Company No:
Contents
DIRECTOR | Benjamin Dell |
REGISTERED OFFICE | 71-75 Shelton Street |
Covent Garden | |
London | |
WC2H 9JQ | |
England | |
United Kingdom |
COMPANY NUMBER | 11538852 (England and Wales) |
ACCOUNTANT | OnTheGo Accountants Limited |
330 Holborn Gate | |
High Holborn | |
London | |
WC1V 7QH |
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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2,768 | 3,346 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand | 5 |
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99,110 | 107,436 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (139,541) | (148,913) | ||
Total assets less current liabilities | (136,773) | (145,567) | ||
Net liabilities | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' deficit | (
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Director's responsibilities:
The financial statements of HEY SUMMIT LIMITED (registered number:
Benjamin Dell
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
HEY SUMMIT LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 September 2022 |
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Additions |
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Disposals | (
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At 31 August 2023 |
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Accumulated depreciation | |||
At 01 September 2022 |
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Charge for the financial year |
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Disposals | (
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Rounding difference | (
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At 31 August 2023 |
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Net book value | |||
At 31 August 2023 |
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At 31 August 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Corporation tax |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Cash at bank and in hand |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Convertible loan notes |
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Other taxation and social security |
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Other creditors |
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The Company issued £150,000 of convertible loan notes on 22 May 2023. The convertible loan notes are convertible into ordinary shares of the Company at any time between the date of issue of the notes and their settlement date. If the notes have not been converted, they will be redeemed at a later date at par.
The liability component has been classified as basic and is consequently measured at amortised cost. The interest charged for the financial year is calculated by applying an effective interest rate of __ per cent to the liability component.
2023 | 2022 | ||
£ | £ | ||
At the beginning of financial year | (
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Charged to the Profit and Loss Account | (
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At the end of financial year | (
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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