Company registration number 7117199 (England and Wales)
HYLAND COLES LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
HYLAND COLES LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
HYLAND COLES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2023
- 1 -
The directors present their annual report and financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company continued to be that of audio post production for television and film.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
A J Coles
G Hyland
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
A J Coles
Director
27 October 2023
HYLAND COLES LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,489
6,384
Current assets
Debtors
4
19,275
17,777
Cash at bank and in hand
2,705
6,459
21,980
24,236
Creditors: amounts falling due within one year
5
(26,210)
(27,173)
Net current liabilities
(4,230)
(2,937)
Net assets
259
3,447
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
159
3,347
Total equity
259
3,447
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 October 2023 and are signed on its behalf by:
A J Coles
Director
Company registration number 7117199 (England and Wales)
HYLAND COLES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information
Hyland Coles Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 308 Ewell Road, Surbiton, Surrey, KT6 7AL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on Cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable .
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HYLAND COLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2022
50,315
Additions
1,155
At 31 January 2023
51,470
Depreciation and impairment
At 1 February 2022
43,931
Depreciation charged in the year
3,050
At 31 January 2023
46,981
Carrying amount
At 31 January 2023
4,489
At 31 January 2022
6,384
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,950
17,777
Other debtors
14,325
19,275
17,777
HYLAND COLES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,119
8,694
Corporation tax
12,864
10,594
Other taxation and social security
4,727
5,977
Other creditors
1,500
1,908
26,210
27,173
6
Directors' transactions
Dividends totalling £56,000 (2022 - £47,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
A J Coles -
-
(407)
78,584
(63,852)
14,325
(407)
78,584
(63,852)
14,325