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Company registration number: 11919812
Hayes Commodities UK Limited
Abridged filleted financial statements
31 March 2024
Hayes Commodities UK Limited
Contents
Directors and other information
Directors responsibilities statement
Abridged statement of financial position
Notes to the financial statements
Hayes Commodities UK Limited
Directors and other information
Directors Bushra Imran
Muhammad Imran
Company number 11919812
Registered office International House
36-38 Cornhill
London
EC3V 3NG
Auditor Krish Jermyn Auditing Limited
Maruti House, 1st Floor
369 Station Road
Harrow, Middlesex
HA1 2AW
Bankers Natwest Bank Plc
250 Bishopgate
London
EC2M 4AA
HSBC Bank Plc
1 Centenary Square
Birmingham
B1 1HQ
Hayes Commodities UK Limited
Abridged statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 6 58,613 14,647
_______ _______
58,613 14,647
Current assets
Stocks 162,530 -
Debtors 307,603 389,714
Cash at bank and in hand 190,625 362,516
_______ _______
660,758 752,230
Creditors: amounts falling due
within one year ( 241,159) ( 478,813)
_______ _______
Net current assets 419,599 273,417
_______ _______
Total assets less current liabilities 478,212 288,064
Creditors: amounts falling due
after more than one year ( 141,232) ( 26,876)
_______ _______
Net assets 336,980 261,188
_______ _______
Capital and reserves
Called up share capital 8 200,000 165,000
Profit and loss account 9 136,980 96,188
_______ _______
Shareholders funds 336,980 261,188
_______ _______
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 comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 01 August 2024 , and are signed on behalf of the board by:
Muhammad Imran
Director
Company registration number: 11919812
Hayes Commodities UK Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is International House, 36-38 Cornhill, London, EC3V 3NG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
In preparing the financial statements the director has taken into account all the information that could reasonably be expected to be available together with their continued support The company is dependent on the availability of orders and commodities. The current financial conditions around the world are having significant impact upon signing new contracts and the conditions remain challenging. The company is in negotiation of a number of contracts and the board consider that the company will have sufficient confirmed future contracts to maintain its profitability. The director has reasonable expectations and adequate resources that the company will be able to continue in operations and meet its liabilities as they fall due.On this basis the financial statements have been prepared by using the going concern basis of accounting because there are no material uncertainties related to events and conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
6. Tangible assets
£
Cost
At 1 April 2023 18,820
Additions 64,297
_______
At 31 March 2024 83,117
_______
Depreciation
At 1 April 2023 4,173
Charge for the year 20,331
_______
At 31 March 2024 24,504
_______
Carrying amount
At 31 March 2024 58,613
_______
At 31 March 2023 14,647
_______
7. Financial instruments
Financial instruments shown on the statement of Financial Position include cash and cash equivalent, borrowings and accruals. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item.
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares shares of £ 1.00 each 200,000 200,000 165,000 165,000
_______ _______ _______ _______
Called-up share capital represents the nominal value of shares that have been issued.
9. Reserves
The profit & loss reserve includes all current and prior year's retained profits and losses.
10. Summary audit opinion
The auditor's report for the year dated 01 August 2024 was unqualified.
The senior statutory auditor was Sailesh Rameshchandra Vaghjee for and on behalf of Krish Jermyn Auditing Limited
11. Controlling party
During the year the company was controlled by Muhammad Imran who is a director of the company.