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Registered number: 13161665
Hey Rusty Ltd
Director's Report and
Unaudited Financial Statements
For The Year Ended 31 January 2024
Director's Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Director's Report 2
Accountants' Report 3
Statement of Income and Retained Earnings 4
Balance Sheet 5—6
Notes to the Financial Statements 7—9
Page 1
Company Information
Director N M King
Company Number 13161665
Registered Office 39 Englehurst
Englefield Green
Egham
TW20 0EE
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Director's Report
The director presents his report and the financial statements for the year ended 31 January 2024.
Principal Activity
The principal activity of the company is wholesale and retail sale of clothing.
Directors
The director who held office during the year were as follows:
N M King
Small Company Rules
This report has 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.
On behalf of the board
N M King
Director
12/04/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter dated , and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the director in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the director the financial statements that we have been engaged to compile, to report to the director that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's director for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 January 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
12/04/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Page 4
Statement of Income and Retained Earnings
2024 2023
Notes £ £
TURNOVER 514,767 653,666
Cost of sales (433,584 ) (524,256 )
GROSS PROFIT 81,183 129,410
Administrative expenses (106,544 ) (80,255 )
Other operating income - (16,021 )
OPERATING (LOSS)/PROFIT (25,361 ) 33,134
Interest payable and similar charges (414 ) -
(LOSS)/PROFIT BEFORE TAXATION (25,775 ) 33,134
Tax on (Loss)/profit 4,653 (9,418 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (21,122 ) 23,716
RETAINED EARNINGS
As at 1 February 2023 64,819 43,643
Dividends paid (11,000) (2,540)
As at 31 January 2024 32,697 64,819
The notes on pages 7 to 9 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
CURRENT ASSETS
Stocks 4 22,863 32,812
Debtors 5 21,865 9,130
Cash at bank and in hand 12,088 33,774
56,816 75,716
Creditors: Amounts Falling Due Within One Year 6 (24,109 ) (10,887 )
NET CURRENT ASSETS (LIABILITIES) 32,707 64,829
TOTAL ASSETS LESS CURRENT LIABILITIES 32,707 64,829
NET ASSETS 32,707 64,829
CAPITAL AND RESERVES
Called up share capital 7 10 10
Profit and Loss Account 32,697 64,819
SHAREHOLDERS' FUNDS 32,707 64,829
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Page 6
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
N M King
Director
12/04/2024
The notes on pages 7 to 9 form part of these financial statements.
Page 6
Page 7
Notes to the Financial Statements
1. General Information
Hey Rusty Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13161665 . The registered office is 39 Englehurst, Englefield Green, Egham, TW20 0EE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Stocks
2024 2023
£ £
Finished goods 22,863 32,812
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 445 -
Other debtors 16,533 -
VAT 4,887 9,130
21,865 9,130
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,038 -
Corporation tax (4,653 ) 9,418
Other taxes and social security 786 64
Net wages 3,980 -
Accruals and deferred income - 1,400
Director's loan account 16,958 5
24,109 10,887
7. Share Capital
2024 2023
Allotted, called up and fully paid £ £
10 Ordinary Shares of £ 1 each 10 10
8. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 11,000 2,540
11,000 2,540
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9. Related Party Transactions
At the balance sheet date, included within creditors due within one year, is an amount of £16,959 (2023 - £5) owed to the director. This loan is interest free, of no fixed term and repayable on demand.
During the year dividends of £11,000 (2023 - £2,540) were paid to the shareholders.
The controlling party is the company director by virtue of his shareholding.
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