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Registered number: 08792680
Handy Brand UK Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08792680
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 88,784 80,735
Tangible Assets 4 110,964 127,495
199,748 208,230
CURRENT ASSETS
Stocks 5 9,644 10,000
Debtors 6 712,504 672,509
Cash at bank and in hand 292,630 265,372
1,014,778 947,881
Creditors: Amounts Falling Due Within One Year 7 (218,349 ) (145,843 )
NET CURRENT ASSETS (LIABILITIES) 796,429 802,038
TOTAL ASSETS LESS CURRENT LIABILITIES 996,177 1,010,268
PROVISIONS FOR LIABILITIES
Deferred Taxation (51,830 ) (47,948 )
NET ASSETS 944,347 962,320
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 944,345 962,318
SHAREHOLDERS' FUNDS 944,347 962,320
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Martyn Kilford
Director
19 August 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It was amortised to profit and loss account over its estimated economic life of 5 years.
1.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to website development. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 25% Straight Line
1.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Average Number of Employees
Average number of employees, including directors, during the year was 8 (2022: 8)
8 8
3. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 December 2022 220,000 204,760 424,760
Additions - 33,296 33,296
As at 30 November 2023 220,000 238,056 458,056
Amortisation
As at 1 December 2022 220,000 124,025 344,025
Provided during the period - 25,247 25,247
As at 30 November 2023 220,000 149,272 369,272
Net Book Value
As at 30 November 2023 - 88,784 88,784
As at 1 December 2022 - 80,735 80,735
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 153,605 34,469 70,068 258,142
Additions 6,478 - 6,968 13,446
As at 30 November 2023 160,083 34,469 77,036 271,588
Depreciation
As at 1 December 2022 61,203 23,271 46,173 130,647
Provided during the period 14,103 1,679 14,195 29,977
As at 30 November 2023 75,306 24,950 60,368 160,624
Net Book Value
As at 30 November 2023 84,777 9,519 16,668 110,964
As at 1 December 2022 92,402 11,198 23,895 127,495
5. Stocks
2023 2022
£ £
Stock - materials and work in progress 9,644 10,000
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,513 1,925
Prepayments and accrued income 3,477 2,951
Other debtors - 39
Net wages 721 -
5,711 4,915
Due after more than one year
Other debtors 8,000 8,000
Amounts owed by other participating interests 698,793 659,594
706,793 667,594
712,504 672,509
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 32,020 24,630
Corporation tax 58,256 30,257
Other taxes and social security 4,399 3,207
VAT 41,504 77,102
Other creditors 31,147 712
Accruals and deferred income 2,304 2,176
Director's loan account 48,719 7,759
218,349 145,843
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
9. General Information
Handy Brand UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08792680 . The registered office is Unit 6 Harbour Road Trading Estate, Portishead, Bristol, BS20 7BL.
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