Registered number
05121162
H2O Direct Limited
Filleted Accounts
31 May 2023
H2O Direct Limited
Registered number: 05121162
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,319 31,620
Current assets
Stocks 512,324 589,543
Debtors 4 465,928 500,607
Cash at bank and in hand 377,045 155,014
1,355,297 1,245,164
Creditors: amounts falling due within one year 5 (1,110,900) (1,004,617)
Net current assets 244,397 240,547
Total assets less current liabilities 265,716 272,167
Creditors: amounts falling due after more than one year 6 (72,152) (134,463)
Provisions for liabilities (5,000) (7,000)
Net assets 188,564 130,704
Capital and reserves
Called up share capital 3 3
Profit and loss account 188,561 130,701
Shareholder's funds 188,564 130,704
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 member has 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.
J W Rauter
Director
Approved by the board on 20 September 2023
H2O Direct Limited
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 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.
Foreign currency translation
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.
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 5 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 23,911 27,995 51,906
Additions 1,494 - 1,494
At 31 May 2023 25,405 27,995 53,400
Depreciation
At 1 June 2022 16,787 3,499 20,286
Charge for the year 4,796 6,999 11,795
At 31 May 2023 21,583 10,498 32,081
Net book value
At 31 May 2023 3,822 17,497 21,319
At 31 May 2022 7,124 24,496 31,620
4 Debtors 2023 2022
£ £
Trade debtors 294,540 400,114
Amounts owed by group undertakings and undertakings in which the company has a participating interest 145,897 76,283
Other debtors 25,491 24,210
465,928 500,607
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 188,249 22,479
Amounts owed to group undertakings and undertakings in which the company has a participating interest 847,866 854,333
Taxation and social security costs 72,734 83,497
Other creditors 2,051 44,308
1,110,900 1,004,617
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 61,672 120,284
Obligations under finance lease and hire purchase contracts 10,480 14,179
72,152 134,463
7 Controlling party
The company considers Wolvers Holdings Limited, a company controlled by H W Rauter, to be its controlling party.
8 Other information
H2O Direct Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Cottage
2 Castlefield Road
Reigate
Surrey
RH2 0SH
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