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Registration number: 10181619

Mike Hope of Wooler Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2023

 

Mike Hope of Wooler Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 14

 

Mike Hope of Wooler Ltd

Company Information

Directors

Mrs Yvette Gay Hope

Mr Michael James Hope

Mr James Andrew Hope

Registered office

3 South Road
Wooler
Northumberland
NE71 6SN

Accountants

SM Accountancy
Chartered Certified
Willow Barn
Low Pla‌ins Court
Calthwaite
Cumbria
CA11 9RQ

 

Mike Hope of Wooler Ltd

Directors' Report for the Year Ended 30 April 2023

The directors present their report and the abridged financial statements for the year ended 30 April 2023.

Directors of the company

The directors who held office during the year were as follows:

Mrs Yvette Gay Hope

Mr Michael James Hope

Mr James Andrew Hope

Principal activity

The principal activity of the company is Garage & Fuel Forecourt

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 13 September 2023 and signed on its behalf by:
 

.........................................
Mrs Yvette Gay Hope
Director

.........................................
Mr Michael James Hope
Director

.........................................
Mr James Andrew Hope
Director

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mike Hope of Wooler Ltd
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mike Hope of Wooler Ltd for the year ended 30 April 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Mike Hope of Wooler Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Mike Hope of Wooler Ltd and state those matters that we have agreed to state to the Board of Directors of Mike Hope of Wooler Ltd , as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Mike Hope of Wooler Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mike Hope of Wooler Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Mike Hope of Wooler Ltd . You consider that Mike Hope of Wooler Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Mike Hope of Wooler Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

SM Accountancy
Chartered Certified
Willow Barn
Low Pla‌ins Court
Calthwaite
Cumbria
CA11 9RQ

13 September 2023

 

Mike Hope of Wooler Ltd

Abridged Profit and Loss Account for the Year Ended 30 April 2023

Note

2023
£

2022
£

Gross profit

 

371,287

361,514

Administrative expenses

 

(328,705)

(355,344)

Profit before tax

4

42,582

6,170

Tax on profit

 

(9,215)

(3,890)

Profit for the financial year

 

33,367

2,280

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Mike Hope of Wooler Ltd

Statement of Comprehensive Income for the Year Ended 30 April 2023

2023
£

2022
£

Profit for the year

33,367

2,280

Total comprehensive income for the year

33,367

2,280

 

Mike Hope of Wooler Ltd

(Registration number: 10181619)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

28,000

36,000

Tangible assets

6

147,021

147,199

 

175,021

183,199

Current assets

 

Stocks

7

100,246

109,244

Debtors

8

173,764

197,450

Cash at bank and in hand

 

-

3,976

 

274,010

310,670

Creditors: Amounts falling due within one year

(176,140)

(193,575)

Net current assets

 

97,870

117,095

Total assets less current liabilities

 

272,891

300,294

Creditors: Amounts falling due after more than one year

(224,636)

(267,606)

Accruals and deferred income

 

(2,000)

(1,500)

Net assets

 

46,255

31,188

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

46,155

31,088

Shareholders' funds

 

46,255

31,188

For the financial year ending 30 April 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 13 September 2023 and signed on its behalf by:
 

 

Mike Hope of Wooler Ltd

(Registration number: 10181619)
Abridged Balance Sheet as at 30 April 2023

.........................................
Mrs Yvette Gay Hope
Director

.........................................
Mr Michael James Hope
Director

.........................................
Mr James Andrew Hope
Director

 

Mike Hope of Wooler Ltd

Statement of Changes in Equity for the Year Ended 30 April 2023

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

100

31,088

31,188

Profit for the year

-

33,367

33,367

Dividends

-

(18,300)

(18,300)

At 30 April 2023

100

46,155

46,255

Share capital
£

Retained earnings
£

Total
£

At 1 May 2021

100

49,208

49,308

Profit for the year

-

2,280

2,280

Dividends

-

(20,400)

(20,400)

At 30 April 2022

100

31,088

31,188

 

Mike Hope of Wooler Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
3 South Road
Wooler
Northumberland
NE71 6SN

These financial statements were authorised for issue by the Board on 13 September 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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

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.

 

Mike Hope of Wooler Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

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:

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

 

Mike Hope of Wooler Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

11,511

11,878

Amortisation expense

8,000

8,000

 

Mike Hope of Wooler Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 May 2022

80,000

At 30 April 2023

80,000

Amortisation

At 1 May 2022

44,000

Amortisation charge

8,000

At 30 April 2023

52,000

Carrying amount

At 30 April 2023

28,000

At 30 April 2022

36,000

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

229,540

26,507

256,047

Additions

1,500

9,833

11,333

At 30 April 2023

231,040

36,340

267,380

Depreciation

At 1 May 2022

82,341

26,507

108,848

Charge for the year

11,347

164

11,511

At 30 April 2023

93,688

26,671

120,359

Carrying amount

At 30 April 2023

137,352

9,669

147,021

At 30 April 2022

147,199

-

147,199

7

Stocks

2023
£

2022
£

Other inventories

100,246

109,244

 

Mike Hope of Wooler Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

8

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £183.00 (2022 - £204.00) per each Ordinary

 

18,300

 

20,400

         

11

Related party transactions

 

Mike Hope of Wooler Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

34,912

30,913