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Company Registration No. 12465469 (England and Wales)
The HO-SO Initiative Ltd. Unaudited accounts for the year ended 31 December 2023
The HO-SO Initiative Ltd. Unaudited accounts Contents
Page
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The HO-SO Initiative Ltd. Company Information for the year ended 31 December 2023
Directors
Rupert James Smith Courtenay Traice Thomas Lindsay
Company Number
12465469 (England and Wales)
Registered Office
DEVONSHIRE HOUSE 1 DEVONSHIRE STREET LONDON W1W 5DR ENGLAND
Accountants
OnTheGo Accountants 330 Holborn Gate High Holborn London WC1V 7QH
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The HO-SO Initiative Ltd. Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,239 
24,082 
Current assets
Inventories
7,359 
- 
Debtors
35,877 
134,852 
Cash at bank and in hand
23,104 
52,630 
66,340 
187,482 
Creditors: amounts falling due within one year
(49,348)
(91,363)
Net current assets
16,992 
96,119 
Total assets less current liabilities
22,231 
120,201 
Creditors: amounts falling due after more than one year
(25,113)
(9,569)
Provisions for liabilities
Deferred tax
(2,249)
(4,576)
Net (liabilities)/assets
(5,131)
106,056 
Capital and reserves
Called up share capital
14,587 
310 
Share premium
1,285,831 
1,089,735 
Profit and loss account
(1,305,549)
(983,989)
Shareholders' funds
(5,131)
106,056 
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 February 2024 and were signed on its behalf by
Rupert James Smith Director Company Registration No. 12465469
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The HO-SO Initiative Ltd. Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
The HO-SO Initiative Ltd. is a private company, limited by shares, registered in England and Wales, registration number 12465469. The registered office is DEVONSHIRE HOUSE, 1 DEVONSHIRE STREET, LONDON, W1W 5DR, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
3 Years Straight Line
Motor vehicles
25% Reducing Balance
Computer equipment
3 Years Straight Line
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Research and development
Expenditure on research and development is written off in the year in which it is incurred.
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The HO-SO Initiative Ltd. Notes to the Accounts for the year ended 31 December 2023
Going concern
The directors confirm that, after careful assessment, they believe the company has the necessary resources to continue its operations for the next twelve months from the date these accounts were approved. This belief is based on current financial forecasts and the company's available financial resources. There are no significant doubts about the company's ability to continue as a going concern.
Deferred taxation
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 accounts. 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.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 January 2023
1,355 
20,000 
13,363 
34,718 
Additions
- 
- 
2,355 
2,355 
Disposals
- 
(20,000)
- 
(20,000)
At 31 December 2023
1,355 
- 
15,718 
17,073 
Depreciation
At 1 January 2023
339 
3,333 
6,964 
10,636 
Charge for the year
452 
666 
4,079 
5,197 
On disposals
- 
(3,999)
- 
(3,999)
At 31 December 2023
791 
- 
11,043 
11,834 
Net book value
At 31 December 2023
564 
- 
4,675 
5,239 
At 31 December 2022
1,016 
16,667 
6,399 
24,082 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
- 
6,543 
Trade debtors
32,624 
2,622 
Accrued income and prepayments
543 
6,317 
Other debtors
2,710 
119,370 
35,877 
134,852 
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The HO-SO Initiative Ltd. Notes to the Accounts for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
10,625 
30,122 
VAT
5,132 
- 
Trade creditors
4,140 
6,754 
Taxes and social security
12,854 
24,974 
Other creditors
14,398 
28,517 
Loans from directors
- 
996 
Accruals
2,199 
- 
49,348 
91,363 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
18,541 
9,569 
Other creditors
6,572 
- 
25,113 
9,569 
8
Average number of employees
During the year the average number of employees was 4 (2022: 16).
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