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COMPANY REGISTRATION NUMBER: 14606600
Hollow Horse Limited
Unaudited Financial Statements
31 December 2023
Hollow Horse Limited
Financial Statements
Period from 20 January 2023 to 31 December 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
Hollow Horse Limited
Directors' Report
Period from 20 January 2023 to 31 December 2023
The directors present their report and the unaudited financial statements of the company for the period ended 31 December 2023 .
Incorporation
The company was incorporated on 20 January 2023 and commenced trading on 27 March 2023.
Directors
The directors who served the company during the period were as follows:
Mr M K McCollum
(Appointed 20 January 2023)
Mrs A McCollum
(Appointed 20 January 2023)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 3 April 2024 and signed on behalf of the board by:
Mr M K McCollum
Mrs A McCollum
Director
Director
Registered office:
C/O The Accounting Centre Limited
736, High Road
North Finchley
London
England
N12 9QD
Hollow Horse Limited
Statement of Income and Retained Earnings
Period from 20 January 2023 to 31 December 2023
Period from
20 Jan 23 to
31 Dec 23
Note
£
Turnover
5,141,926
Cost of sales
1,791,811
------------
Gross profit
3,350,115
Distribution costs
146,173
Administrative expenses
3,187,961
------------
Operating profit
15,981
Interest payable and similar expenses
45,360
------------
Loss before taxation
5
( 29,379)
Tax on loss
--------
Loss for the financial period and total comprehensive income
( 29,379)
--------
Retained earnings at the start of the period
--------
Retained losses at the end of the period
( 29,379)
--------
All the activities of the company are from continuing operations.
Hollow Horse Limited
Statement of Financial Position
31 December 2023
31 Dec 23
Note
£
Fixed assets
Intangible assets
6
853,691
Tangible assets
7
894,548
------------
1,748,239
Current assets
Stocks
50,822
Debtors
8
12,537
Cash at bank and in hand
573,837
---------
637,196
Creditors: amounts falling due within one year
9
716,876
---------
Net current liabilities
79,680
------------
Total assets less current liabilities
1,668,559
Creditors: amounts falling due after more than one year
10
1,697,838
------------
Net liabilities
( 29,279)
------------
Capital and reserves
Called up share capital
100
Profit and loss account
( 29,379)
--------
Shareholders deficit
( 29,279)
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hollow Horse Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 3 April 2024 , and are signed on behalf of the board by:
Mr M K McCollum
Mrs A McCollum
Director
Director
Company registration number: 14606600
Hollow Horse Limited
Notes to the Financial Statements
Period from 20 January 2023 to 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/O The Accounting Centre Limited, 736, High Road, North Finchley, London, N12 9QD, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 20 Years
Franchise Fees
-
Over 20 Years
Franchise Rights
-
Over 20 Years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
Over 7 Years
Fixtures and fittings
-
Over 7 Years
Computer Equipment
-
Over 4 Years
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. Amounts not paid are shown as a creditor on the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 219 .
5. Profit before taxation
Profit before taxation is stated after charging:
Period from
20 Jan 23 to
31 Dec 23
£
Amortisation of intangible assets
33,809
Depreciation of tangible assets
108,073
---------
6. Intangible assets
Goodwill
Franchise Fees
Franchise Rights
Unlisted Investments
Total
£
£
£
£
£
Cost
Additions
884,994
2
4
2,500
887,500
---------
----
----
-------
---------
At 31 December 2023
884,994
2
4
2,500
887,500
---------
----
----
-------
---------
Amortisation
Charge for the period
33,803
2
4
33,809
---------
----
----
-------
---------
At 31 December 2023
33,803
2
4
33,809
---------
----
----
-------
---------
Carrying amount
At 31 December 2023
851,191
2,500
853,691
---------
----
----
-------
---------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 20 January 2023
Additions
984,934
2
17,685
1,002,621
---------
----
--------
------------
At 31 December 2023
984,934
2
17,685
1,002,621
---------
----
--------
------------
Depreciation
At 20 January 2023
Charge for the period
106,570
2
1,501
108,073
---------
----
--------
------------
At 31 December 2023
106,570
2
1,501
108,073
---------
----
--------
------------
Carrying amount
At 31 December 2023
878,364
16,184
894,548
---------
----
--------
------------
8. Debtors
31 Dec 23
£
Other debtors
12,537
--------
9. Creditors: amounts falling due within one year
31 Dec 23
£
Bank loans and overdrafts
167,357
Trade creditors
108,609
Social security and other taxes
244,561
Other creditors
196,349
---------
716,876
---------
10. Creditors: amounts falling due after more than one year
31 Dec 23
£
Bank loans and overdrafts
677,939
Other creditors
1,019,899
------------
1,697,838
------------
11. Directors' advances, credits and guarantees
The balance has been shown in note Creditors: amounts falling due after more than one year as "Other creditors".
12. Controlling party
The company has been under the control of its directors throughout the period.