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Registration number: 09360911

JH Haslam Limited

Annual Report and Unaudited Financial Statements

for the Period from 31 March 2021 to 28 March 2022

 

JH Haslam Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 8

 

JH Haslam Limited

(Registration number: 09360911)
Balance Sheet as at 28 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

82,542

132,090

Current assets

 

Stocks

5

-

35,026

Debtors

6

34,347

281,605

Cash at bank and in hand

 

518

60,276

 

34,865

376,907

Creditors: Amounts falling due within one year

7

(176,292)

(455,951)

Net current liabilities

 

(141,427)

(79,044)

Net (liabilities)/assets

 

(58,885)

53,046

Capital and reserves

 

Called up share capital

10

1,000

1,000

Retained earnings

(59,885)

52,046

Shareholders' (deficit)/funds

 

(58,885)

53,046

For the financial period ending 28 March 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and director's report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 11 October 2023
 

.........................................
Mr JD Haslam
Director

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

1

General information

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

The address of its registered office is:
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG
England

The principal place of business is:
Unit 2
Caxton Road
Fulwood
Preston
Lancashire
PR2 9ZB
England

These financial statements were authorised for issue by the director on 11 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 and the accounts are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group and the holding company has taken advantage of the exemption provided by Section 399 of the Companies Act 2006 and has not prepared group accounts.

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

Going concern

The company is reliant upon the financial support of its parent company in order to meet its liabilities as they fall due. The parent company has indicated that this support will continue for the foreseeable future and as a result, the director has continued to adopt the going concern basis in preparing the financial statements.

Cessation of trade

The company ceased trading on 31st December 2021

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.

Tax

The tax expense for the period comprises 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% per annum on reducing balance

Motor vehicles

25% per annum on reducing balance

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

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.

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.

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Share based payments

The company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 4 (2021 - 5).

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 31 March 2021

156,450

162,627

319,077

Disposals

(33,105)

(15,250)

(48,355)

At 28 March 2022

123,345

147,377

270,722

Depreciation

At 31 March 2021

106,454

80,534

186,988

Charge for the period

8,126

14,566

22,692

Eliminated on disposal

(15,612)

(5,888)

(21,500)

At 28 March 2022

98,968

89,212

188,180

Carrying amount

At 28 March 2022

24,377

58,165

82,542

At 30 March 2021

49,996

82,094

132,090

5

Stocks

2022
£

2021
£

Stock

-

35,026

6

Debtors

Current

Note

2022
£

2021
£

Trade debtors

 

26,724

184,730

Amounts owed by parent undertaking

9

-

92,032

Prepayments

 

2,280

2,917

Other debtors

 

5,343

1,926

   

34,347

281,605

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Bank loans and overdrafts

8

-

24,463

Trade creditors

 

671

351,977

Amounts owed to parent undertaking

9

167,681

-

Taxation and social security

 

1,668

827

Other creditors

 

6,272

78,684

 

176,292

455,951

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

-

24,463

9

Related party transactions

Summary of transactions with parent

JH Haslam (Preston) Limited
 Inter-company loan.
 The terms of the loan are that it is repayable on demand and interest free.
 

Loans to related parties

2022

Parent
£

Total
£

At start of period

92,032

92,032

Repaid

(259,713)

(259,713)

At end of period

(167,681)

(167,681)

2021

Parent
£

Total
£

At start of period

67,092

67,092

Advanced

24,940

24,940

At end of period

92,032

92,032

 

JH Haslam Limited

Notes to the Financial Statements for the Period from 31 March 2021 to 28 March 2022

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary share of £1 each

1,000

1,000

1,000

1,000