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Registration number: 07281923

H & A Trading Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

H & A Trading Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

H & A Trading Limited

Company Information

Director

Mr Arun Merani

Company secretary

Mrs Tanya Merani

Registered office

73 Bittacy Rise
London
NW7 2HH

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

H & A Trading Limited

(Registration number: 07281923)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

562

750

Investment property

5

820,000

820,000

 

820,562

820,750

Current assets

 

Stocks

6

-

61,706

Debtors

7

467,882

624,309

Cash at bank and in hand

 

8,548

98,808

 

476,430

784,823

Creditors: Amounts falling due within one year

8

(655,421)

(775,387)

Net current (liabilities)/assets

 

(178,991)

9,436

Total assets less current liabilities

 

641,571

830,186

Creditors: Amounts falling due after more than one year

8

(15,658)

(112,500)

Provisions for liabilities

(4,700)

(4,700)

Net assets

 

621,213

712,986

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

621,113

712,886

Shareholders' funds

 

621,213

712,986

For the financial year ending 30 June 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.

 

H & A Trading Limited

(Registration number: 07281923)
Balance Sheet as at 30 June 2023 (continued)

These financial statements have been prepared and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

These financial statements were approved and authorised for issue by the director on 22 March 2024
 

.........................................
Mr Arun Merani
Director

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
73 Bittacy Rise
London
NW7 2HH
United Kingdom

These financial statements were authorised for issue by the director on 22 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and is willing to provide the necessary financial support as necessary.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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 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.

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

Fixtures, fittings and equipment

25% Reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 2 (2022: 2).

4

Tangible assets

Fixtures, fittings and equipment
 £

Cost

At 1 July 2022

4,603

At 30 June 2023

4,603

Depreciation

At 1 July 2022

3,853

Charge for the year

188

At 30 June 2023

4,041

Carrying amount

At 30 June 2023

562

At 30 June 2022

750

5

Investment properties

2023
£

At 1 July

820,000

At 30 June

820,000

The investment property was revalued by the directors as at 30th June 2023 at the market value of £820,000.

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

-

61,706

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

425,018

581,913

Payments in advance

38,234

39,947

Other debtors

601

613

Prepayments

4,029

1,836

Total current trade and other debtors

467,882

624,309

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

93,945

75,000

Trade creditors

 

97,598

227,682

Payments on account

 

463,839

418,186

Taxation and social security

 

-

335

Corporation tax payable

 

-

6,845

Directors current account

 

39

47,339

 

655,421

775,387

Due after one year

 

Loans and borrowings

9

15,658

112,500

 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

93,945

75,000

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,658

112,500

Bank borrowings consists of a government-backed Bounce Back Loan with a repayment term of 6 years from September 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £360 (2022 - £Nil) per each Ordinary shares

 

36,000

 

-

         
 

H & A Trading Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,000

12,000

13

Ultimate controliing party

The ultimate controlling party is Mr Arun Merani.