24 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 00227588 2023-01-01 2023-12-31 00227588 2023-12-31 00227588 2022-12-31 00227588 2022-01-01 2022-12-31 00227588 2022-12-31 00227588 2021-12-31 00227588 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 00227588 core:PlantMachinery 2023-01-01 2023-12-31 00227588 core:FurnitureFittings 2023-01-01 2023-12-31 00227588 core:MotorVehicles 2023-01-01 2023-12-31 00227588 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 00227588 bus:Director3 2023-01-01 2023-12-31 00227588 core:WithinOneYear 2023-12-31 00227588 core:WithinOneYear 2022-12-31 00227588 core:AfterOneYear 2023-12-31 00227588 core:AfterOneYear 2022-12-31 00227588 core:ShareCapital 2023-12-31 00227588 core:ShareCapital 2022-12-31 00227588 core:SharePremium 2023-12-31 00227588 core:SharePremium 2022-12-31 00227588 core:RetainedEarningsAccumulatedLosses 2023-12-31 00227588 core:RetainedEarningsAccumulatedLosses 2022-12-31 00227588 core:MoreThanFiveYears 2023-12-31 00227588 core:MoreThanFiveYears 2022-12-31 00227588 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 00227588 core:Non-currentFinancialInstruments 2023-12-31 00227588 core:Non-currentFinancialInstruments 2022-12-31 00227588 bus:SmallEntities 2023-01-01 2023-12-31 00227588 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 00227588 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 00227588 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 00227588 bus:AbridgedAccounts 2023-01-01 2023-12-31
STATEMENT OF CONSENT TO PREPARE FINANCIAL STATEMENTS
All of the members of Haws Watering Cans Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 00227588
HAWS WATERING CANS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 December 2023
HAWS WATERING CANS LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HAWS WATERING CANS LIMITED
YEAR ENDED 31 DECEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Haws Watering Cans Limited for the year ended 31 December 2023, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
23 July 2024
HAWS WATERING CANS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
654,137
699,457
Investments
6
5,000
5,000
------------
------------
659,137
704,457
Current assets
Stocks
1,267,626
1,446,553
Debtors
195,501
235,004
Cash at bank and in hand
481,962
207,368
--------------
--------------
1,945,089
1,888,925
Creditors: amounts falling due within one year
912,992
826,609
--------------
--------------
Net current assets
1,032,097
1,062,316
--------------
--------------
Total assets less current liabilities
1,691,234
1,766,773
Creditors: amounts falling due after more than one year
71,760
72,900
Provisions
Taxation including deferred tax
51,104
43,778
--------------
--------------
Net assets
1,568,370
1,650,095
--------------
--------------
Capital and reserves
Called up share capital
6,666
6,666
Share premium account
249,334
249,334
Profit and loss account
1,312,370
1,394,095
--------------
--------------
Shareholders funds
1,568,370
1,650,095
--------------
--------------
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 abridged statement of income and retained earnings has not been delivered.
HAWS WATERING CANS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 July 2024 , and are signed on behalf of the board by:
A J Pennock
Director
Company registration number: 00227588
HAWS WATERING CANS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 120 Beakes Road, Smethwick, Warley, West Midlands, B67 5AB.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred taxation is provided on the liability method in respect of the taxation effect of all timing differences to the extent that tax liabilities are likely to crystallise in the foreseeable future.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the balance sheet. Exchange differences are taken into account when arriving at the operating profit.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
1% straight line
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Tooling- 33% straight line basis Computer equipment - 20% straight line basis
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Raw materials are valued at the lower of cost and net realisable value. Cost is first computed on a first in first out basis. Net realisable value is based on estimated selling price less the estimated cost of disposal. Work in progress and finished goods are valued at selling price.
Government grants
Government grants on capital expenditure are credited to a deferral account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments.
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 abridged 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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 32 ).
5. Tangible Assets
£
Cost
At 1 January 2023
1,859,923
Additions
20,136
--------------
At 31 December 2023
1,880,059
--------------
Depreciation
At 1 January 2023
1,160,466
Charge for the year
65,456
--------------
At 31 December 2023
1,225,922
--------------
Carrying amount
At 31 December 2023
654,137
--------------
At 31 December 2022
699,457
--------------
6. Investments
£
Cost
At 1 January 2023 and 31 December 2023
5,000
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
5,000
------------
At 31 December 2022
5,000
------------
7. Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 5 years
59,250
59,250
------------
------------
8. Director's Advances, Credits and Guarantees
At the balance sheet date the company owed the director £Nil (2021: £49,921).
9. Related Party Transactions
At the balance sheet date Longitude Engineering Limited was owed by the company £584,693 (2022: £484,693 owed to the company).
10. Controlling Party
The company's parent undertaking at the balance sheet date was Longitude Engineering Limited , a company incorporated in England. During the year the company was controlled by D J Pennock (director) by way of his majority shareholding of the issued ordinary share capital in Longitude Engineering Limited.