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REGISTERED NUMBER: 04359902 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

HAMPSHIRE FLAG COMPANY LIMITED

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HAMPSHIRE FLAG COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mrs A Saunders
Mrs C Ellis





SECRETARY: Mrs A Saunders





REGISTERED OFFICE: Unit 11 Pipers Wood Industrial Park
Waterberry Drive
Waterlooville
Hampshire
PO7 7XU





REGISTERED NUMBER: 04359902 (England and Wales)





ACCOUNTANTS: Casson Beckman
Chartered Accountants
Murrills House
48 East Street
Portchester
Fareham
Hampshire
PO16 9XS

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,140 2,280
Tangible assets 5 543,740 575,265
544,880 577,545

CURRENT ASSETS
Stocks 469,334 475,719
Debtors 6 229,066 236,702
Cash at bank and in hand 443,882 524,876
1,142,282 1,237,297
CREDITORS
Amounts falling due within one year 7 335,244 600,424
NET CURRENT ASSETS 807,038 636,873
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,351,918

1,214,418

CREDITORS
Amounts falling due after more than one
year

8

(27,252

)

(232,350

)

PROVISIONS FOR LIABILITIES (101,579 ) (82,615 )
NET ASSETS 1,223,087 899,453

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 1,222,987 899,353
SHAREHOLDERS' FUNDS 1,223,087 899,453

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:




Mrs A Saunders - Director



Mrs C Ellis - Director


HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Hampshire Flag Company Limited is a private company, limited by shares , 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. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable on the manufacture, supply and fixing of flags and fixings net of VAT.

Goodwill
Goodwill is written off over 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Long leasehold - in accordance with the property lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on cost

Stocks
Stock is valued on an average cost basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2022 - 45 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 11,400
AMORTISATION
At 1 January 2023 9,120
Charge for year 1,140
At 31 December 2023 10,260
NET BOOK VALUE
At 31 December 2023 1,140
At 31 December 2022 2,280

5. TANGIBLE FIXED ASSETS
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 January 2023 140,544 25,958 129,388
Additions - - -
Disposals - - -
At 31 December 2023 140,544 25,958 129,388
DEPRECIATION
At 1 January 2023 22,488 12,865 129,388
Charge for year 2,811 2,596 -
Eliminated on disposal - - -
At 31 December 2023 25,299 15,461 129,388
NET BOOK VALUE
At 31 December 2023 115,245 10,497 -
At 31 December 2022 118,056 13,093 -

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS - continued

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2023 1,129,431 39,093 1,464,414
Additions 56,257 2,836 59,093
Disposals (20,410 ) - (20,410 )
At 31 December 2023 1,165,278 41,929 1,503,097
DEPRECIATION
At 1 January 2023 714,635 9,773 889,149
Charge for year 69,940 10,482 85,829
Eliminated on disposal (15,621 ) - (15,621 )
At 31 December 2023 768,954 20,255 959,357
NET BOOK VALUE
At 31 December 2023 396,324 21,674 543,740
At 31 December 2022 414,796 29,320 575,265

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 147,053 180,671
Other debtors 82,013 56,031
229,066 236,702

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,250 66,713
Hire purchase contracts (see note 9) 36,328 36,328
Payments on account 38,152 50,026
Trade creditors 37,806 198,356
Taxation and social security 210,620 137,399
Other creditors 3,088 111,602
335,244 600,424

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 16,500 102,669
Hire purchase contracts (see note 9) 10,752 47,706
Other creditors - 81,975
27,252 232,350

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 58,160

9. LEASING AGREEMENTS

The company is committed to making payments under non-cancellable operating leases of £252,618.

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 47,080 84,034

Hire purchase contracts are secured over the assets to which they relate.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mrs A Saunders
Balance outstanding at start of year (160,727 ) (239,403 )
Amounts advanced 280,347 78,676
Amounts repaid (82,350 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,270 (160,727 )

Directors loan are repayable on demand and interest at HMRC rates are applied.