapital 2022-03-31 09477582 core:CurrentFinancialInstruments 2022-03-31 09477582 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09477582 core:Non-currentFinancialInstruments 2022-03-31 09477582 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09477582 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 09477582 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-04-01 2022-03-31 09477582 2021-03-31 09477582 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 09477582

Hawkmoth Leather Co Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

image-name
 

Hawkmoth Leather Co Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Hawkmoth Leather Co Limited

Company Information

Directors

Mrs Beth Sanderson

Mr Thomas Sanderson

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Hawkmoth Leather Co Limited

(Registration number: 09477582)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Current assets

 

Stocks

4

550

407

Debtors

376

4,244

Cash at bank and in hand

 

1,312

365

 

2,238

5,016

Creditors: Amounts falling due within one year

5

(3,691)

(2,018)

Total assets less current liabilities

 

(1,453)

2,998

Creditors: Amounts falling due after more than one year

5

(1,967)

(2,806)

Net (liabilities)/assets

 

(3,420)

192

Capital and Reserves

 

Called up share capital

100

100

Profit and loss account

(3,520)

92

Total equity

 

(3,420)

192

For the financial year ending 31 March 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 October 2023 and signed on its behalf by:
 

.........................................
Mr Thomas Sanderson
Director

   
     
 

Hawkmoth Leather Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
United Kingdom

These financial statements were authorised for issue by the Board on 5 October 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

These accounts have been prepared on a going concern basis notwithstanding the company's net liability position at the balance sheet date. The directors are confident that with their continued support, the company can remain in operational existence for the foreseeable future.

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.

 

Hawkmoth Leather Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current 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.

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

Depreciation

Asset class

Depreciation method and rate

Office Equipment

Straight Line 25%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Hawkmoth Leather Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

2

2

2

2

4

Stocks

2023
 £

2022
 £

Other inventories

550

407

 

Hawkmoth Leather Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

6

2,691

818

Accrued expenses

 

1,000

825

Corporation tax liability

-

375

 

3,691

2,018

Due after one year

 

Loans and borrowings

6

1,967

2,806

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

1,967

2,806

6

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

1,967

2,806

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

839

818

Other borrowings

1,852

-

2,691

818

 

Hawkmoth Leather Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Related party transactions

Transactions with directors

Loans to related parties

2023

Key management
£

At start of period

4,350

Repaid

(4,350)

At end of period

-

2022

Key management
£

Total
£

Advanced

4,350

4,350

At end of period

4,350

4,350

Terms of loans to related parties

During the year the company provided the directors with an interest free loan which was unsecured and repayable on demand.
 

Loans from related parties

2023

Key management
£

Advanced

1,851

2022

Key management
£

Total
£

At start of period

5,937

5,937

Repaid

(5,937)

(5,937)

At end of period

-

-

Terms of loans from related parties

During the year the directors provided the company with an interest free loan which was unsecured and repayable on demand.