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Company No: 04418461 (England and Wales)

SNUGGY HOODS LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

SNUGGY HOODS LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

SNUGGY HOODS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
SNUGGY HOODS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 70,665 78,674
70,665 78,674
Current assets
Stocks 4 51,000 53,367
Debtors 5 410,191 409,693
Cash at bank and in hand 6 ( 18,277) ( 6,095)
442,914 456,965
Creditors: amounts falling due within one year 7 ( 343,113) ( 298,558)
Net current assets 99,801 158,407
Total assets less current liabilities 170,466 237,081
Creditors: amounts falling due after more than one year 8 ( 22,500) ( 29,167)
Provision for liabilities ( 17,666) ( 19,669)
Net assets 130,300 188,245
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 130,200 188,145
Total shareholder's funds 130,300 188,245

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Snuggy Hoods Limited (registered number: 04418461) were approved and authorised for issue by the Director. They were signed on its behalf by:

R J Godfrey Faussett
Director

19 February 2024

SNUGGY HOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
SNUGGY HOODS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Snuggy Hoods Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Midlands Industrial Estate, Holt, Trowbridge, BA14 6RU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Other property, plant and equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 July 2022 141,546 121,513 55,500 318,559
Additions 2,281 0 9,566 11,847
At 30 June 2023 143,827 121,513 65,066 330,406
Accumulated depreciation
At 01 July 2022 103,945 94,530 41,410 239,885
Charge for the financial year 8,680 6,024 5,152 19,856
At 30 June 2023 112,625 100,554 46,562 259,741
Net book value
At 30 June 2023 31,202 20,959 18,504 70,665
At 30 June 2022 37,601 26,983 14,090 78,674

4. Stocks

2023 2022
£ £
Stocks 51,000 53,367

5. Debtors

2023 2022
£ £
S455 84,447 84,447
Other debtors 325,744 325,246
410,191 409,693

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand ( 18,277) ( 6,095)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 13,978 41,915
Taxation and social security 75,412 123,838
Other creditors 243,723 122,805
343,113 298,558

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 22,500 29,167

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 385 0

11. Related party transactions

Included within other debtors is a balance of £323,556 (2022: £323,058) owed by the directors. This balance is unsecured with no fixed repayment terms, and interest is charged in accordance with HMRC's official rate of interest.

Included in royalties paid is £22,500 (2022: £22,500) for royalties paid to a director.