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COMPANY REGISTRATION NUMBER: 01218173
HALLMARK TAPES LIMITED
Filleted Unaudited Financial Statements
30 June 2023
HALLMARK TAPES LIMITED
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
38,445
46,154
Investments
6
49,276
49,276
--------
--------
87,721
95,430
Current assets
Stocks
589,941
548,372
Debtors
7
970,453
644,688
Cash at bank and in hand
851,256
946,767
------------
------------
2,411,650
2,139,827
Creditors: amounts falling due within one year
8
562,071
444,036
------------
------------
Net current assets
1,849,579
1,695,791
------------
------------
Total assets less current liabilities
1,937,300
1,791,221
Provisions
Taxation including deferred tax
6,349
7,755
------------
------------
Net assets
1,930,951
1,783,466
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,929,951
1,782,466
------------
------------
Shareholders funds
1,930,951
1,783,466
------------
------------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th June 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 .
HALLMARK TAPES LIMITED
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 5 March 2024 , and are signed on behalf of the board by:
Mr C H M Browne
Director
Company registration number: 01218173
HALLMARK TAPES LIMITED
Notes to the Financial Statements
Year ended 30th June 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 5 Ashwell Street, Netherfield, NOTTINGHAM, NG4 2FQ.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Computer equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st July 2022
6,510
52,571
29,968
85,916
174,965
Additions
766
766
-------
--------
--------
--------
---------
At 30th June 2023
6,510
53,337
29,968
85,916
175,731
-------
--------
--------
--------
---------
Depreciation
At 1st July 2022
4,720
51,096
15,626
57,369
128,811
Charge for the year
269
369
3,554
4,283
8,475
-------
--------
--------
--------
---------
At 30th June 2023
4,989
51,465
19,180
61,652
137,286
-------
--------
--------
--------
---------
Carrying amount
At 30th June 2023
1,521
1,872
10,788
24,264
38,445
-------
--------
--------
--------
---------
At 30th June 2022
1,790
1,475
14,342
28,547
46,154
-------
--------
--------
--------
---------
6. Investments
Shares in group undertakings
£
Cost
At 1st July 2022 and 30th June 2023
49,276
--------
Impairment
At 1st July 2022 and 30th June 2023
--------
Carrying amount
At 30th June 2023
49,276
--------
At 30th June 2022
49,276
--------
The company owns 100% of the issued share capital of the companies listed below:-
Hallmark Tape Printers Limited
Solo Tape Limited
The amount of capital and reserves are:-
Hallmark Tape Printers Limited (dormant)
856
856
Solo Tape Limited
9,936
9,988
Profit and (loss) for the year
Solo Tape Limited
(52)
(61)
7. Debtors
2023
2022
£
£
Trade debtors
933,971
631,244
Other debtors
36,482
13,444
---------
---------
970,453
644,688
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
421,299
313,504
Social security and other taxes
31,352
23,330
Other creditors
109,420
107,202
---------
---------
562,071
444,036
---------
---------
9. Related party transactions
During the year the Directors, Mr C H M Browne and Mrs P M Browne used loan accounts with the company to record amounts due to them and amounts drawn by them. The balance at the end of the year was £3,144 (2022 :£2,170 )due by the company. This balance is included in 'Other Creditors'.