IRIS Accounts Production v23.4.0.336 SC371724 director 1.4.22 31.3.23 31.3.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC3717242022-03-31SC3717242023-03-31SC3717242022-04-012023-03-31SC3717242021-03-31SC3717242021-04-012022-03-31SC3717242022-03-31SC371724ns15:Scotland2022-04-012023-03-31SC371724ns14:PoundSterling2022-04-012023-03-31SC371724ns10:Director12022-04-012023-03-31SC371724ns10:PrivateLimitedCompanyLtd2022-04-012023-03-31SC371724ns10:SmallEntities2022-04-012023-03-31SC371724ns10:AuditExempt-NoAccountantsReport2022-04-012023-03-31SC371724ns10:SmallCompaniesRegimeForDirectorsReport2022-04-012023-03-31SC371724ns10:SmallCompaniesRegimeForAccounts2022-04-012023-03-31SC371724ns10:FullAccounts2022-04-012023-03-31SC371724ns10:RegisteredOffice2022-04-012023-03-31SC371724ns5:CurrentFinancialInstruments2023-03-31SC371724ns5:CurrentFinancialInstruments2022-03-31SC371724ns5:Non-currentFinancialInstruments2023-03-31SC371724ns5:Non-currentFinancialInstruments2022-03-31SC371724ns5:ShareCapital2023-03-31SC371724ns5:ShareCapital2022-03-31SC371724ns5:RetainedEarningsAccumulatedLosses2023-03-31SC371724ns5:RetainedEarningsAccumulatedLosses2022-03-31SC371724ns5:LeaseholdImprovements2022-03-31SC371724ns5:FurnitureFittings2022-03-31SC371724ns5:MotorVehicles2022-03-31SC371724ns5:ComputerEquipment2022-03-31SC371724ns5:LeaseholdImprovements2022-04-012023-03-31SC371724ns5:FurnitureFittings2022-04-012023-03-31SC371724ns5:MotorVehicles2022-04-012023-03-31SC371724ns5:ComputerEquipment2022-04-012023-03-31SC371724ns5:LeaseholdImprovements2023-03-31SC371724ns5:FurnitureFittings2023-03-31SC371724ns5:MotorVehicles2023-03-31SC371724ns5:ComputerEquipment2023-03-31SC371724ns5:LeaseholdImprovements2022-03-31SC371724ns5:FurnitureFittings2022-03-31SC371724ns5:MotorVehicles2022-03-31SC371724ns5:ComputerEquipment2022-03-31SC371724ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-31SC371724ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-03-31SC371724ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-31SC371724ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-03-31SC371724ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-31SC371724ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-03-31SC371724ns5:Non-currentFinancialInstruments2022-04-012023-03-31SC3717241ns10:Director12022-03-31SC3717241ns10:Director12021-03-31SC3717241ns10:Director12022-04-012023-03-31SC3717241ns10:Director12021-04-012022-03-31SC3717241ns10:Director12023-03-31SC3717241ns10:Director12022-03-31
REGISTERED NUMBER: SC371724 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

HETLEYS (UK) LTD

HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


HETLEYS (UK) LTD

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTOR: Mr D M Devoy



REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY



REGISTERED NUMBER: SC371724 (Scotland)



ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY



BANKERS: Barclays Bank
225-227 High Street
Ayr
KA7 1RB

HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)

STATEMENT OF FINANCIAL POSITION
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 48,379 28,827

CURRENT ASSETS
Stocks 136,244 120,518
Debtors 5 82,266 71,044
Cash at bank and in hand 39,738 70,237
258,248 261,799
CREDITORS
Amounts falling due within one year 6 89,836 88,881
NET CURRENT ASSETS 168,412 172,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

216,791

201,745

CREDITORS
Amounts falling due after more than one
year

7

(35,017

)

(40,713

)

PROVISIONS FOR LIABILITIES (9,192 ) (5,477 )
NET ASSETS 172,582 155,555

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 172,482 155,455
SHAREHOLDERS' FUNDS 172,582 155,555

HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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.

The financial statements were approved by the director and authorised for issue on 11 March 2024 and were signed by:





Mr D M Devoy - Director


HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Hetleys (UK) Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the Directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts

Stock Valuation
The Company assesses the carrying value of stock on at least an annual basis, taking into consideration when each item was purchased and the Company's ability to sell that particular item. Where it is considered the net realisable value of stock has fallen below its' original cost, a provision is made by Management against the stock value in the financial statements.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover represents net invoiced sales of office furniture, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 10% on reducing balance
Computer equipment - 33% on cost
Furniture & fixture - 20% on reducing balance
Motor vehicles - 20% on reducing balance

HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

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

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for impairment.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 5,776 36,409 18,565 10,697 71,447
Additions - - - 743 743
At 31 March 2023 5,776 36,409 18,565 11,440 72,190
DEPRECIATION
At 1 April 2022 2,663 22,584 7,613 9,760 42,620
Charge for year 311 (22,466 ) 2,191 1,155 (18,809 )
At 31 March 2023 2,974 118 9,804 10,915 23,811
NET BOOK VALUE
At 31 March 2023 2,802 36,291 8,761 525 48,379
At 31 March 2022 3,113 13,825 10,952 937 28,827

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 74,061 20,224
Directors' current accounts 7,968 50,692
Prepayments 237 128
82,266 71,044

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,263 5,122
Trade creditors 58,706 36,477
Tax 16,349 43,187
Social security and other taxes 327 327
VAT 8,733 2,785
Other creditors 8 633
Accrued expenses 450 350
89,836 88,881

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 10,928 10,636
Bank loans - 2-5 years 24,089 30,077
35,017 40,713

HETLEYS (UK) LTD (REGISTERED NUMBER: SC371724)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by government and carrie an interest rate of 2.5% p.a.

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mr D M Devoy
Balance outstanding at start of year 50,692 39,627
Amounts advanced 64,986 124,642
Amounts repaid (107,710 ) (113,577 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,968 50,692