Registered number
SC338410
Happy Feet OSC Ltd
Filleted Accounts
30 June 2023
Happy Feet OSC Ltd
Registered number: SC338410
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 190,752 242,080
Investments 4 1,446,531 786,531
1,637,283 1,028,611
Current assets
Debtors 5 36,675 37,648
Cash at bank and in hand 52,903 45,611
89,578 83,259
Creditors: amounts falling due within one year 6 (264,362) (154,596)
Net current assets/(liabilities) (174,784) (71,337)
Total assets less current liabilities 1,462,499 957,274
Creditors: amounts falling due after more than one year 7 (354,808) -
Provisions for liabilities (6,750) (14,518)
Net assets 1,100,941 942,756
Capital and reserves
Called up share capital 4,000 4,000
Profit and loss account 1,096,941 938,756
Shareholders' funds 1,100,941 942,756
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Holtz
Director
Approved by the board on 5 April 2024
Happy Feet OSC Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold improvements 10% straight line
Fixtures and fittings 25% straight line
Motor vehicles 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 72 73
3 Tangible fixed assets
Leasehold improve-ments Fixtures and fittings Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 425,926 190,717 91,769 708,412
At 30 June 2023 425,926 190,717 91,769 708,412
Depreciation
At 1 July 2022 223,780 191,072 51,480 466,332
Charge for the year 38,622 (355) 13,061 51,328
At 30 June 2023 262,402 190,717 64,541 517,660
Net book value
At 30 June 2023 163,524 - 27,228 190,752
At 30 June 2022 202,146 (355) 40,289 242,080
4 Investments
Other
investments
£
Cost
At 1 July 2022 786,531
Additions 660,000
At 30 June 2023 1,446,531
5 Debtors 2023 2022
£ £
Trade debtors - 1,556
Other debtors 36,675 36,092
36,675 37,648
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 70,800 -
Obligations under finance lease and hire purchase contracts - 658
Amounts owed to group undertakings and undertakings in which the company has a participating interest 23,662 663
Corporation tax 49,225 69,054
Other taxes and social security costs 20,253 18,157
Other creditors 100,422 66,064
264,362 154,596
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 354,808 -
8 Controlling party
Mr P Holtz and Mrs S Clark are the joint controlling parties by virtue of their 50% shareholdings in the company.
9 Other information
Happy Feet OSC Ltd is a private company limited by shares and incorporated in England. Its registered office is:
16 Kenshaw Avenue
Larkhall
Lanarkshire
ML9 1PN
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