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Registration number: 11073461

The Hub @ No.3 Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

The Hub @ No.3 Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

The Hub @ No.3 Ltd

Company Information

Director

L J Franks

Company secretary

L J Franks

Registered office

3 Market Place
Wincanton
Somerset
BA9 9LD

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

The Hub @ No.3 Ltd

(Registration number: 11073461)
Balance Sheet
30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

183,955

198,196

Current assets

 

Cash at bank and in hand

 

333

345

Creditors: Amounts falling due within one year

5

(381,283)

(380,239)

Net current liabilities

 

(380,950)

(379,894)

Net liabilities

 

(196,995)

(181,698)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(196,996)

(181,699)

Shareholders' deficit

 

(196,995)

(181,698)

 

The Hub @ No.3 Ltd

(Registration number: 11073461)
Balance Sheet
30 November 2023

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.

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.

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 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
 

.........................................
L J Franks
Company secretary and director

 

The Hub @ No.3 Ltd

Notes to the Unaudited Financial Statements
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:
3 Market Place
Wincanton
Somerset
BA9 9LD

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 as the business is being supported by a loan from the director and the loan will not be repaid in the near future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

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.

 

The Hub @ No.3 Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

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

Leasehold Improvements

Over 20 years

Fixtures & fittings

25% per annum reducing balance

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 services performed in the ordinary course of business and are recognised initially at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

The Hub @ No.3 Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

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).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2022

228,837

34,253

263,090

At 30 November 2023

228,837

34,253

263,090

Depreciation

At 1 December 2022

41,816

23,078

64,894

Charge for the year

11,451

2,790

14,241

At 30 November 2023

53,267

25,868

79,135

Carrying amount

At 30 November 2023

175,570

8,385

183,955

At 30 November 2022

187,021

11,175

198,196

Included within the net book value of land and buildings above is £175,570 (2022 - £187,021) in respect of short leasehold land and buildings.
 

 

The Hub @ No.3 Ltd

Notes to the Unaudited Financial Statements
Year Ended 30 November 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

-

1

Trade creditors

 

-

57

Accruals and deferred income

 

3,924

3,840

Other creditors

 

377,359

376,341

 

381,283

380,239

6

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

1