Company registration number 02850756 (England and Wales)
H T C Solutions Limited
Unaudited financial statements
For the year ended 28 February 2023
H T C Solutions Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
H T C Solutions Limited
Statement of financial position
As at 28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,430
6,090
Current assets
Stocks
67,848
75,380
Debtors
5
661,932
743,668
Cash at bank and in hand
116,055
71,129
845,835
890,177
Creditors: amounts falling due within one year
6
(288,592)
(265,180)
Net current assets
557,243
624,997
Total assets less current liabilities
562,673
631,087
Creditors: amounts falling due after more than one year
7
(138,035)
(209,664)
Provisions for liabilities
-
0
1,700
Net assets
424,638
423,123
Capital and reserves
Called up share capital
1,175
1,175
Share premium account
5,075
5,075
Profit and loss reserves
418,388
416,873
Total equity
424,638
423,123

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

H T C Solutions Limited
Statement of financial position (continued)
As at 28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 August 2023 and are signed on its behalf by:
Mr D A J Brown
Mrs C Chidlow
Director
Director
Mr C Lamont
Director
Company Registration No. 02850756
H T C Solutions Limited
Notes to the financial statements
For the year ended 28 February 2023
- 3 -
1
Accounting policies
Company information

H T C Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Evolution, Hooters Hall Road, Lymedale West, Newcastle under Lyme, Staffordshire, England, ST5 9QF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

H T C Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 4 -
1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Straight line over period of the lease
Fixtures and fittings
20% on cost
Motor vehicles
25% on reducing balance

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.

1.5
Stocks

Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and loans to fellow group companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

H T C Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
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.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

H T C Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
21
18
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022 and 28 February 2023
225,150
Amortisation and impairment
At 1 March 2022 and 28 February 2023
225,150
Carrying amount
At 28 February 2023
-
0
At 28 February 2022
-
0
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 March 2022
3,139
133,538
13,753
150,430
Additions
-
0
2,376
-
0
2,376
Disposals
-
0
-
0
(13,381)
(13,381)
At 28 February 2023
3,139
135,914
372
139,425
Depreciation and impairment
At 1 March 2022
2,012
128,575
13,753
144,340
Depreciation charged in the year
336
2,700
-
0
3,036
Eliminated in respect of disposals
-
0
-
0
(13,381)
(13,381)
At 28 February 2023
2,348
131,275
372
133,995
Carrying amount
At 28 February 2023
791
4,639
-
0
5,430
At 28 February 2022
1,127
4,963
-
0
6,090
H T C Solutions Limited
Notes to the financial statements (continued)
For the year ended 28 February 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
115,732
147,206
Amounts owed by group undertakings
524,746
542,002
Other debtors
21,454
54,460
661,932
743,668
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
71,625
68,630
Trade creditors
64,632
75,349
Taxation and social security
71,834
29,812
Other creditors
80,501
91,389
288,592
265,180
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
138,035
209,664
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
90,281
143,902
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