1 October 2022 v2024.2.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP101104282022-10-012023-09-30101104282023-09-30101104282022-09-3010110428core:WithinOneYear2023-09-3010110428core:WithinOneYear2022-09-3010110428core:AfterOneYear2023-09-3010110428core:AfterOneYear2022-09-3010110428core:ShareCapital2023-09-3010110428core:ShareCapital2022-09-3010110428core:RetainedEarningsAccumulatedLosses2023-09-3010110428core:RetainedEarningsAccumulatedLosses2022-09-3010110428bus:Director12022-10-012023-09-3010110428bus:Director22022-10-012023-09-3010110428bus:RegisteredOffice2022-10-012023-09-3010110428core:PlantMachinery2022-10-012023-09-3010110428core:OfficeEquipment2022-10-012023-09-30101104282021-10-012022-09-3010110428core:PlantMachinery2022-10-0110110428core:PlantMachinery2023-09-3010110428core:PlantMachinery2022-09-301011042812022-10-012023-09-3010110428countries:EnglandWales2022-10-012023-09-3010110428bus:AuditExemptWithAccountantsReport2022-10-012023-09-3010110428bus:PrivateLimitedCompanyLtd2022-10-012023-09-3010110428bus:SmallEntities2022-10-012023-09-3010110428bus:FullAccounts2022-10-012023-09-30
Company registration number:
10110428
Henly Projects Ltd
Unaudited Filleted Financial Statements for the year ended
30 September 2023
Henly Projects Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Henly Projects Ltd
Year ended
30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the
financial statements
of
Henly Projects Ltd
for the year ended
30 September 2023
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Henly Projects Ltd
, as a body, in accordance with the terms of our engagement letter dated 6 November 2018. Our work has been undertaken solely to prepare for your approval the
financial statements
of
Henly Projects Ltd
and state those matters that we have agreed to state to the Board of Directors of
Henly Projects Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
Henly Projects Ltd
and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that
Henly Projects Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Henly Projects Ltd
. You consider that
Henly Projects Ltd
is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Henly Projects Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Binks Chartered Accountants
84 Manor Road
Lancing
West Sussex
BN15 0HD
United Kingdom
Date:
18 January 2024
Henly Projects Ltd
Statement of Financial Position
30 September 2023
20232022
Note££
Fixed assets    
Tangible assets 5
45,536
 
52,854
 
Current assets    
Debtors 6
857,798
 
884,152
 
Cash at bank and in hand
740,310
 
605,595
 
1,598,108
 
1,489,747
 
Creditors: amounts falling due within one year 7
(1,152,478
)
(1,199,702
)
Net current assets
445,630
 
290,045
 
Total assets less current liabilities 491,166   342,899  
Creditors: amounts falling due after more than one year 8
(35,014
)
(60,094
)
Net assets
456,152
 
282,805
 
Capital and reserves    
Called up share capital
20
 
20
 
Profit and loss account
456,132
 
282,785
 
Shareholders funds
456,152
 
282,805
 
For the 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 January 2024
, and are signed on behalf of the board by:
Mr R Purcell
Mrs A Purcell
DirectorDirector
Company registration number:
10110428
Henly Projects Ltd
Notes to the Financial Statements
Year ended
30 September 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Office 5 First Floor
,
3 Tannery House
,
Send
,
Woking
,
GU23 7EF
, United Kingdom.
The turnover for the year ended 30th September 2023 was £11,069,506 (2022: £6,836,038).
The operating profit for the year ended 30th September 2023 was £797,009 (2022: £707,785).

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
25% reducing balance
Office equipment
25% reducing balance

Impairment

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
8
(2022:
6.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 October 2022
90,033
 
Additions
6,602
 
At
30 September 2023
96,635
 
Depreciation  
At
1 October 2022
37,179
 
Charge
13,920
 
At
30 September 2023
51,099
 
Carrying amount  
At
30 September 2023
45,536
 
At 30 September 2022
52,854
 

6 Debtors

20232022
££
Trade debtors
26,015
 
677,929
 
Other debtors
831,783
 
206,223
 
857,798
 
884,152
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
5,580
 
177,122
 
Trade creditors
687,190
 
700,171
 
Taxation and social security
290,700
 
167,576
 
Other creditors
169,008
 
154,833
 
1,152,478
 
1,199,702
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
35,014
 
40,720
 
Other creditors -  
19,374
 
35,014
 
60,094