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Registration number: 05015995

Hat and Meg Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Hat and Meg Limited

Company Information

Director

Mr Neil Graham Hook

Company secretary

Mrs Lesley Elizabeth Hook

Registered office

Thorn Farm
Salcombe Regis
Sidmouth
Devon
EX10 0JH

Accountants

Easterbrook Eaton Limited
Chartered Accountants
Cosmopolitan House
Old Fore Street
Sidmouth
Devon
EX10 8LS

 

Hat and Meg Limited

(Registration number: 05015995)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

817

1,037

Current assets

 

Stocks

5

-

1,138

Cash at bank and in hand

 

306,634

337,227

 

306,634

338,365

Prepayments and accrued income

 

747

637

Creditors: Amounts falling due within one year

(82,710)

(45,554)

Net current assets

 

224,671

293,448

Total assets less current liabilities

 

225,488

294,485

Accruals and deferred income

 

(780)

(780)

Net assets

 

224,708

293,705

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

224,608

293,605

Shareholders' funds

 

224,708

293,705

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.

Director's 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 director acknowledges his 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 Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 February 2024
 

 

Hat and Meg Limited

(Registration number: 05015995)
Abridged Balance Sheet as at 30 June 2023

.........................................
Mr Neil Graham Hook
Director

 

Hat and Meg Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 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:
Thorn Farm
Salcombe Regis
Sidmouth
Devon
EX10 0JH

These financial statements were authorised for issue by the director on 9 February 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

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:

 

Hat and Meg Limited

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

Asset class

Depreciation method and rate

Fixtures and Equipment

20% Reducing Balance Method

Motor Vehicles

25% Reducing Balance Method

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.

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.

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 the director) during the year, was 2 (2022 - 2).

 

Hat and Meg Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

5,520

1,924

7,444

At 30 June 2023

5,520

1,924

7,444

Depreciation

At 1 July 2022

4,739

1,668

6,407

Charge for the year

156

64

220

At 30 June 2023

4,895

1,732

6,627

Carrying amount

At 30 June 2023

625

192

817

At 30 June 2022

781

256

1,037

5

Stocks

2023
£

2022
£

Other inventories

-

1,138

6

Debtors

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.01 each

10,000

100

10,000

100

         
 

Hat and Meg Limited

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

8

Related party transactions

Transactions with the director

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2023
£

Mr Neil Graham Hook

(45,554)

32,656

(69,500)

(312)

(82,710)

           
         

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2022
£

Mr Neil Graham Hook

(29,550)

41,147

(55,000)

(2,151)

(45,554)