REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
HFE Signs Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2023 |
for |
HFE Signs Limited |
HFE Signs Limited (Registered number: 05860285) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HFE Signs Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
6 Lichfield Street |
Burton-on-Trent |
Staffordshire |
DE14 3RD |
HFE Signs Limited (Registered number: 05860285) |
Abridged Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
HFE Signs Limited (Registered number: 05860285) |
Abridged Balance Sheet - continued |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HFE Signs Limited (Registered number: 05860285) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
HFE Signs Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, including discounts and rebates, and excluding value added tax and other sales taxes. |
Income is recognised on the despatch of goods. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Trademarks |
Trademarks, being amounts paid in 2013, are being amortised evenly over the life of the trademark which is ten years. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - | not provided |
Plant and equipment | - | 20% on cost |
Fixtures and fittings | - | 20% on cost |
Motor vehicles | - | 25% on reducing balance |
Computer equipment | - | 20% on cost |
Provision for the depreciation on freehold property in accordance with the Companies Act 2006 and Financial Reporting Standard 102 has not been provided. It is the company`s policy to maintain its property in good condition which prolongs its useful economic life, in addition the directors review the residual value of the property on an annual basis and are of the opinion that any depreciation charge to date would be immaterial. |
HFE Signs Limited (Registered number: 05860285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Grants received towards revenue expenditure are recognised as other income in the year in which the revenue expenditure is incurred. |
Grants received towards capital expenditure are accounted for on the accruals basis and are released to the profit and loss account to match the depreciation policy of the asset to which they relate. |
Job Retention Scheme grant income is recognised in the period to which the underlying furloughed staff costs relate. The payroll liability has been incurred by the entity, and it has therefore met the conditions for the claim. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks have been valued at the lower of cost and estimated selling price less costs to sell. Provision is made for obsolete and slow-moving stock where appropriate. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
HFE Signs Limited (Registered number: 05860285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are measured at transaction price less any impairment. Any losses arising from impairment are recognised in profit or loss. |
Creditors |
Short term creditors are measured at transaction price. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
HFE Signs Limited (Registered number: 05860285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST |
Additions | 82,485 |
At 31 March 2023 | 82,485 |
DEPRECIATION |
Charge for year | 8,248 |
At 31 March 2023 | 8,248 |
NET BOOK VALUE |
At 31 March 2023 | 74,237 |
HFE Signs Limited (Registered number: 05860285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2019 | 63,368 |
Cost | 261,632 |
325,000 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.3.23 | 31.3.22 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 53,820 | 66,611 |
8. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
HFE Signs Limited (Registered number: 05860285) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans |
Hire purchase contracts | 76,434 | - |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.23 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 18 | 18 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2022 |
and 31 March 2023 |