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Registration number: 10840906

Hood Ventures Ltd

Formerly Hood Leisure Venues Ltd
and
Hood Archery Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Hood Ventures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Hood Ventures Ltd

Company Information

Directors

S W Jenkins

J Jenkins

Company secretary

J Hallaran

Registered office

The Court
St Mary's Street
Axbridge
BS26 2BN

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Hood Ventures Ltd

(Registration number: 10840906)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,108

3,159

Current assets

 

Debtors

5

-

208

Cash at bank and in hand

 

6,140

10,499

 

6,140

10,707

Creditors: Amounts falling due within one year

6

(89,159)

(86,659)

Net current liabilities

 

(83,019)

(75,952)

Net liabilities

 

(81,911)

(72,793)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(82,011)

(72,893)

Shareholders' deficit

 

(81,911)

(72,793)

For the financial year ending 30 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 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.

 

Hood Ventures Ltd

(Registration number: 10840906)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 

.........................................
S W Jenkins
Director

 

Hood Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The company was formerly known as Hood Leisure Venues Ltd.

The address of its registered office is:
The Court
St Mary's Street
Axbridge
BS26 2BN
United Kingdom

These financial statements were authorised for issue by the Board on 7 March 2024.

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.

The presentation currency of the financial statements is Pound Sterling (£).

 

Hood Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 30 June 2023, the company had net current liabilities of £83,159 (2022 - £75,952) and a net liabilities position of £81,911 (2022 - £72,793). The directors have considered the position of the company with respect to its obligations to ensure that the business can continue in operational existence for the foreseeable future, and confirm their approval to adopt the going concern basis for preparing the accounts.

Included in net current liabilities is an amount outstanding to a director of £88,439 (2022 - £85,939). The director has confirmed that he will not seek repayment of this loan until such time as the company has sufficient funds and profits to do so. As the company will continue to receive financial support from the directors, they are of the opinion that it is appropriate to prepare the financial statements 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 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.

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

Fixtures and fitting

25% reducing balance

Equipment

33% reducing balance

Plant and machinery

25% reducing balance

 

Hood Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

2

Accounting policies (continued)

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 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Hood Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 July 2022

1,138

11,674

12,812

Disposals

(1,138)

(5,432)

(6,570)

At 30 June 2023

-

6,242

6,242

Depreciation

At 1 July 2022

852

8,801

9,653

Charge for the year

-

370

370

Eliminated on disposal

(852)

(4,037)

(4,889)

At 30 June 2023

-

5,134

5,134

Carrying amount

At 30 June 2023

-

1,108

1,108

At 30 June 2022

286

2,873

3,159

5

Debtors

Current

2023
£

2022
£

Prepayments

-

208

 

Hood Ventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

720

720

Other creditors

88,439

85,939

89,159

86,659

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

625

-

625

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100