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Company No: SC646680 (Scotland)

HSC DAVIS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HSC DAVIS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

HSC DAVIS LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
HSC DAVIS LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 7,200 8,400
Tangible assets 4 21,927 31,382
29,127 39,782
Current assets
Stocks 5 825 1,200
Debtors 6 9,380 12,736
Cash at bank and in hand 7 3,777 2,628
13,982 16,564
Creditors: amounts falling due within one year 8 ( 35,562) ( 37,180)
Net current liabilities (21,580) (20,616)
Total assets less current liabilities 7,547 19,166
Creditors: amounts falling due after more than one year 9 ( 7,106) ( 12,368)
Provision for liabilities 10, 11 ( 5,482) ( 6,486)
Net (liabilities)/assets ( 5,041) 312
Capital and reserves
Called-up share capital 12 100 100
Profit and loss account ( 5,141 ) 212
Total shareholders' (deficit)/funds ( 5,041) 312

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

Directors' responsibilities:

The financial statements of HSC Davis Limited (registered number: SC646680) were approved and authorised for issue by the Board of Directors on 03 March 2024. They were signed on its behalf by:

Mr H Davis
Director
HSC DAVIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
HSC DAVIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

HSC Davis Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 3 Randolph Industrial Estate, 29-31 Randolph Place, Kirkcaldy, KY1 2YX, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have confirmed that they will continue to support the company for at least 12 months from the date of signing these financial statements. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for gym memberships and associated fitness activities.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under hire purchase contracts, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2022 12,000 12,000
At 30 November 2023 12,000 12,000
Accumulated amortisation
At 01 December 2022 3,600 3,600
Charge for the financial year 1,200 1,200
At 30 November 2023 4,800 4,800
Net book value
At 30 November 2023 7,200 7,200
At 30 November 2022 8,400 8,400

4. Tangible assets

Plant and machinery Vehicles Computer equipment Total
£ £ £ £
Cost
At 01 December 2022 43,195 18,565 1,062 62,822
Additions 2,162 0 0 2,162
At 30 November 2023 45,357 18,565 1,062 64,984
Accumulated depreciation
At 01 December 2022 22,671 7,832 937 31,440
Charge for the financial year 8,809 2,683 125 11,617
At 30 November 2023 31,480 10,515 1,062 43,057
Net book value
At 30 November 2023 13,877 8,050 0 21,927
At 30 November 2022 20,524 10,733 125 31,382

5. Stocks

2023 2022
£ £
Stocks 825 1,200

6. Debtors

2023 2022
£ £
Corporation tax 0 74
Other debtors 9,380 12,662
9,380 12,736

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 3,777 2,628

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 1,789 1,793
Trade creditors 830 0
Corporation tax 149 74
Other taxation and social security 2,662 2,863
Obligations under finance leases and hire purchase contracts 3,501 3,203
Other creditors 26,631 29,247
35,562 37,180

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is fully backed by a government guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

9. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 2,945 4,706
Obligations under finance leases and hire purchase contracts 4,161 7,662
7,106 12,368

Included in Bank loans are amounts advanced to the company under the bounce back loan scheme. This loan is fully backed by a government guarantee.

Net obligations under hire purchase contracts are secured over the related assets.

10. Provision for liabilities

2023 2022
£ £
Deferred tax 5,482 6,486

11. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 6,486) ( 10,563)
Credited to the Profit and Loss Account 1,004 4,077
0 0
At the end of financial year ( 5,482) ( 6,486)

12. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each 50 50
50 B ordinary shares of £ 1.00 each 50 50
100 100

13. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 23,100 46,200

14. Related party transactions

Transactions with the entity’s directors (or members of its governing body)

Amounts owed to directors

2023 2022
£ £
Directors' Loan Account 21,820 18,550

The above loan is unsecured, interest free and there are no fixed terms of repayment.