Totally Hooked Ltd 12965817 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is Retail sale of sports goods, fishing gear, camping goods, boats and bicycles Digita Accounts Production Advanced 6.30.9574.0 true true 12965817 2022-11-01 2023-10-31 12965817 2023-10-31 12965817 bus:OrdinaryShareClass1 2023-10-31 12965817 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 12965817 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 12965817 core:CurrentFinancialInstruments 2023-10-31 12965817 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 12965817 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 12965817 core:FurnitureFittings 2023-10-31 12965817 core:LandBuildings core:LongLeaseholdAssets 2023-10-31 12965817 core:MotorVehicles 2023-10-31 12965817 core:PlantMachinery 2023-10-31 12965817 bus:SmallEntities 2022-11-01 2023-10-31 12965817 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 12965817 bus:FilletedAccounts 2022-11-01 2023-10-31 12965817 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 12965817 bus:RegisteredOffice 2022-11-01 2023-10-31 12965817 bus:Director1 2022-11-01 2023-10-31 12965817 bus:Director2 2022-11-01 2023-10-31 12965817 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 12965817 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 12965817 core:FurnitureFittings 2022-11-01 2023-10-31 12965817 core:LandBuildings core:LongLeaseholdAssets 2022-11-01 2023-10-31 12965817 core:LeaseholdImprovements 2022-11-01 2023-10-31 12965817 core:MotorVehicles 2022-11-01 2023-10-31 12965817 core:PlantMachinery 2022-11-01 2023-10-31 12965817 countries:AllCountries 2022-11-01 2023-10-31 12965817 2022-10-31 12965817 core:FurnitureFittings 2022-10-31 12965817 core:LandBuildings core:LongLeaseholdAssets 2022-10-31 12965817 core:MotorVehicles 2022-10-31 12965817 core:PlantMachinery 2022-10-31 12965817 2021-11-01 2022-10-31 12965817 2022-10-31 12965817 bus:OrdinaryShareClass1 2022-10-31 12965817 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 12965817 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 12965817 core:CurrentFinancialInstruments 2022-10-31 12965817 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 12965817 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 12965817 core:FurnitureFittings 2022-10-31 12965817 core:LandBuildings core:LongLeaseholdAssets 2022-10-31 12965817 core:MotorVehicles 2022-10-31 12965817 core:PlantMachinery 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12965817

Totally Hooked Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Totally Hooked Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Totally Hooked Ltd

Company Information

Directors

Lewis Martin Dunn

Nathan Martin Dunn

Registered office

Unit 5 Ducketts Wharf
South Street
Bishop's Stortford
Herts
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants
5 Ducketts Wharf
South Street
Bishop's Stortford
Hertfordshire
CM23 3AR

 

Totally Hooked Ltd

(Registration number: 12965817)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,581

43,103

Current assets

 

Stocks

5

355,000

251,397

Debtors

6

28,187

55,849

Cash at bank and in hand

 

6,396

14,190

 

389,583

321,436

Creditors: Amounts falling due within one year

7

(620,303)

(542,275)

Net current liabilities

 

(230,720)

(220,839)

Total assets less current liabilities

 

(197,139)

(177,736)

Creditors: Amounts falling due after more than one year

7

(6,335)

(10,498)

Net liabilities

 

(203,474)

(188,234)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(203,574)

(188,334)

Shareholders' deficit

 

(203,474)

(188,234)

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.

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 30 July 2024 and signed on its behalf by:
 

.........................................
Lewis Martin Dunn
Director

.........................................
Nathan Martin Dunn
Director

 
     
 

Totally Hooked Ltd

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 UK.

The address of its registered office is:
Unit 5 Ducketts Wharf
South Street
Bishop's Stortford
Herts
CM23 3AR
England

These financial statements were authorised for issue by the Board on 30 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.

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.

 

Totally Hooked Ltd

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

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

Leasehold improvements

10% straight line

Fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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

 

Totally Hooked Ltd

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

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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 4 (2022 - 5).

 

Totally Hooked Ltd

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

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Cost or valuation

At 1 November 2022

12,546

16,733

21,182

20,870

At 31 October 2023

12,546

16,733

21,182

20,870

Depreciation

At 1 November 2022

2,510

7,320

9,268

9,130

Charge for the year

1,255

2,353

2,979

2,935

At 31 October 2023

3,765

9,673

12,247

12,065

Carrying amount

At 31 October 2023

8,781

7,060

8,935

8,805

At 31 October 2022

10,036

9,413

11,914

11,740

Total
£

Cost or valuation

At 1 November 2022

71,331

At 31 October 2023

71,331

Depreciation

At 1 November 2022

28,228

Charge for the year

9,522

At 31 October 2023

37,750

Carrying amount

At 31 October 2023

33,581

At 31 October 2022

43,103

Included within the net book value of land and buildings above is £8,781 (2022 - £10,036) in respect of long leasehold land and buildings.
 

 

Totally Hooked Ltd

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

5

Stocks

2023
£

2022
£

Other inventories

355,000

251,397

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

28,187

24,795

Prepayments

 

-

30,954

Other debtors

 

-

100

   

28,187

55,849

 

Totally Hooked Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,163

4,163

Trade creditors

 

11,288

27,054

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

513,352

495,169

Taxation and social security

 

47,442

9,937

Accruals and deferred income

 

1,802

1,190

Other creditors

 

42,256

4,762

 

620,303

542,275

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

6,335

10,498

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

6,335

10,498

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

4,163

4,163