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COMPANY REGISTRATION NUMBER: 10934383
HAUZ 1929 LTD
Unaudited Financial Statements
31 August 2023
HAUZ 1929 LTD
Financial Statements
Year ended 31 August 2023
Contents
Page
Director's report
1
Income statement
2
Statement of financial position
3
Statement of changes in equity
4
Notes to the financial statements
5
HAUZ 1929 LTD
Director's Report
Year ended 31 August 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2023 .
Principal activities
The principal activity of the company during the year was holding of intellectual property.
Director
The director who served the company during the year was as follows:
Mr. Markos Panteleimon Klerides
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 January 2024 and signed on behalf of the board by:
Mr. Markos Panteleimon Klerides
Director
HAUZ 1929 LTD
Income Statement
Year ended 31 August 2023
2023
2022
Note
£
£
Turnover
17,723
46,277
--------
--------
Gross profit
17,723
46,277
Administrative expenses
( 8,225)
( 8,591)
--------
--------
Operating profit
9,498
37,686
Interest payable and similar expenses
( 197)
--------
--------
Profit before taxation
9,498
37,489
Tax on profit
4
( 671)
-------
--------
Profit for the financial year
8,827
37,489
-------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
HAUZ 1929 LTD
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
24,776
24,624
Current assets
Debtors
6
236,220
240,546
Cash at bank and in hand
11,585
1,246
---------
---------
247,805
241,792
Creditors: amounts falling due within one year
7
2,430
5,092
---------
---------
Net current assets
245,375
236,700
---------
---------
Total assets less current liabilities
270,151
261,324
---------
---------
Net assets
270,151
261,324
---------
---------
Capital and reserves
Called up share capital
8
100
100
Profit and loss account
9
270,051
261,224
---------
---------
Shareholders funds
270,151
261,324
---------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 January 2024 , and are signed on behalf of the board by:
Mr. Markos Panteleimon Klerides
Director
Company registration number: 10934383
HAUZ 1929 LTD
Statement of Changes in Equity
Year ended 31 August 2023
Called up share capital
Profit and loss account
Total
£
£
£
At 1 September 2021
100
235,035
235,135
Profit for the year
37,489
37,489
----
---------
---------
Total comprehensive income for the year
37,489
37,489
Dividends paid and payable
( 11,300)
( 11,300)
----
---------
---------
Total investments by and distributions to owners
( 11,300)
( 11,300)
At 31 August 2022
100
261,224
261,324
Profit for the year
8,827
8,827
----
---------
---------
Total comprehensive income for the year
8,827
8,827
----
---------
---------
At 31 August 2023
100
270,051
270,151
----
---------
---------
HAUZ 1929 LTD
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is St Georges House, 6th Floor, 15 Hanover Square, London, W1S 1HS, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
671
----
----
Tax on profit
671
----
----
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 September 2022
24,624
Additions
152
--------
At 31 August 2023
24,776
--------
Amortisation
At 1 September 2022 and 31 August 2023
--------
Carrying amount
At 31 August 2023
24,776
--------
At 31 August 2022
24,624
--------
6. Debtors
2023
2022
£
£
Trade debtors
223,487
227,357
Shareholders account
100
100
Other debtors
12,633
13,089
---------
---------
236,220
240,546
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
859
4,192
Accruals and deferred income
900
900
Corporation tax
671
-------
-------
2,430
5,092
-------
-------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.