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Registration number: 08294615

Hythe Bay Financial Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Hythe Bay Financial Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hythe Bay Financial Ltd

Company Information

Directors

Mrs A Jones

Mr S Jones

Registered office

5-6 Spring House Shops
141 High Street
Hythe
CT21 5JL

 

Hythe Bay Financial Ltd

(Registration number: 08294615)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

264,921

296,784

Tangible assets

5

33,704

32,083

 

298,625

328,867

Current assets

 

Debtors

6

19,013

31,471

Cash at bank and in hand

 

52,847

21,691

 

71,860

53,162

Creditors: Amounts falling due within one year

7

(17,644)

(20,711)

Net current assets

 

54,216

32,451

Total assets less current liabilities

 

352,841

361,318

Provisions for liabilities

(4,785)

(4,883)

Net assets

 

348,056

356,435

Capital and reserves

 

Called up share capital

100

100

Retained earnings

347,956

356,335

Shareholders' funds

 

348,056

356,435

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2024 and signed on its behalf by:
 

 

Hythe Bay Financial Ltd

(Registration number: 08294615)
Balance Sheet as at 30 September 2023 (continued)

.........................................
Mr S Jones
Director

   
     
 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
5-6 Spring House Shops
141 High Street
Hythe
CT21 5JL
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Hythe Bay Financial Ltd

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

2

Accounting policies (continued)

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

Office equipment

25% reducing balance

Furniture and fittings

10 years straight line

Short leasehold land and buildings

10 years straight line

Goodwill

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful live is between 5 and 20 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Either 5 or 20 years straight-line

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.

 

Hythe Bay Financial Ltd

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

2

Accounting policies (continued)

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 4).

 

Hythe Bay Financial Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

536,324

536,324

At 30 September 2023

536,324

536,324

Amortisation

At 1 October 2022

239,540

239,540

Amortisation charge

31,863

31,863

At 30 September 2023

271,403

271,403

Carrying amount

At 30 September 2023

264,921

264,921

At 30 September 2022

296,784

296,784

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 October 2022

8,697

5,254

20,866

19,054

Additions

-

3,996

3,143

2,682

At 30 September 2023

8,697

9,250

24,009

21,736

Depreciation

At 1 October 2022

4,131

2,041

12,493

3,123

Charge for the year

870

730

2,521

4,079

At 30 September 2023

5,001

2,771

15,014

7,202

Carrying amount

At 30 September 2023

3,696

6,479

8,995

14,534

At 30 September 2022

4,566

3,213

8,373

15,931

 

Hythe Bay Financial Ltd

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

5

Tangible assets (continued)

Total
£

Cost or valuation

At 1 October 2022

53,871

Additions

9,821

At 30 September 2023

63,692

Depreciation

At 1 October 2022

21,788

Charge for the year

8,200

At 30 September 2023

29,988

Carrying amount

At 30 September 2023

33,704

At 30 September 2022

32,083

Included within the net book value of land and buildings above is £3,696 (2022 - £4,566) in respect of short leasehold land and buildings.
 

6

Debtors

2023
£

2022
£

Trade debtors

13,145

25,628

Prepayments

5,868

5,843

19,013

31,471

Current

2023
£

2022
£

Trade debtors

13,145

25,628

Prepayments

5,868

5,843

 

19,013

31,471

 

Hythe Bay Financial Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

4,496

4,749

Trade creditors

 

2,827

408

Taxation and social security

 

9,016

14,524

Accruals and deferred income

 

1,305

1,030

 

17,644

20,711

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Directors current account

4,496

4,749