Registered number
10812195
Handheld Press Limited
Unaudited Filleted Abridged Accounts
30 June 2023
Handheld Press Limited
Registered number: 10812195
Abridged Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 945 1,176
Current assets
Stocks 37,943 47,006
Debtors 29,318 45,575
Cash at bank and in hand 6,100 346
73,361 92,927
Creditors: amounts falling due within one year (131,213) (130,296)
Net current liabilities (57,852) (37,369)
Total assets less current liabilities (56,907) (36,193)
Creditors: amounts falling due after more than one year (4,190) (5,557)
Net liabilities (61,097) (41,750)
Capital and reserves
Called up share capital 100 100
Profit and loss account (61,197) (41,850)
Shareholders' funds (61,097) (41,750)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
Dr K Macdonald
Director
Approved by the board on 9 March 2024
Handheld Press Limited
Notes to the Abridged Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment & website over 3 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Total
£
Cost
At 1 July 2022 9,393
Additions 905
At 30 June 2023 10,298
Depreciation
At 1 July 2022 8,217
Charge for the year 1,136
At 30 June 2023 9,353
Net book value
At 30 June 2023 945
At 30 June 2022 1,176
4 Controlling party
Dr K Macdonald, the director, controls the company by virtue of a controlling interest of 100% of the issued share capital.
5 Other information
Handheld Press Limited is a private company limited by shares and incorporated in England. Its registered office is:
72 Warminster Road
Bath
BA2 6RU
6 Future Trading
The directors have a strong expectation that the company has adequate resources to continue in operational existence. The directors have also confirmed that they will not seek repayment of their loan accounts in the near future. As a result they have adopted the going concern basis of accounting.
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