TORTOISE & HARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 NOVEMBER 2023
Company Registration Number: 14466418
TORTOISE & HARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
TORTOISE & HARE LIMITED
COMPANY INFORMATION
FOR THE PERIOD ENDED 30 NOVEMBER 2023
DIRECTORS
A L Browning
appointed 7 November 2022
B Smith
appointed 7 November 2022
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
2 & 2a High Street
Abingdon
Oxon
OX14 5AX
COMPANY REGISTRATION NUMBER
14466418 England and Wales
TORTOISE & HARE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
Notes 2023
£
FIXED ASSETS
Tangible assets 5 52,334
CURRENT ASSETS
Stock 28,241
Debtors 6 21,068
Cash at bank and in hand 13,268
62,577
CREDITORS: Amounts falling due within one year 7 161,408
NET CURRENT LIABILITIES (98,831)
TOTAL ASSETS LESS CURRENT LIABILITIES (46,497)
Provisions for liabilities and charges 9,943
NET LIABILITIES (56,440)
CAPITAL AND RESERVES
Called up share capital 2
Distributable profit and loss account (56,442)
SHAREHOLDERS' DEFICIT (56,440)
TORTOISE & HARE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial period ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
A L Browning B Smith
Director Director
Date approved by the board: 3 August 2024
TORTOISE & HARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
1 GENERAL INFORMATION
Tortoise & Hare Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
2 & 2a High Street
Abingdon
Oxon
OX14 5AX
The company incorporated on 7 November 2022 and started to trade on 20 May 2023.
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Going concern
The accounts have been drawn up on the going concern basis. The company owes the directors £151,076, which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the sale of pet products, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
TORTOISE & HARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rates so as to write off the cost or valuation of the assets less their residual value over their estimated useful lives.
Fixtures and equipment Reducing balance basis at 15% per annum
Computer equipment Reducing balance basis at 33% per annum
Leasehold improvements Straight line basis at 10% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TORTOISE & HARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
TORTOISE & HARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the period are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including directors) during the period was:
2023
Average number of employees 8
TORTOISE & HARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
5 TANGIBLE ASSETS
Fixtures and equipment Computer equipment Leasehold improvements Total
£ £ £ £
Cost
Additions 22,673 1,080 32,996 56,749
At 30 November 2023 22,673 1,080 32,996 56,749
Accumulated depreciation and impairments
Charge for period 2,134 200 2,081 4,415
At 30 November 2023 2,134 200 2,081 4,415
Net book value
At 30 November 2023 20,539 880 30,915 52,334
6 DEBTORS
2023
£
Prepayments and accrued income 683
Other debtors 20,385
21,068
7 CREDITORS: Amounts falling due within one year
2023
£
Trade creditors 5,121
Taxation and social security 2,761
Accruals and deferred income 2,450
Other creditors 151,076
161,408
8 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2023
£
In less than one year 22,000
In more than one but less than five years 88,000
In more than five years 93,500
203,500
TORTOISE & HARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2023
9 RELATED PARTY TRANSACTIONS
During the period, the following transactions with related parties took place:
A L Browning
Director 2023
£
Advances from director 125,737
The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the period end, the company owed the director the above amount.
B Smith
Director 2023
£
Advances from director 25,339
The director has made advances to the company which are repayable on demand. No interest has been charged on these advances. At the period end, the company owed the director the above amount.
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