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Registration number: 10039213

Hetrafi Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hetrafi Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hetrafi Ltd

Company Information

Director

Mr Connor John Black

Registered office

124 City Road
London
EC1V 2NX

Accountants

McKeague Morgan & Company
27 College Gardens
Belfast
BT9 6BS

 

Hetrafi Ltd

(Registration number: 10039213)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

34,215

11,738

Tangible assets

5

2,738

4,107

 

36,953

15,845

Current assets

 

Debtors

6

38,322

38,322

Cash at bank and in hand

 

993

984

 

39,315

39,306

Creditors: Amounts falling due within one year

7

(413,500)

(315,901)

Net current liabilities

 

(374,185)

(276,595)

Total assets less current liabilities

 

(337,232)

(260,750)

Creditors: Amounts falling due after more than one year

7

(44,083)

(40,833)

Net liabilities

 

(381,315)

(301,583)

Capital and reserves

 

Called up share capital

1,200

1,200

Share premium reserve

160,640

160,640

Profit and loss account

(543,155)

(463,423)

Total equity

 

(381,315)

(301,583)

For the financial year ending 31 March 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Hetrafi Ltd

(Registration number: 10039213)
Balance Sheet as at 31 March 2023

Approved and authorised by the director on 29 March 2024
 

.........................................

Mr Connor John Black
Director

 

Hetrafi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
124 City Road
London
EC1V 2NX
England

These financial statements were authorised for issue by the director on 29 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33.33% Reducing Balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

33.33% Reducing Balance

 

Hetrafi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Hetrafi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Hetrafi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 April 2022

68,935

68,935

Additions acquired separately

29,689

29,689

At 31 March 2023

98,624

98,624

Amortisation

At 1 April 2022

57,197

57,197

Amortisation charge

7,212

7,212

At 31 March 2023

64,409

64,409

Carrying amount

At 31 March 2023

34,215

34,215

At 31 March 2022

11,738

11,738

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

12,957

12,957

At 31 March 2023

12,957

12,957

Depreciation

At 1 April 2022

8,850

8,850

Charge for the year

1,369

1,369

At 31 March 2023

10,219

10,219

Carrying amount

At 31 March 2023

2,738

2,738

At 31 March 2022

4,107

4,107

 

Hetrafi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Other debtors

38,322

38,322

38,322

38,322

 

Hetrafi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

9,167

9,196

Other creditors

 

397,488

300,860

Loans from directors

 

885

885

Accruals and deferred income

 

5,960

4,960

 

413,500

315,901

Due after one year

 

Loans and borrowings

9

44,083

40,833

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,167

9,167

Bank overdrafts

-

29

Other borrowings

397,488

300,860

406,655

310,056

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

44,083

40,833