Company Registration No. 07673596 (England and Wales)
Carol Hayes Management London Limited
Unaudited financial statements
For the year ended 30 June 2023
Pages for filing with registrar
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
12,434
16,578
Investments
5
20,000
20,000
32,434
36,578
Current assets
Debtors
6
723,366
800,962
Cash at bank and in hand
109,452
37,810
832,818
838,772
Creditors: amounts falling due within one year
7
(799,546)
(812,433)
Net current assets
33,272
26,339
Total assets less current liabilities
65,706
62,917
Creditors: amounts falling due after more than one year
8
(19,167)
(29,167)
Net assets
46,539
33,750
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
46,439
33,650
Total equity
46,539
33,750
The director of the company has elected not to include a copy of the profit and loss account 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 director acknowledges her 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.
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 April 2024
C Hayes
Director
Company Registration No. 07673596
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
Carol Hayes Management London Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Amortisation over remaining life of lease @ 25%
Plant and machinery
25% Net Book Value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.14
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
5
3
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
89,818
135,713
225,531
Depreciation and impairment
At 1 July 2022
89,818
119,135
208,953
Depreciation charged in the year
4,144
4,144
At 30 June 2023
89,818
123,279
213,097
Carrying amount
At 30 June 2023
12,434
12,434
At 30 June 2022
16,578
16,578
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
1,200,000
Amortisation and impairment
At 1 July 2022 and 30 June 2023
1,200,000
Carrying amount
At 30 June 2023
At 30 June 2022
5
Fixed asset investments
2023
2022
£
£
Investments
20,000
20,000
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
396,652
495,808
Other debtors
326,714
305,154
723,366
800,962
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
63,765
69,462
Trade creditors
427,364
479,109
Corporation tax
131,712
102,794
Other taxation and social security
149,714
139,064
Other creditors
26,991
22,004
799,546
812,433
CAROL HAYES MANAGEMENT LONDON LIMITED
Carol Hayes Management London Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
19,167
29,167
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
10
Controlling party
The company is controlled by the director, C Hayes, by virtue of her shareholding in the company.