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COMPANY REGISTRATION NUMBER: 05195251
HOWARD FIX-IT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
HOWARD FIX-IT LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 4
HOWARD FIX-IT LIMITED
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
1,250
2,171
Current assets
Stocks
6
5,690
7,388
Debtors
7
12,131
1,838
Cash at bank and in hand
498,904
462,497
------------
------------
516,725
471,723
Creditors: amounts falling due within one year
8
( 16,379)
( 20,254)
------------
------------
Net current assets
500,346
451,469
------------
------------
Total assets less current liabilities
501,596
453,640
------------
------------
Net assets
501,596
453,640
------------
------------
Capital and reserves
Called up share capital
9
1
1
Profit and loss account
501,595
453,639
------------
------------
Shareholders funds
501,596
453,640
------------
------------
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 profit and loss account 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr H S R Cohen
Director
Company registration number: 05195251
HOWARD FIX-IT 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 111 Abbotsbury Road, London, W14 8EP.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Computer equipment
-
25% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
510
602
6,291
7,403
------------
------------
------------
------------
Depreciation
At 1 April 2022
510
602
4,120
5,232
Charge for the year
921
921
------------
------------
------------
------------
At 31 March 2023
510
602
5,041
6,153
------------
------------
------------
------------
Carrying amount
At 31 March 2023
1,250
1,250
------------
------------
------------
------------
At 31 March 2022
2,171
2,171
------------
------------
------------
------------
6. Stocks
2023
2022
£
£
Consumables
5,690
7,388
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
3,907
1,745
Prepayments and accrued income
5,731
93
Directors' loan accounts
2,493
------------
------------
12,131
1,838
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
3,000
3,000
Corporation tax
11,933
10,179
Social security and other taxes
1,446
999
Director loan accounts
6,076
------------
------------
16,379
20,254
------------
------------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
10. Related party transactions
Included in debtors above is a directors loan of £2,493 (2022: £6,076 creditor). The loan is unsecured, currently interest free and repayable on demand. The loan was subsequently repaid after the year end. The company is controlled by the H S R Cohen.