ACTION FOR HAPPINESS TRADING LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Company Registration No. 11657636 (England and Wales)
ACTION FOR HAPPINESS TRADING LIMITED
COMPANY INFORMATION
Directors
Mr M Williamson
Professor P R G Layard
Mr B M Barns
Secretary
Mr M Williamson
Company number
11657636
Registered office
WeWork
3 Waterhouse Square
138 Holborn
London
EC1N 2SW
Accountants
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
ACTION FOR HAPPINESS TRADING LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Statement of changes in equity
5
Notes to the financial statements
6 - 8
ACTION FOR HAPPINESS TRADING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company continued to be that of the provision of educational services relating to mental well-being. All surplus income after costs is donated to Action for Happiness, Registered Charity 1175160.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Williamson
Professor P R G Layard
Mr B M Barns
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr M Williamson
Director
2 April 2024
ACTION FOR HAPPINESS TRADING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ACTION FOR HAPPINESS TRADING LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Action For Happiness Trading Limited for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Action For Happiness Trading Limited, as a body, in accordance with the terms of our engagement letter dated 5 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Action For Happiness Trading Limited and state those matters that we have agreed to state to the board of directors of Action For Happiness Trading Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Action For Happiness Trading Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Action For Happiness Trading 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 profit of Action For Happiness Trading Limited. You consider that Action For Happiness Trading 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 Action For Happiness Trading 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.

DSG
2 April 2024
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
ACTION FOR HAPPINESS TRADING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2023
2022
£
£
Turnover
65,246
82,924
Cost of sales
(49,753)
(42,862)
Gross profit
15,493
40,062
Administrative expenses
(277)
(20,381)
Profit before taxation
15,216
19,681
Tax on profit
-
0
-
0
Profit for the financial year
15,216
19,681

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ACTION FOR HAPPINESS TRADING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 4 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
-
0
21,461
Cash at bank and in hand
17,085
16,442
17,085
37,903
Creditors: amounts falling due within one year
5
(17,084)
(37,902)
Net current assets
1
1
Capital and reserves
-
-
Called up share capital
1
1

For the financial year ended 31 December 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 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 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 2 April 2024 and are signed on its behalf by:
Mr M Williamson
Director
Company registration number 11657636 (England and Wales)
ACTION FOR HAPPINESS TRADING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
1
-
0
1
Year ended 31 December 2022:
Profit and total comprehensive income
-
19,681
19,681
Distributions to parent charity under gift aid
3
-
(19,681)
(19,681)
Balance at 31 December 2022
1
-
0
1
Year ended 31 December 2023:
Profit and total comprehensive income
-
15,216
15,216
Distributions to parent charity under gift aid
3
-
(15,216)
(15,216)
Balance at 31 December 2023
1
-
0
1
ACTION FOR HAPPINESS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
1
Accounting policies
Company information

Action For Happiness Trading Limited is a private company limited by shares incorporated in England and Wales. The registered office is WeWork, 3 Waterhouse Square, 138 Holborn, London, EC1N 2SW.

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. 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.

Turnover is recognised when the services are provided.

1.3
Cash and cash equivalents

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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ACTION FOR HAPPINESS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
3
Dividends and distributions
2023
2022
£
£
Distributions to parent charity under gift aid
Amounts paid
15,216
19,681
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
20,000
Other debtors
-
0
1,461
-
0
21,461
ACTION FOR HAPPINESS TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
17,222
Amounts owed to group undertakings
16,215
20,680
Taxation and social security
869
-
0
17,084
37,902
6
Related party transactions

As the company is wholly owned by Action For Happiness, it has taken advantage of the exemption provided in FRS 102 from disclosing transactions with its parent charity.

7
Parent company

The ultimate parent company is Action For Happiness, a charity registered in England and Wales.

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