2022-09-012023-08-312023-08-31false04695559Hofnote Educational 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Hofnote Educational Limited

Registered Number
04695559
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2023

Hofnote Educational Limited
Company Information
for the year from 1 September 2022 to 31 August 2023

Directors

Mrs C E Hough
Mr L J Hough

Company Secretary

Mr L J Hough

Registered Address

79 Spring Bank
Hull
HU3 1AG

Registered Number

04695559 (England and Wales)
Hofnote Educational Limited
Statement of Financial Position
31 August 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets727,18728,956
27,18728,956
Current assets
Cash at bank and on hand545350
545350
Creditors amounts falling due within one year10(14,168)(12,015)
Net current assets (liabilities)(13,623)(11,665)
Total assets less current liabilities13,56417,291
Creditors amounts falling due after one year11(3,672)(5,667)
Provisions for liabilities12(4,747)(4,992)
Net assets5,1456,632
Capital and reserves
Called up share capital22
Profit and loss account5,1436,630
Shareholders' funds5,1456,632
The financial statements were approved and authorised for issue by the Board of Directors on 8 November 2023, and are signed on its behalf by:
Mr L J Hough
Director
Registered Company No. 04695559
Hofnote Educational Limited
Notes to the Financial Statements
for the year ended 31 August 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is music teaching.
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery20
Office Equipment4
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Grants relating to revenue are recognised in the profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year33
7.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 September 2233,40080534,205
Additions-120120
At 31 August 2333,40092534,325
Depreciation and impairment
At 01 September 225,223265,249
Charge for year1,6702191,889
At 31 August 236,8932457,138
Net book value
At 31 August 2326,50768027,187
At 31 August 2228,17777928,956
8.Description of financial commitments other than capital commitments
The total amount of financial commitments not included in the balance sheet is £780 (2022 - £780). The amounts are in respect of total property rental payments due over the remaining term which is on a rolling one year lease.
9.Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
10.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts2,0002,000
Amounts owed to related parties10,3548,450
Taxation and social security1,000309
Other creditors31508
Accrued liabilities and deferred income783748
Total14,16812,015
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. Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £2,000 (2022 £2,000) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in June 2026. The overall carrying value of the loan as at the year-end is £5,672 (2022 £7,667).
11.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts3,6725,667
Total3,6725,667
Included within Bank borrowings and overdrafts is a Government Bounce Back loan totalling £3,672 (2022 £5,667) which is denominated in sterling. There are no fees or interest payable for the first 12 months, and thereafter the loan carries a nominal interest rate of 2.5%. The loan is repayable over 6 years, with no repayments in the first year, and with the final instalment due in June 2026. The overall carrying value of the loan as at the year-end is £5,672 (2022 £7,667).
12.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)4,7474,992
Total4,7474,992