Happytown Ltd
Registered number: NI607394
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 220 293
Tangible assets 4 123,018 102,280
123,238 102,573
Current assets
Stocks 4,500 3,000
Debtors 5 44,557 58,811
Cash at bank and in hand 13,396 32,004
62,453 93,815
Creditors: amounts falling due within one year 6 (276,557) (328,467)
Net current liabilities (214,104) (234,652)
Net liabilities (90,866) (132,079)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (91,866) (133,079)
Shareholders' funds (90,866) (132,079)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The 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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Hull
Director
Approved by the board on 26 July 2024
Happytown Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 5% straight-line
Plant and machinery 25% reducing balance
Fixtures, fittings and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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 (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 34 32
3 Intangible fixed assets £
Branding
Cost
At 1 June 2023 6,927
At 31 May 2024 6,927
Amortisation
At 1 June 2023 6,634
Provided during the year 73
At 31 May 2024 6,707
Net book value
At 31 May 2024 220
At 31 May 2023 293
Branding is being written off at 25% reducing balance.
4 Tangible fixed assets
Leasehold improvements Plant and equipment Total
£ £ £
Cost
At 1 June 2023 110,435 462,338 572,773
Additions - 48,863 48,863
At 31 May 2024 110,435 511,201 621,636
Depreciation
At 1 June 2023 44,179 426,314 470,493
Charge for the year 5,522 22,603 28,125
At 31 May 2024 49,701 448,917 498,618
Net book value
At 31 May 2024 60,734 62,284 123,018
At 31 May 2023 66,256 36,024 102,280
5 Debtors 2024 2023
£ £
Deferred tax asset 41,165 56,370
Other debtors 3,392 2,441
44,557 58,811
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 9,294 13,243
Other taxes and social security costs 5,300 4,176
Other creditors 261,963 311,048
276,557 328,467
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 31,500 31,500
8 Related party transactions
2024 2023
£ £
Loan to company from D Hull Promotions Ltd, a company under common ownership. 304,892 336,892
9 Controlling party
Mr David Hull is the controlling party by virtue of his interest in the equity of the company.
10 Other information
Happytown Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
46 University Street
Belfast
Co Antrim
BT7 1HB
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