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Company registration number: 08261584
Hope First Limited
Unaudited filleted financial statements
31 May 2023
Hope First Limited
Contents
Statement of financial position
Notes to the financial statements
Hope First Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 2,202 2,811
_______ _______
2,202 2,811
Current assets
Debtors 7 - 3,158
Cash at bank and in hand 20,693 13,064
_______ _______
20,693 16,222
Creditors: amounts falling due
within one year 8 ( 15,236) ( 9,967)
_______ _______
Net current assets 5,457 6,255
_______ _______
Total assets less current liabilities 7,659 9,066
Creditors: amounts falling due
after more than one year 9 ( 5,400) ( 7,800)
Provisions for liabilities 10 ( 418) ( 534)
_______ _______
Net assets 1,841 732
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,741 632
_______ _______
Shareholders funds 1,841 732
_______ _______
For the year ending 31 May 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 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 financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
Mrs Rebecca Morris
Director
Company registration number: 08261584
Hope First Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised infinance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 608 789
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 24,008 2,500 26,508
_______ _______ _______
Depreciation
At 1 June 2022 22,141 1,557 23,698
Charge for the year 467 141 608
_______ _______ _______
At 31 May 2023 22,608 1,698 24,306
_______ _______ _______
Carrying amount
At 31 May 2023 1,400 802 2,202
_______ _______ _______
At 31 May 2022 1,867 943 2,810
_______ _______ _______
7. Debtors
2023 2022
£ £
Director loan account - 3,158
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,400 2,400
Corporation tax 1,079 1,800
Tenant deposits 2,725 2,725
Directors loan account 5,498 -
Accruals and deferred income 3,534 3,042
_______ _______
15,236 9,967
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 5,400 7,800
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 June 2022 534 534
Charges against provisions ( 116) ( 116)
_______ _______
At 31 May 2023 418 418
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 418 534
_______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 21,600 21,600
_______ _______
13. Related party transactions
Mrs Rebecca Morris is a related party by virtue of her directorship in the company during the year.During the year Mrs Rebecca Morris introduced net monies amounting to £8,656 (2022: £3,386).As at 31 May 2023 the company owes Mrs Rebecca Morris net funds of £5,498 (2022: Mrs Rebecca Morris owed the company £3,158).