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HEG Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2022

Registration number: 06444953

 

HEG Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

HEG Services Limited

Balance Sheet

31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

11,390

15,187

Current assets

 

Stocks

2,750

2,250

Debtors

5

19,741

8,990

Cash at bank and in hand

 

9,514

285

 

32,005

11,525

Creditors: Amounts falling due within one year

6

(231,224)

(222,301)

Net current liabilities

 

(199,219)

(210,776)

Net liabilities

 

(187,829)

(195,589)

Capital and reserves

 

Called up share capital

7

1

1

Profit and loss account

(187,830)

(195,590)

Shareholders' deficit

 

(187,829)

(195,589)

 

HEG Services Limited

Balance Sheet

31 December 2022

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 17 November 2023
 

....................................
L J Harvey

Director

Company Registration Number: 06444953

 

HEG Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Melville Building East
Royal WIlliam Yard
Plymouth
Devon
PL1 3RP

These financial statements were authorised for issue by the director on 17 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. This depends on the continued financial support of the company's director.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

HEG Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% straight line

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 3).

 

HEG Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

4

Tangible assets

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2022

35,150

5,469

40,619

At 31 December 2022

35,150

5,469

40,619

Depreciation

At 1 January 2022

19,963

5,469

25,432

Charge for the year

3,797

-

3,797

At 31 December 2022

23,760

5,469

29,229

Carrying amount

At 31 December 2022

11,390

-

11,390

At 31 December 2021

15,187

-

15,187

5

Debtors

2022
£

2021
£

Trade debtors

9,536

1,591

Prepayments

2,366

2,073

Other debtors

7,839

5,326

19,741

8,990

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

6,947

3,443

Taxation and social security

79,176

69,086

Other creditors

137,860

143,119

Accruals and deferred income

7,241

6,653

231,224

222,301

 

HEG Services Limited

Notes to the Unaudited Financial Statements

Year Ended 31 December 2022

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

8

Related party transactions

Loans from related parties

2022

Key management
£

At start of period

143,119

Repaid

(5,259)

At end of period

137,860

2021

Key management
£

At start of period

147,932

Repaid

(4,813)

At end of period

143,119

Terms of loans from related parties

Interest free loan