2022-03-012023-02-282023-02-28false10625079HUNGERSTONE 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HUNGERSTONE LIMITED

Registered Number
10625079
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

HUNGERSTONE LIMITED
Company Information
for the year from 1 March 2022 to 28 February 2023

Director

ELIADES, Panos Othon

Registered Address

Olympia House
Armitage Road
London
NW11 8RQ

Registered Number

10625079 (England and Wales)
HUNGERSTONE LIMITED
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Current assets
Stocks6-261,444
Debtors734,55447,400
Cash at bank and on hand528522
35,082309,366
Creditors amounts falling due within one year8(205,056)(405,361)
Net current assets (liabilities)(169,974)(95,995)
Total assets less current liabilities(169,974)(95,995)
Creditors amounts falling due after one year9(24,127)(34,042)
Net assets(194,101)(130,037)
Capital and reserves
Called up share capital300300
Profit and loss account(194,401)(130,337)
Shareholders' funds(194,101)(130,037)
The financial statements were approved and authorised for issue by the Director on 27 November 2023, and are signed on its behalf by:
ELIADES, Panos Othon
Director
Registered Company No. 10625079
HUNGERSTONE LIMITED
Notes to the Financial Statements
for the year ended 28 February 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. The presentation currency of the financial statements is the Pound Sterling (£).
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 in the year under review was that of the development of building projects.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Stocks policy
Work in progress is valued at the lower of cost and net realisable value. Stock is valued at the lower of cost and net realisable value. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
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.
Taxation policy
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 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.
Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to the their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
5.Employee information

20232022
Average number of employees during the year11
6.Stocks

2023

2022

££
Work in progress-261,444
Total-261,444
7.Debtors

2023

2022

££
Other debtors34,55447,400
Total34,55447,400
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.
8.Creditors within one year

2023

2022

££
Bank borrowings and overdrafts9,9159,660
Other creditors195,101395,101
Accrued liabilities and deferred income40600
Total205,056405,361
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.
9.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts24,12734,042
Total24,12734,042