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Registration number: 09243592

Hood & Woolf Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Hood & Woolf Limited

Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

20,420

20,480

Current assets

 

Debtors

6

261,982

482,529

Cash at bank and in hand

 

954,687

605,814

 

1,216,669

1,088,343

Creditors: Amounts falling due within one year

7

(230,727)

(322,389)

Net current assets

 

985,942

765,954

Total assets less current liabilities

 

1,006,362

786,434

Provisions for liabilities

(5,105)

(3,891)

Net assets

 

1,001,257

782,543

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

1,000,257

781,543

Shareholders' funds

 

1,001,257

782,543

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Hood & Woolf Limited

Statement of Financial Position as at 31 March 2023

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

.........................................

S L Hood

Director

.........................................

B J Hood

Director

Company registration number: 09243592

 

Hood & Woolf Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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:
Golden Cross House
8 Duncannon Street
London
WC2N 4JF

The principal activity of the company is that of communication and engagement consultancy support.

2

Accounting policies

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

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.

Going concern

The company made a profit for the year ended 31 March 2023 and had net assets at that date amounting to £1,001,257, including cash at bank of £954,687.

After having made enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In view of the foregoing, the financial statements have been prepared on a going concern basis.

 

Hood & Woolf Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

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

Office equipment

over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Hood & Woolf Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

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 recognised as consultancy services are delivered.

3

Staff numbers

The average number of persons employed by the company during the year was 4 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

6,235

4,828

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

30,561

30,561

Additions

6,174

6,174

At 31 March 2023

36,735

36,735

Depreciation

At 1 April 2022

10,081

10,081

Charge for the year

6,234

6,234

At 31 March 2023

16,315

16,315

Carrying amount

At 31 March 2023

20,420

20,420

At 31 March 2022

20,480

20,480

6

Debtors

2023
£

2022
£

Trade debtors

259,521

481,850

Other debtors

2,461

679

261,982

482,529

 

Hood & Woolf Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

 

40,340

140,045

Taxation and social security

 

64,347

69,142

Other creditors

 

126,040

113,202

 

230,727

322,389

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £8,075 (2022 - £13,775).