Registered number
11005600
HS VAPE LIMITED
Filleted Accounts
31 October 2022
HS VAPE LIMITED
Registered number: 11005600
Balance Sheet
as at 31 October 2022
Notes 2022 2021
£ £
Current assets
Stocks 145,305 95,524
Cash at bank and in hand 91,851 68,747
237,156 164,271
Creditors: amounts falling due within one year 3 (80,679) (121,435)
Net current assets 156,477 42,836
Total assets less current liabilities 156,477 42,836
Creditors: amounts falling due after more than one year 4 (144,482) (40,000)
Net assets 11,995 2,836
Capital and reserves
Called up share capital 100 100
Profit and loss account 11,895 2,736
Shareholders' funds 11,995 2,836
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Harpal Singh Waura
Director
Approved by the board on 10 October 2023
HS VAPE LIMITED
Notes to the Accounts
for the year ended 31 October 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Creditors: amounts falling due within one year 2022 2021
£ £
Non-equity preference shares - -
Bank loans and overdrafts - -
Obligations under finance lease and hire purchase contracts - -
Trade creditors 29,783 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Taxation and social security costs 10,476 3,876
Other creditors 40,420 117,559
80,679 121,435
4 Creditors: amounts falling due after one year 2022 2021
£ £
Non-equity preference shares - -
Bank loans 34,658 40,000
Obligations under finance lease and hire purchase contracts 109,824 -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - -
Other creditors - -
144,482 40,000
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