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Registration number: NI620060

Huge Rugby Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Huge Rugby Ltd

(Registration number: NI620060)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

2,600

5,200

Tangible assets

6

2,283

5,029

 

4,883

10,229

Current assets

 

Debtors

7

1,579

6,589

Cash at bank and in hand

 

13,746

21,963

 

15,325

28,552

Creditors: Amounts falling due within one year

8

(77,684)

(122,039)

Net current liabilities

 

(62,359)

(93,487)

Total assets less current liabilities

 

(57,476)

(83,258)

Creditors: Amounts falling due after more than one year

8

(971)

(1,359)

Net liabilities

 

(58,447)

(84,617)

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(58,448)

(84,618)

Shareholders' deficit

 

(58,447)

(84,617)

For the financial year ending 31 January 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 accounts for the year 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Huge Rugby Ltd

(Registration number: NI620060)
Balance Sheet as at 31 January 2023

Approved and authorised by the director on 27 October 2023
 

.........................................
Mr Jonathan Small
Director

 

Huge Rugby Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

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

The address of its registered office is: 20 Church Street, Ballymena, BT43 6DE.

These financial statements were authorised for issue by the director on 27 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Grants

Grants that relate to specific capital expenditure are treated as deferred income and credited to the profit and loss account over the related asset's useful life.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Huge Rugby Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

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

Equipment

20% straight line basis

Development costs

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

20% straight line basis

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.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in operating expenses.

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.

3

Basis of preparing the financial statements

The Company’s total liabilities are more than the book value of the assets. Nevertheless, the Director considers it appropriate to prepare the financial statements on a going concern basis. The Company has returned to profitability and continues to meet its working capital commitments through credit provided by two suppliers, which will continue to be available for the foreseeable future.

 

Huge Rugby Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

5

Intangible assets

Website development costs
 £

Total
£

Cost or valuation

At 1 February 2022

13,000

13,000

At 31 January 2023

13,000

13,000

Amortisation

At 1 February 2022

7,800

7,800

Amortisation charge

2,600

2,600

At 31 January 2023

10,400

10,400

Carrying amount

At 31 January 2023

2,600

2,600

At 31 January 2022

5,200

5,200

 

Huge Rugby Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Tangible assets

Equipment
£

Total
£

Cost or valuation

At 1 February 2022

17,351

17,351

At 31 January 2023

17,351

17,351

Depreciation

At 1 February 2022

12,322

12,322

Charge for the year

2,746

2,746

At 31 January 2023

15,068

15,068

Carrying amount

At 31 January 2023

2,283

2,283

At 31 January 2022

5,029

5,029

7

Debtors

2023
£

2022
£

Other debtors

417

4,264

Prepayments

1,162

2,325

1,579

6,589

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

55,893

63,627

Directors current account

1,902

1,960

Other creditors, accruals and deferred income

19,889

56,452

77,684

122,039

Due after one year

Deferred income

971

1,359

 

Huge Rugby Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1