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Registration number: 11456718

HSP Group Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 July 2023

 

HSP Group Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 6

 

HSP Group Limited

Company Information

Director

Dr Saeed Pakdel

Registered office

277-279 Chiswick High Road
London
W4 4PU

Accountants

Flintham Mackenzie Limited
Chartered Accountants
277 - 279 Chiswick High Road
London
W4 4PU

 

HSP Group Limited

(Registration number: 11456718)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

472,262

475,262

Current assets

 

Stocks

5

-

55,250

Debtors

2,696

5,466

Cash at bank and in hand

 

298,691

192,092

 

301,387

252,808

Creditors: Amounts falling due within one year

(985,414)

(961,917)

Net current liabilities

 

(684,027)

(709,109)

Total assets less current liabilities

 

(211,765)

(233,847)

Accruals and deferred income

 

(1,500)

(1,500)

Net liabilities

 

(213,265)

(235,347)

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

(213,266)

(235,348)

Shareholders' deficit

 

(213,265)

(235,347)

For the financial 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.

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 15 April 2024
 

 

HSP Group Limited

(Registration number: 11456718)
Abridged Balance Sheet as at 31 July 2023

.........................................
Dr Saeed Pakdel
Director

 

HSP Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
277-279 Chiswick High Road
London
W4 4PU

These financial statements were authorised for issue by the director on 15 April 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 abridged 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 abridged 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.

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.

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

Freehold Property

2% on cost

 

HSP Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

HSP Group Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2022

484,262

484,262

At 31 July 2023

484,262

484,262

Depreciation

At 1 August 2022

9,000

9,000

Charge for the year

3,000

3,000

At 31 July 2023

12,000

12,000

Carrying amount

At 31 July 2023

472,262

472,262

At 31 July 2022

475,262

475,262

Included within the net book value of land and buildings above is £472,262 (2022 - £475,262) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Raw materials and consumables

-

55,250

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1