Hegarty Leon Limited
Unaudited Financial Statements
For the year ended 31 October 2023
Pages for Filing with Registrar
Company Registration No. 07419665 (England and Wales)
Hegarty Leon Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Hegarty Leon Limited
Balance Sheet
As at 31 October 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,900
4,184
Current assets
Debtors
4
2,804
2,652
Cash at bank and in hand
42,397
67,499
45,201
70,151
Creditors: amounts falling due within one year
5
(7,016)
(7,026)
Net current assets
38,185
63,125
Total assets less current liabilities
42,085
67,309
Creditors: amounts falling due after more than one year
6
(4,830)
Net assets
42,085
62,479
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
41,985
62,379
Total equity
42,085
62,479
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Hegarty Leon Limited
Balance Sheet (Continued)
As at 31 October 2023
Page 2
The financial statements were approved and signed by the director and authorised for issue on 7 March 2024
Mr P Hegarty
Director
Company Registration No. 07419665
Hegarty Leon Limited
Notes to the Financial Statements
For the year ended 31 October 2023
Page 3
1
Accounting policies
Company information
Hegarty Leon Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orbital House, 20 Eastern Road, Romford, Essex, RM1 3PJ. The business address is 70 Charlotte Street, London, W1T 4QG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
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 current liabilities.
Hegarty Leon Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
Page 4
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 1 (2022: 1)
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022
10,881
Additions
677
At 31 October 2023
11,558
Depreciation and impairment
At 1 November 2022
6,697
Depreciation charged in the year
961
At 31 October 2023
7,658
Carrying amount
At 31 October 2023
3,900
At 31 October 2022
4,184
Hegarty Leon Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 5
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
828
2,484
Corporation tax recoverable
1,404
Other debtors
572
168
2,804
2,652
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,637
2,524
Corporation tax
1,404
Other creditors
1,879
1,848
Accruals and deferred income
1,500
1,250
7,016
7,026
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,830
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100