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
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
The HO-SO Initiative Ltd.
Statement of financial position
as at 31 December 2023
Tangible assets
5,239
24,082
Cash at bank and in hand
23,104
52,630
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
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
The HO-SO Initiative Ltd.
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 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.
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.
Expenditure on research and development is written off in the year in which it is incurred.
The HO-SO Initiative Ltd.
Notes to the Accounts
for the year ended 31 December 2023
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 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.
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.
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.
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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
Disposals
-
(20,000)
-
(20,000)
At 31 December 2023
1,355
-
15,718
17,073
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
At 31 December 2023
564
-
4,675
5,239
At 31 December 2022
1,016
16,667
6,399
24,082
Amounts falling due within one year
Trade debtors
32,624
2,622
Accrued income and prepayments
543
6,317
Other debtors
2,710
119,370
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
Trade creditors
4,140
6,754
Taxes and social security
12,854
24,974
Other creditors
14,398
28,517
Loans from directors
-
996
7
Creditors: amounts falling due after more than one year
2023
2022
8
Average number of employees
During the year the average number of employees was 4 (2022: 16).