Registered number
07177859
Hephaestus Solutions Ltd
Filleted Accounts
31 March 2023
Hephaestus Solutions Ltd
Registered number: 07177859
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 39,715 49,960
Current assets
Stocks 95,032 95,032
Debtors 4 262,594 340,438
Cash at bank and in hand 56 55
357,682 435,525
Creditors: amounts falling due within one year 5 (392,284) (328,371)
Net current (liabilities)/assets (34,602) 107,154
Total assets less current liabilities 5,113 157,114
Creditors: amounts falling due after more than one year 6 (100,064) (150,501)
Net (liabilities)/assets (94,951) 6,613
Capital and reserves
Called up share capital 2 2
Profit and loss account (94,953) 6,611
Shareholders' funds (94,951) 6,613
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 J Aldred
Director
Approved by the board on 13 December 2023
Hephaestus Solutions Ltd
Notes to the Accounts
for the year ended 31 March 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 and value added taxes. 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:
Motor Vehicles 20% RBM
Computer Equipment 20% SL
Plant and machinery 15% SL
Fixtures, fittings, tools and equipment 15% SL
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 9,473 4,975 70,156 84,604
Additions 515 - - 515
At 31 March 2023 9,988 4,975 70,156 85,119
Depreciation
At 1 April 2022 3,825 1,934 28,885 34,644
Charge for the year 1,760 746 8,254 10,760
At 31 March 2023 5,585 2,680 37,139 45,404
Net book value
At 31 March 2023 4,403 2,295 33,017 39,715
At 31 March 2022 5,648 3,041 41,271 49,960
4 Debtors 2023 2022
£ £
Trade debtors 44,569 24,212
Other debtors 218,025 316,226
262,594 340,438
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 53,800 44,677
Obligations under finance lease and hire purchase contracts 12,850 12,850
Trade creditors 94,071 118,907
Taxation and social security costs 160,761 133,677
Other creditors 70,802 18,260
392,284 328,371
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 94,556 128,879
Obligations under finance lease and hire purchase contracts 5,508 21,622
100,064 150,501
7 Other information
Hephaestus Solutions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
20 Granary Wharf Business Park
Wetmore Road
Burton on Trent
Staffordshire
DE14 1DU
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