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COMPANY REGISTRATION NUMBER: 09702794
Hambrough Securities Limited
Filleted Unaudited Financial Statements
31 July 2023
Hambrough Securities Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
£
Current assets
Stocks
5,134,129
5,033,161
Debtors
4
50,196
23,262
Cash at bank and in hand
6,656
169,973
------------
------------
5,190,981
5,226,396
Creditors: amounts falling due within one year
5
4,157,864
3,814,675
------------
------------
Net current assets
1,033,117
1,411,721
------------
------------
Total assets less current liabilities
1,033,117
1,411,721
Creditors: amounts falling due after more than one year
6
1,393,609
1,175,462
Provisions
359,423
359,423
------------
------------
Net liabilities
( 719,915)
( 123,164)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 720,015)
( 123,264)
---------
---------
Shareholders deficit
( 719,915)
( 123,164)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hambrough Securities Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 30 July 2024 , and are signed on behalf of the board by:
Mr R Minhas
Director
Company registration number: 09702794
Hambrough Securities Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Ripley View, Loughton, IG10 2PB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2023
2022
£
£
Other debtors
50,196
23,262
--------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,076,767
3,578,788
Trade creditors
57,374
212,864
Other creditors
23,723
23,023
------------
------------
4,157,864
3,814,675
------------
------------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,393,609
1,175,462
------------
------------