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Registration number: 06414092

HTQ Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

HTQ Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

HTQ Limited

Company Information

Directors

Mr Anthony Fincher

Mr Stephen Wolf

Registered office

Unit 7a Butts Pond Industrial Estate
Sturminster Newton
Dorset
DT10 1AZ

Accountants

First Class Accounting Limited
91A Church Lane
Bulphan
Upminster
RM14 3TR

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
HTQ Limited
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HTQ Limited for the year ended 31 October 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of HTQ Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of HTQ Limited and state those matters that we have agreed to state to the Board of Directors of HTQ Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HTQ Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that HTQ Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of HTQ Limited. You consider that HTQ Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of HTQ Limited. 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 statutory accounts.

......................................

First Class Accounting Limited
91A Church Lane
Bulphan
Upminster
RM14 3TR

24 July 2024

 

HTQ Limited

(Registration number: 06414092)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

29,102

45,738

Current assets

 

Stocks

5

47,396

144,961

Debtors

6

335,143

115,935

 

382,539

260,896

Creditors: Amounts falling due within one year

7

(501,588)

(258,053)

Net current (liabilities)/assets

 

(119,049)

2,843

Total assets less current liabilities

 

(89,947)

48,581

Creditors: Amounts falling due after more than one year

7

-

(51,421)

Provisions for liabilities

(6,356)

(8,690)

Net liabilities

 

(96,303)

(11,530)

Capital and reserves

 

Called up share capital

8

60

60

Share premium reserve

46,440

46,440

Retained earnings

(142,803)

(58,030)

Shareholders' deficit

 

(96,303)

(11,530)

For the financial year ending 31 October 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.

 

HTQ Limited

(Registration number: 06414092)
Balance Sheet as at 31 October 2023

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.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

.........................................
Mr Anthony Fincher
Director

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
Unit 7a Butts Pond Industrial Estate
Sturminster Newton
Dorset
DT10 1AZ

These financial statements were authorised for issue by the Board on 24 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Other assets

25% on cost and 10% on cost

Motor vehicles

25% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

10,790

11,295

131,322

153,407

Additions

316

-

461

777

Disposals

-

(5,648)

-

(5,648)

At 31 October 2023

11,106

5,647

131,783

148,536

Depreciation

At 1 November 2022

10,789

2,824

94,056

107,669

Charge for the year

105

1,412

11,660

13,177

Eliminated on disposal

-

(1,412)

-

(1,412)

At 31 October 2023

10,894

2,824

105,716

119,434

Carrying amount

At 31 October 2023

212

2,823

26,067

29,102

At 31 October 2022

1

8,471

37,266

45,738

5

Stocks

2023
£

2022
£

Raw materials and consumables

47,396

144,961

6

Debtors

Current

2023
£

2022
£

Trade debtors

308,522

70,384

Other debtors

26,621

45,551

 

335,143

115,935

7

Creditors

Creditors: amounts falling due within one year

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

20,402

17,993

Trade creditors

 

182,673

117,178

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

179,998

-

Taxation and social security

 

68,564

8,007

Other creditors

 

49,951

114,875

 

501,588

258,053

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

51,421

8

Share capital

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

40,081

Other borrowings

-

11,340

-

51,421

Current loans and borrowings

2023
£

2022
£

Bank borrowings

20,402

17,993

10

Related party transactions

 

HTQ Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

-

41,259

Contributions paid to money purchase schemes

-

3,899

-

45,158

Summary of transactions with parent

Holding Company
 Loan
 

Loans from related parties

2023

Parent
£

Total
£

Advanced

149,998

149,998

Repaid

(70,000)

(70,000)

At end of period

79,998

79,998