Caseware UK (AP4) 2023.0.135 2023.0.135 2023-06-302023-06-30truetruefalse2022-07-01No description of principal activity66The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07284507 2022-07-01 2023-06-30 07284507 2021-07-01 2022-06-30 07284507 2023-06-30 07284507 2022-06-30 07284507 c:Director1 2022-07-01 2023-06-30 07284507 c:Director2 2022-07-01 2023-06-30 07284507 c:RegisteredOffice 2022-07-01 2023-06-30 07284507 d:PlantMachinery 2022-07-01 2023-06-30 07284507 d:PlantMachinery 2023-06-30 07284507 d:PlantMachinery 2022-06-30 07284507 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07284507 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 07284507 d:MotorVehicles 2022-07-01 2023-06-30 07284507 d:MotorVehicles 2023-06-30 07284507 d:MotorVehicles 2022-06-30 07284507 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07284507 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 07284507 d:OfficeEquipment 2022-07-01 2023-06-30 07284507 d:OfficeEquipment 2023-06-30 07284507 d:OfficeEquipment 2022-06-30 07284507 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07284507 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 07284507 d:ComputerEquipment 2022-07-01 2023-06-30 07284507 d:ComputerEquipment 2023-06-30 07284507 d:ComputerEquipment 2022-06-30 07284507 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07284507 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 07284507 d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 07284507 d:LeasedAssetsHeldAsLessee 2022-07-01 2023-06-30 07284507 d:CurrentFinancialInstruments 2023-06-30 07284507 d:CurrentFinancialInstruments 2022-06-30 07284507 d:Non-currentFinancialInstruments 2023-06-30 07284507 d:Non-currentFinancialInstruments 2022-06-30 07284507 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 07284507 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 07284507 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 07284507 d:Non-currentFinancialInstruments d:AfterOneYear 2022-06-30 07284507 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-06-30 07284507 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-06-30 07284507 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-06-30 07284507 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-06-30 07284507 d:ShareCapital 2023-06-30 07284507 d:ShareCapital 2022-06-30 07284507 d:RetainedEarningsAccumulatedLosses 2023-06-30 07284507 d:RetainedEarningsAccumulatedLosses 2022-06-30 07284507 c:OrdinaryShareClass1 2022-07-01 2023-06-30 07284507 c:OrdinaryShareClass1 2023-06-30 07284507 c:OrdinaryShareClass1 2022-06-30 07284507 c:OrdinaryShareClass2 2022-07-01 2023-06-30 07284507 c:OrdinaryShareClass2 2023-06-30 07284507 c:OrdinaryShareClass2 2022-06-30 07284507 c:OrdinaryShareClass3 2022-07-01 2023-06-30 07284507 c:OrdinaryShareClass3 2023-06-30 07284507 c:OrdinaryShareClass3 2022-06-30 07284507 c:OrdinaryShareClass4 2022-07-01 2023-06-30 07284507 c:OrdinaryShareClass4 2023-06-30 07284507 c:OrdinaryShareClass4 2022-06-30 07284507 c:FRS102 2022-07-01 2023-06-30 07284507 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 07284507 c:FullAccounts 2022-07-01 2023-06-30 07284507 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 07284507 2 2022-07-01 2023-06-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07284507









HURST DEVELOPMENT SOLUTIONS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
COMPANY INFORMATION


Directors
M A Hurst 
M Gonzalez-Sayans 




Registered number
07284507



Registered office
Davidson House
Forbury Square

Reading

Berkshire

United Kingdom

RG1 3EU




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
HURST DEVELOPMENT SOLUTIONS LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11


 
HURST DEVELOPMENT SOLUTIONS LTD
REGISTERED NUMBER: 07284507

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
£
£

Fixed assets
  

Tangible assets
 4 
79,537
66,463

  
79,537
66,463

Current assets
  

Stocks
 5 
261,132
153,187

Debtors: amounts falling due within one year
 6 
310,309
267,840

Cash at bank and in hand
 7 
3,661
5

  
575,102
421,032

Creditors: amounts falling due within one year
 8 
(560,560)
(379,668)

Net current assets
  
 
 
14,542
 
 
41,364

Total assets less current liabilities
  
94,079
107,827

Creditors: amounts falling due after more than one year
 9 
(86,749)
(125,637)

  

Net assets/(liabilities)
  
7,330
(17,810)


Capital and reserves
  

Called up share capital 
 11 
92
92

Profit and loss account
  
7,238
(17,902)

  
7,330
(17,810)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 March 2024.
Page 1

 
HURST DEVELOPMENT SOLUTIONS LTD
REGISTERED NUMBER: 07284507
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023


M Gonzalez-Sayans
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Hurst Development Solutions Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. 
The registered office address is Davidson House, Forbury Square, Reading, Berkshire, RG1 3EU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is recognised when the right to consideration is transferred.

Page 3

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight-line
Motor vehicles
-
17%
and 25% straight-line
Office equipment
-
25%
straight-line
Computer equipment
-
20%
straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Page 5

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 6).

Page 7

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 July 2022
8,339
91,376
187
1,032
100,934


Additions
31,278
-
-
1,624
32,902



At 30 June 2023

39,617
91,376
187
2,656
133,836



Depreciation


At 1 July 2022
8,339
24,914
187
1,031
34,471


Charge for the year on owned assets
2,607
-
-
136
2,743


Charge for the year on financed assets
-
17,085
-
-
17,085



At 30 June 2023

10,946
41,999
187
1,167
54,299



Net book value



At 30 June 2023
28,671
49,377
-
1,489
79,537



At 30 June 2022
-
66,462
-
1
66,463


5.


Stocks

2023
2022
£
£

Raw materials and consumables
5,687
5,687

Work in progress (goods to be sold)
255,445
147,500

261,132
153,187


Page 8

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
10,135
5,425

Other debtors
132,344
118,794

Prepayments and accrued income
167,830
143,621

310,309
267,840



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,661
5

Less: bank overdrafts
(34,936)
(25,978)

(31,275)
(25,973)



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
34,936
25,978

Bank loans
44,400
39,656

Other loans
175,000
-

Trade creditors
158,743
75,032

Corporation tax
25,815
21,216

Other taxation and social security
12,353
37,094

Obligations under finance lease and hire purchase contracts
14,765
6,291

Other creditors
94,548
144,309

Accruals and deferred income
-
30,092

560,560
379,668


Bank loans and overdrafts of £79,336 (2022: £65,634) are secured by way of a fixed and floating charge.

Page 9

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
24,872
69,272

Net obligations under finance leases and hire purchase contracts
61,877
56,365

86,749
125,637


Bank loans and overdrafts of £24,872 (2022: £69,272) are secured by way of a fixed and floating charge.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
44,400
39,656

Other loans
175,000
-


219,400
39,656

Amounts falling due 1-2 years

Bank loans
24,872
44,400


24,872
44,400

Amounts falling due 2-5 years

Bank loans
-
24,872


-
24,872


244,272
108,928


Page 10

 
HURST DEVELOPMENT SOLUTIONS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



44 (2022 - 44) A Ordinary shares of £1.00 each
44
44
44 (2022 - 44) B Ordinary shares of £1.00 each
44
44
2 (2022 - 2) C Ordinary shares of £1.00 each
2
2
2 (2022 - 2) D Ordinary shares of £1.00 each
2
2

92

92



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,691 (2022 - £3,527). The amount of £1,284 (2022 - £943) was unpaid at year end.


13.Directors' personal guarantees

The directors, M Gonzalez-Sayans and M A Hurst, have given personal guarantees as security against the overdraft facility with Lloyds Bank and the fixed sum loan with LDF Finance. 


14.


Related party transactions

At the year end, included in other creditors is the amount of £58,217 (2022: £108,569) owed by the company to the directors.

 
Page 11