HANGING ON LIMITED

Company Registration Number:
09803698 (England and Wales)

Unaudited statutory accounts for the year ended 31 October 2023

Period of accounts

Start date: 01 November 2022

End date: 31 October 2023

HANGING ON LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2023

Company Information - 3
Balance sheet - 4
Additional notes - 6
Balance sheet notes - 9

HANGING ON LIMITED

Company Information

for the Period Ended 31 October 2023




Director: S. Gent
E. La-Danso
Registered office: Studio 2, 63
Grange Road
Ealing
London
England
W5 5BU
Company Registration Number: 09803698 (England and Wales)

HANGING ON LIMITED

Balance sheet

As at 31 October 2023


Notes

2023
£

2022
£
Fixed assets
Intangible assets: 4 12 18
Total fixed assets: 12 18
Current assets
Stocks: 1,884 1,884
Total current assets: 1,884 1,884
Creditors: amounts falling due within one year: 5 ( 2,386 ) ( 2,373 )
Net current assets (liabilities): ( 502 ) ( 489 )
Total assets less current liabilities: ( 490 ) ( 471 )
Total net assets (liabilities): ( 490 ) ( 471 )

The notes form part of these financial statements

HANGING ON LIMITED

Balance sheet continued

As at 31 October 2023


Notes

2023
£

2022
£
Capital and reserves
Called up share capital: 100 100
Profit and loss account: ( 590 ) ( 571 )
Shareholders funds: ( 490 ) ( 471 )

For the year ending 31 October 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 28 July 2024
And Signed On Behalf Of The Board By:

Name: E. La-Danso
Status: Director

The notes form part of these financial statements

HANGING ON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover
    from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

    Intangible fixed assets amortisation policy

    Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

    Valuation information and policy

    Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

    Other accounting policies

    Fundamental Accounting Concept The company is dependent on the continued financial support of its members to enable it to continue operating and to meet its liabilities as they fall due. The members currently agree to continue to provide financial support to the company and accordingly the directors have prepared the accounts under the going concern concept. Creditors Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Taxation A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

HANGING ON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 2. Employees


    2023

    2022
    Average number of employees during the period 2 2

HANGING ON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

  • 3. Off balance sheet disclosure

    No

HANGING ON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

4. Intangible assets

Other Total
Cost £ £
At 01 November 2022 60 60
Additions - -
Disposals - -
Revaluations - -
Transfers - -
At 31 October 2023 60 60
Amortisation
Amortisation at 01 November 2022 42 42
Charge for year 6 6
On disposals - -
Other adjustments - -
Amortisation at 31 October 2023 48 48
Net book value
Net book value at 31 October 2023 12 12
Net book value at 31 October 2022 18 18

Intellectual Property is being written off in equal annual instalments over its estimated economic life of 10 years.

HANGING ON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

5.Creditors: amounts falling due within one year note


2023
£

2022
£
Other creditors 2,386 2,373
Total 2,386 2,373

HANGING ON LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

6.1.Related party disclosures

Name of related party: S Gent
Description of relationship:
Director
Description of the transaction:
A loan to the company on an unsecured, interest free and repayable upon demand basis.
Balance at 01 November 2022 2,306
Balance at 31 October 2023 2,306

Name of related party: E La-Danso
Description of relationship:
Director
Description of the transaction:
A loan to the company on an unsecured, interest free and repayable upon demand basis
Balance at 01 November 2022 68
Balance at 31 October 2023 81

Hanging On Limited is a private company limited by shares and incorporated in England. Its registered office is:
Studio 2
63 Grange Road
London
W5 5BU