Company registration number SC229286 (Scotland)
Head Gear Films Limited
Unaudited financial statements
for the year ended 30 June 2023
Pages for filing with registrar
Head Gear Films Limited
Chartered Accountants' report to the board of directors on the preparation of the
unaudited statutory financial statements of Head Gear Films Limited
1
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Head Gear Films Limited for the year ended 30 June 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.
This report is made solely to the Board of Directors of Head Gear Films Limited, as a body, in accordance with the terms of our engagement letter dated 13 April 2010. Our work has been undertaken solely to prepare for your approval the financial statements of Head Gear Films Limited and state those matters that we have agreed to state to the Board of Directors of Head Gear Films Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Head Gear Films Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Head Gear Films Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Head Gear Films Limited. You consider that Head Gear Films Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Head Gear Films Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
James Milne
Chartered Accountants
5 Bon Accord Square
Aberdeen
AB11 6XZ
29 March 2024
Head Gear Films Limited
Statement of financial position
at 30 June 2023
2
2023
2022
Notes
£
£
£
£
Current assets
Debtors
89,415
93,074
Cash at bank and in hand
3,880
850
93,295
93,924
Creditors: amounts falling due within one year
(1,725)
(1,380)
Net assets
91,570
92,544
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
91,567
92,541
Total equity
91,570
92,544
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
The financial statements were approved by the board of directors and authorised for issue on 29 March 2024 and are signed on its behalf by:
Phil Hunt
Director
Company Registration No. SC229286
Head Gear Films Limited
Notes to the financial statements
for the year ended 30 June 2023
3
1
Accounting policies
Company information
Head Gear Films Limited is a private company limited by shares incorporated in Scotland. The registered office is Howe Moss Place, Kirkhill Industrial Estate, Dyce, Aberdeen, AB21 0GS.
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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Related party transactions
At 30th June 2023 £89,144 (2022 - £91,723) was owed to the company by Head Gear Films FN Limited, a company controlled by Compton Ross, director.
At 30th June 2023 £400 (2022 - £400) was owed to a director by the company.