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COMPANY REGISTRATION NUMBER: 6742762
Hull Angling Centre Limited
Filleted Unaudited Financial Statements
31 March 2023
Hull Angling Centre Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
6
39,789
53,052
Current assets
Stocks
413,890
425,899
Debtors
7
67,602
80,673
Cash at bank and in hand
107,354
100,186
---------
---------
588,846
606,758
Creditors: amounts falling due within one year
8
332,119
348,612
---------
---------
Net current assets
256,727
258,146
---------
---------
Total assets less current liabilities
296,516
311,198
Creditors: amounts falling due after more than one year
9
22,371
32,431
Provisions
Taxation including deferred tax
7,560
10,080
---------
---------
Net assets
266,585
268,687
---------
---------
Capital and reserves
Called up share capital
10
3
3
Profit and loss account
266,582
268,684
---------
---------
Shareholders funds
266,585
268,687
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year 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 .
Hull Angling Centre Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 October 2023 , and are signed on behalf of the board by:
Steven Ashton
Director
Company registration number: 6742762
Hull Angling Centre Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hull Angling Centre, Holderness Road, Hull, East Yorkshire, HU9 3DS.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
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:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Taxation on ordinary activities
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
8,829
8,314
Deferred tax:
Origination and reversal of timing differences
( 2,520)
3,949
-------
--------
Taxation on ordinary activities
6,309
12,263
-------
--------
6. Tangible assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
51,190
49,728
100,918
--------
--------
---------
Depreciation
At 1 April 2022
35,434
12,432
47,866
Charge for the year
3,939
9,324
13,263
--------
--------
---------
At 31 March 2023
39,373
21,756
61,129
--------
--------
---------
Carrying amount
At 31 March 2023
11,817
27,972
39,789
--------
--------
---------
At 31 March 2022
15,756
37,296
53,052
--------
--------
---------
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings
67,602
80,400
Prepayments and accrued income
273
--------
--------
67,602
80,673
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
9,648
Trade creditors
226,191
219,813
Accruals and deferred income
1,100
1,100
Corporation tax
8,829
8,314
Social security and other taxes
61,515
65,506
Director loan accounts
24,484
44,231
---------
---------
332,119
348,612
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,371
32,431
--------
--------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
'A' Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
3
3
3
3
----
----
----
----
11. Director's advances, credits and guarantees
During the year there were no director's advances, credits and guarantees.