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Company No: 09108221 (England and Wales)

HFLBROADBAND LTD

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

HFLBROADBAND LTD

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

HFLBROADBAND LTD

STATEMENT OF FINANCIAL POSITION

As at 30 June 2023
HFLBROADBAND LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 38,542 0
Tangible assets 4 249,468 59,533
288,010 59,533
Current assets
Debtors 6 90,122 154,704
90,122 154,704
Creditors: amounts falling due within one year 7 ( 287,600) ( 161,344)
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 ( 114,785) ( 38,488)
Provision for liabilities ( 5,948) ( 10,874)
Net (liabilities)/assets ( 30,201) 3,531
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account ( 30,301 ) 3,431
Total shareholder's (deficit)/funds ( 30,201) 3,531

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 financial statements of HFLBroadband Ltd (registered number: 09108221) were approved and authorised for issue by the Director on 29 February 2024. They were signed on its behalf by:

James Robert Flanagan
Director
HFLBROADBAND LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
HFLBROADBAND LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

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.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 20 % reducing balance
Office equipment 3 years straight line
Computer equipment 3 years straight line
Fixed asset investments

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 3

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2022 0 0
Additions 39,700 39,700
At 30 June 2023 39,700 39,700
Accumulated amortisation
At 01 July 2022 0 0
Charge for the financial year 1,158 1,158
At 30 June 2023 1,158 1,158
Net book value
At 30 June 2023 38,542 38,542
At 30 June 2022 0 0

4. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2022 38,074 18,828 20,936 22,398 100,236
Additions 191,307 32,651 260 5,054 229,272
Disposals ( 38,074) 0 0 0 ( 38,074)
At 30 June 2023 191,307 51,479 21,196 27,452 291,434
Accumulated depreciation
At 01 July 2022 14,218 7,029 11,480 7,976 40,703
Charge for the financial year 1,587 2,360 5,969 6,559 16,475
Disposals ( 15,212) 0 0 0 ( 15,212)
At 30 June 2023 593 9,389 17,449 14,535 41,966
Net book value
At 30 June 2023 190,714 42,090 3,747 12,917 249,468
At 30 June 2022 23,856 11,799 9,456 14,422 59,533

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 July 2022 0
Additions 300
At 30 June 2023 300
Provisions for impairment
At 01 July 2022 0
Impairment 300
At 30 June 2023 300
Carrying value at 30 June 2023 0
Carrying value at 30 June 2022 0

6. Debtors

2023 2022
£ £
Trade debtors 68,626 54,103
Amounts owed by director 0 65,371
Prepayments 8,958 6,580
Other debtors 12,538 28,650
90,122 154,704

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 141,752 47,073
Trade creditors 44,135 49,570
Amounts owed to director 61,010 0
Accruals 3,700 3,500
Taxation and social security 5,054 20,530
Obligations under finance leases and hire purchase contracts (secured) 13,186 0
Other creditors 18,763 40,671
287,600 161,344

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 88,264 38,488
Obligations under finance leases and hire purchase contracts (secured) 26,521 0
114,785 38,488

Hire purchase liabilities are secured on the assets to which they relate.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Related party transactions

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).