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Registration number: 07857040

H M Performance Saddles Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

H M Performance Saddles Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

H M Performance Saddles Ltd

Company Information

Director

Ms Helen Milner

Registered office

34 Ashchurch Road
Tewkesbury
Gloucestershire
GL20 8BT

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

H M Performance Saddles Ltd

(Registration number: 07857040)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

11,421

15,189

Current assets

 

Stocks

5

45,048

52,820

Debtors

6

16,746

26,461

Cash at bank and in hand

 

19,196

43,471

 

80,990

122,752

Creditors: Amounts falling due within one year

7

(27,208)

(50,759)

Net current assets

 

53,782

71,993

Total assets less current liabilities

 

65,203

87,182

Creditors: Amounts falling due after more than one year

7

(7,682)

(12,809)

Provisions for liabilities

(2,170)

(2,886)

Net assets

 

55,351

71,487

Capital and reserves

 

Called up share capital

200

200

Retained earnings

55,151

71,287

Shareholders' funds

 

55,351

71,487

For the financial year ending 30 November 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 her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 August 2024
 

 

H M Performance Saddles Ltd

(Registration number: 07857040)
Balance Sheet as at 30 November 2023

.........................................
Ms Helen Milner
Director

 

H M Performance Saddles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
34 Ashchurch Road
Tewkesbury
Gloucestershire
GL20 8BT

These financial statements were authorised for issue by the director on 9 August 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 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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

H M Performance Saddles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Office equipment

33% straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

25% reducing balance

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

H M Performance Saddles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

H M Performance Saddles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2022

4,859

25,076

4,318

34,253

At 30 November 2023

4,859

25,076

4,318

34,253

Depreciation

At 1 December 2022

2,566

12,662

3,836

19,064

Charge for the year

344

3,103

321

3,768

At 30 November 2023

2,910

15,765

4,157

22,832

Carrying amount

At 30 November 2023

1,949

9,311

161

11,421

At 30 November 2022

2,293

12,414

482

15,189

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

45,048

52,820

6

Debtors

Current

2023
£

2022
£

Trade debtors

12,969

24,274

Prepayments

614

2,187

Other debtors

3,163

-

 

16,746

26,461

 

H M Performance Saddles Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

4,693

4,693

Trade creditors

 

6,446

21,271

Taxation and social security

 

9,643

10,201

Accruals and deferred income

 

2,090

2,090

Other creditors

 

4,336

12,504

 

27,208

50,759

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

7,682

12,809

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

7,682

12,809

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,693

4,693

9

Related party transactions

Transactions with the director

2023

At 1 December 2022
£

Advances to director
£

At 30 November 2023
£

Ms Helen Milner

Interest free loan, repayable on demand

-

3,164

3,164