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Registration number: 03261848

Corporate Hardware Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Corporate Hardware Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Corporate Hardware Limited

Company Information

Director

Mr Richard Trevarthen

Company secretary

Mrs Lindsay Trevarthen

Registered office

11 Yarm Court Road
Leatherhead
Surrey
KT22 8NY

Accountants

Atek Accounting Solutions Ltd
First Floor
111 Queens Road
Weybridge
Surrey
KT13 9UN

 

Corporate Hardware Limited

Director's Report for the Year Ended 31 August 2023

The director presents his report and the financial statements for the year ended 31 August 2023.

Director of the company

The director who held office during the year was as follows:

Mr Richard Trevarthen

Principal activity

The principal activity of the company is Retail sale of computers, peripheral units and software in specialised stores

Approved and authorised by the director on 20 March 2023
 

.........................................
Mr Richard Trevarthen
Director

 

Corporate Hardware Limited

(Registration number: 03261848)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,067

4,089

Current assets

 

Debtors

5

38,123

17,596

Cash at bank and in hand

 

-

804

 

38,123

18,400

Creditors: Amounts falling due within one year

6

(37,028)

(20,289)

Net current assets/(liabilities)

 

1,095

(1,889)

Total assets less current liabilities

 

4,162

2,200

Provisions for liabilities

-

(777)

Net assets

 

4,162

1,423

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

4,062

1,323

Shareholders' funds

 

4,162

1,423

For the financial year ending 31 August 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.

Approved and authorised by the director on 20 March 2023
 

.........................................
Mr Richard Trevarthen
Director

 

Corporate Hardware Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
11 Yarm Court Road
Leatherhead
Surrey
KT22 8NY
UK

These financial statements were authorised for issue by the director on 20 March 2023.

2

Accounting policies

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Corporate Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant and machinery

25% reducing balance

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.

 

Corporate Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Corporate Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

84,521

84,521

At 31 August 2023

84,521

84,521

Depreciation

At 1 September 2022

80,432

80,432

Charge for the year

1,022

1,022

At 31 August 2023

81,454

81,454

Carrying amount

At 31 August 2023

3,067

3,067

At 31 August 2022

4,089

4,089

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

27,689

12,582

Amounts owed by related parties

8

6,000

5,000

Other debtors

 

4,434

14

   

38,123

17,596

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

17,084

-

Trade creditors

 

12,320

7,397

Taxation and social security

 

1,404

1,304

Accruals and deferred income

 

1,200

1,200

Other creditors

 

5,020

10,388

 

37,028

20,289

 

Corporate Hardware Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

6

Creditors (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

8

Related party transactions

Transactions with the director

2023

At 1 September 2022
£

At 31 August 2023
£

Mr Richard Trevarthen

Loan to director

(16)

(16)

 

(16)

(16)

   

 

2022

At 1 September 2021
£

Repayments by director
£

At 31 August 2022
£

Mr Richard Trevarthen

Loan to director

4,984

(5,000)

(16)

 

4,984

(5,000)

(16)

     

 

Summary of transactions with other related parties

The company has a loan to OTTOPT Limited, a company under common control. During the period, a further £12,000 (2022: £5,000) was paid to OTTOPT Ltd. The loan is repayable on demand. During the period, repayments of £11,000 (2022: £7,179) were made from OTTOPT Limited to the company. The balance outstanding at the end of the period is £6,000 (2022: £5,000).