Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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288,010 | 59,533 | |||
Current assets | ||||
Debtors | 6 |
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90,122 | 154,704 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (197,478) | (6,640) | ||
Total assets less current liabilities | 90,532 | 52,893 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital | 9 |
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Profit and loss account | (
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Total shareholder's (deficit)/funds | (
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Director's responsibilities:
The financial statements of HFLBroadband Ltd (registered number:
James Robert Flanagan
Director |
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.
HFLBroadband Ltd (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 19 Bamel Way Gloucester Business Park, Brockworth, Gloucester, GL3 4BH, 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 £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £30,201. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
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.
Other intangible assets |
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Plant and machinery |
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Vehicles |
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Office equipment |
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Computer equipment |
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Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Other intangible assets | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2022 |
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Additions |
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At 30 June 2023 |
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Accumulated amortisation | |||
At 01 July 2022 |
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Charge for the financial year |
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At 30 June 2023 |
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Net book value | |||
At 30 June 2023 |
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At 30 June 2022 |
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Plant and machinery | Vehicles | Office equipment | Computer equipment | Total | |||||
£ | £ | £ | £ | £ | |||||
Cost | |||||||||
At 01 July 2022 |
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Additions |
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Disposals | (
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At 30 June 2023 |
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Accumulated depreciation | |||||||||
At 01 July 2022 |
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Charge for the financial year |
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Disposals | (
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At 30 June 2023 |
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Net book value | |||||||||
At 30 June 2023 |
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At 30 June 2022 |
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Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 July 2022 |
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Additions |
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At 30 June 2023 |
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Provisions for impairment | |
At 01 July 2022 |
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Impairment |
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At 30 June 2023 |
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Carrying value at 30 June 2023 |
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Carrying value at 30 June 2022 |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by director |
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Prepayments |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to director |
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Accruals |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts (secured) |
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2023 | 2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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During the year the company made loans to directors. The maximum outstanding in the year was £92,548 and at the year end the company owed £61,010 to (2022: £65,371 owed by) the directors. The loan bears interest of 2% and is repayable on demand. During the year the directors received dividends of nil (2022: £12,000).