Registered number
07511839
Hingley Financial Limited
Unaudited Filleted Accounts
28 February 2023
Hingley Financial Limited
Registered number: 07511839
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Current assets
Debtors 3 6,537 25,968
Cash at bank and in hand 4,755 19,098
11,292 45,066
Creditors: amounts falling due within one year 4 (3,538) (33,486)
Net current assets 7,754 11,580
Total assets less current liabilities 7,754 11,580
Creditors: amounts falling due after more than one year 5 (8,730) (11,604)
Net liabilities (976) (24)
Capital and reserves
Called up share capital 2 2
Profit and loss account (978) (26)
Shareholder's funds (976) (24)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Hingley
Director
Approved by the board on 20 October 2023
Hingley Financial Limited
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Going concern
The company did not actively trade during the year but continued to recover debts and settle its liabilities. There is a small net deficit in the balance sheet at the year end. No adjustment is required to year end balances as a result of this and the director expects that the company will meet all its liabilities in full.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Debtors 2023 2022
£ £
Other debtors 6,537 25,968
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,938 2,863
Taxation and social security costs - 25,657
Other creditors 600 4,966
3,538 33,486
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 8,730 11,604
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
L Hingley
Unsecured loan with interest charged at 2.0%. 20,006 15,369 (35,140) 235
20,006 15,369 (35,140) 235
7 Related party transactions
The company has made a loan to Tycio Limited, a company with a common shareholder and director. There is no fixed repayment term and no interest is charged. The balance at the year end is £Nil (£1,320).
8 Controlling party
Ms L Hingley is the controlling party by virtue of her shareholding.
9 Other information
Hingley Financial Limited is a private company limited by shares and incorporated in England. Its registered office is:
113 Johnston Road
Llanishen
Cardiff
CF14 5HJ
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