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COMPANY REGISTRATION NUMBER: 08507231
Hammered British Coins Ltd
Filleted Unaudited Abridged Financial Statements
For the year ended
30 April 2023
Hammered British Coins Ltd
Abridged Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,723
332
Current assets
Stocks
204,180
132,544
Debtors
377
1,648
Cash at bank and in hand
38,926
40,034
---------
---------
243,483
174,226
Creditors: amounts falling due within one year
214,752
152,585
---------
---------
Net current assets
28,731
21,641
--------
--------
Total assets less current liabilities
30,454
21,973
Provisions
Taxation including deferred tax
327
63
--------
--------
Net assets
30,127
21,910
--------
--------
Hammered British Coins Ltd
Abridged Statement of Financial Position (continued)
30 April 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
30,027
21,810
--------
--------
Shareholders funds
30,127
21,910
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 April 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 2 November 2023 , and are signed on behalf of the board by:
Mr J E Tout
Director
Company registration number: 08507231
Hammered British Coins Ltd
Notes to the Abridged Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered in England and Wales with company number 08507231 . The address of the registered office is Unit 2 Old Brewery Road, Wiveliscombe, Somerset, TA4 2PW.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
£
Cost
At 1 May 2022
5,352
Additions
2,585
-------
At 30 April 2023
7,937
-------
Depreciation
At 1 May 2022
5,020
Charge for the year
1,194
-------
At 30 April 2023
6,214
-------
Carrying amount
At 30 April 2023
1,723
-------
At 30 April 2022
332
-------
6. Directors' advances, credits and guarantees
There were no advances or credits to the directors during the year (2022: none).
7. Related party transactions
During the year the company received loans from Mr J Tout. Mr J Tout is the managing director and majority shareholder of the company. The loans are repayable on demand and the total balance outstanding on the loans at the end of the year was £192,741 (2022: £148,395). No interest was charged on the loans (2022: none). No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.