Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-312022-07-14falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14235506 2022-07-13 14235506 2022-07-14 2023-07-31 14235506 2020-07-15 2022-07-13 14235506 2023-07-31 14235506 c:Director1 2022-07-14 2023-07-31 14235506 c:Director1 2023-07-31 14235506 c:RegisteredOffice 2022-07-14 2023-07-31 14235506 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-07-14 2023-07-31 14235506 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-07-31 14235506 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-07-14 2023-07-31 14235506 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-07-31 14235506 d:CurrentFinancialInstruments 2023-07-31 14235506 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 14235506 d:ShareCapital 2023-07-31 14235506 d:SharePremium 2023-07-31 14235506 d:RetainedEarningsAccumulatedLosses 2023-07-31 14235506 c:OrdinaryShareClass1 2022-07-14 2023-07-31 14235506 c:OrdinaryShareClass1 2023-07-31 14235506 c:FRS102 2022-07-14 2023-07-31 14235506 c:AuditExempt-NoAccountantsReport 2022-07-14 2023-07-31 14235506 c:FullAccounts 2022-07-14 2023-07-31 14235506 c:PrivateLimitedCompanyLtd 2022-07-14 2023-07-31 14235506 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2022-07-14 2023-07-31 14235506 d:CopyrightsPatentsTrademarksServiceOperatingRights d:InternallyGeneratedIntangibleAssets 2022-07-14 2023-07-31 14235506 d:InternallyGeneratedIntangibleAssets 2022-07-14 2023-07-31 14235506 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2022-07-14 2023-07-31 14235506 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-07-14 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 14235506









HUTSIDE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2023

 
HUTSIDE LIMITED
 
 
COMPANY INFORMATION


Director
Michael J Stevens (appointed 14 July 2022)




Registered number
14235506



Registered office
Wadebridge House
16 Wadebridge Square

Poundbury

Dorchester

Dorset
United Kingdom

DT1 3AQ




Accountants
Donald Reid Limited
Chartered Accountants
Prince Albert House

18a/20 King Street

Maidenhead

Berkshire

SL6 1DT





 
HUTSIDE LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8


 
HUTSIDE LIMITED
REGISTERED NUMBER: 14235506

BALANCE SHEET
AS AT 31 JULY 2023

2023
Note
£

Fixed assets
  

Intangible assets
 4 
19,118

  
19,118

Current assets
  

Stocks
 5 
11,359

Debtors: amounts falling due within one year
 6 
17,270

Cash at bank and in hand
 7 
38,257

  
66,886

Creditors: amounts falling due within one year
  
(4,306)

Net current assets
  
 
 
62,580

Total assets less current liabilities
  
81,698

  

Net assets
  
81,698


Capital and reserves
  

Called up share capital 
 8 
122

Share premium account
  
165,190

Profit and loss account
  
(83,614)

  
81,698

Page 1

 
HUTSIDE LIMITED
REGISTERED NUMBER: 14235506
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 April 2024.




Michael J Stevens
Director

The notes on pages 3 to 8 form part of these financial statements.
Page 2

 
HUTSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

Hutside Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registered address is Wadebridge House, 16 Wadebridge Square, Poundbury, Dorchester, Dorset, United Kingdom, DT1 3AQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have performed a going concern assessment for a period of 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funding
from its balance sheet reserves. As a result the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 3

 
HUTSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
5
years
Trademarks
-
10
years

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
HUTSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the
Page 5

 
HUTSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 6

 
HUTSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)



3.


Employees

The average monthly number of employees, including the director, during the period was as follows:


        2023
            No.






Average number of employees
2


4.


Intangible assets



Development expenditure
Trademarks
Total

£
£
£



Cost


Additions - internal
20,000
300
20,300



At 31 July 2023

20,000
300
20,300



Amortisation


Charge for the period on owned assets
1,167
15
1,182



At 31 July 2023

1,167
15
1,182



Net book value



At 31 July 2023
18,833
285
19,118




5.


Stocks

2023
£

Finished goods and goods for resale
11,359

11,359


Page 7

 
HUTSIDE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

6.


Debtors

2023
£


Other debtors
9,814

Prepayments and accrued income
7,456

17,270



7.


Cash and cash equivalents

2023
£

Cash at bank and in hand
38,257

38,257



8.


Share capital

2023
£
Allotted, called up and fully paid


1,218,178 Ordinary shares of £0.0001- each
122


During the year 1,516,880 Ordinary shares were issued with a total consideration of £167,997.
During the year 298,702 Ordinary shares were cancelled with a total consideration of £30.


9.


Related party transactions

At year end, included in other creditors is the amount of £800 owed to the director, by the company.

 
Page 8