Company Registration Number 04324928 (England and Wales)
HOLLOWAY & NAUGHTON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
HOLLOWAY & NAUGHTON LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Detailed profit and loss account
9
HOLLOWAY & NAUGHTON LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
-
0
150
Current assets
Stocks
3,855
-
Debtors
6
1,092
613
Cash at bank and in hand
564
1,113
5,511
1,726
Creditors: amounts falling due within one year
7
(17,125)
(9,648)
Net current liabilities
(11,614)
(7,922)
Net liabilities
(11,614)
(7,772)
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
(11,616)
(7,774)
Total equity
(11,614)
(7,772)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 23 April 2024
Mr AF Harvison
Director
Company registration number 04324928 (England and Wales)
HOLLOWAY & NAUGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

Holloway & Naughton Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis notwithstanding the fact that the Company had net liabilities of £8,489 (2022: £7,772) as at 31 July 2023.true

 

Creditors falling due within one year includes the director's current account with a balance of £9,026 due from the Company.

 

The director does not intend to withdraw this amount until the Company is in a position to do so without affecting its ability to operate and therefore considers it appropriate to prepare these financial statements on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development expenditure incurred by the Company in connection with the production of prototypes of shotguns for commercial production and resale is capitalised and amortised over four years.

 

Amortisation commences when the relevant expenditure is incurred and is charged to the profit and loss account on a straight line basis. An impairment review is undertaken at the end of each accounting period and provision is made where necessary to write the carrying value down to the recoverable amount.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
25% on cost
HOLLOWAY & NAUGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% on cost

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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

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.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
HOLLOWAY & NAUGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
4
Intangible fixed assets
Development costs
£
Cost
At 1 August 2022 and 31 July 2023
31,420
Amortisation and impairment
At 1 August 2022 and 31 July 2023
31,420
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
-
0
5
Tangible fixed assets
Plant and equipment
£
Cost
At 1 August 2022 and 31 July 2023
1,365
Depreciation and impairment
At 1 August 2022
1,215
Depreciation charged in the year
150
At 31 July 2023
1,365
Carrying amount
At 31 July 2023
-
0
At 31 July 2022
150
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,062
613
Prepayments and accrued income
30
-
0
1,092
613
HOLLOWAY & NAUGHTON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Director's current account
9,086
8,973
Accruals and deferred income
8,039
675
17,125
9,648
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of 0.1p each
2,000
2,000
2
2
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