Registered number
13425561
Hausware Ltd
Unaudited Filleted Accounts
31 May 2023
Hausware Ltd
Registered number: 13425561
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 3,316 1,191
Current assets
Stocks 21,030 24,140
Debtors 4 167,159 38,200
Cash at bank and in hand 99,623 18,868
287,812 81,208
Creditors: amounts falling due within one year 5 (231,722) (61,217)
Net current assets 56,090 19,991
Total assets less current liabilities 59,406 21,182
Provisions for liabilities (879) (227)
Net assets 58,527 20,955
Capital and reserves
Called up share capital 4 4
Profit and loss account 58,523 20,951
Shareholders' funds 58,527 20,955
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Alex Morgan
Director
Approved by the board on 1 November 2023
Hausware Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 1,786
Additions 4,080
At 31 May 2023 5,866
Depreciation
At 1 June 2022 595
Charge for the year 1,955
At 31 May 2023 2,550
Net book value
At 31 May 2023 3,316
At 31 May 2022 1,191
4 Debtors 2023 2022
£ £
Trade debtors 144,971 38,200
Other debtors 22,188 -
167,159 38,200
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,993 8,934
Trade creditors 192,957 26,253
Taxation and social security costs 28,304 9,022
Other creditors 5,468 17,008
231,722 61,217
6 Transactions with Director
During the year company director Alex Morgan used a current account with the company to record amounts due to him and amounts drawn by him. As at 31st May 2023 the account showed an amount owed back to Alex Morgan as director of £3,467.07 (2022: £15,608.50). The amount is repayable on demand and carries interest.
7 Controlling party
Company director, Alex Morgan, holds 100% of the issued voting shares of the company. He is therefore the ultimate controlling party of Hausware Ltd.
8 Other information
Hausware Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office is:
7 Western Road
Abergavenny
Monmouthshire
NP7 7AA
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