Registered number
06746052
Hoolabaloo Ltd
Filleted Accounts
31 January 2024
Hoolabaloo Ltd
Registered number: 06746052
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 65,048 57,548
65,048 57,548
Current assets
Stocks 266,842 318,549
Debtors 4 86,445 33,184
Cash at bank and in hand 315,347 303,757
668,634 655,490
Creditors: amounts falling due within one year 5 (254,656) (254,373)
Net current assets 413,978 401,117
Total assets less current liabilities 479,026 458,665
Creditors: amounts falling due after more than one year 6 (13,333) (24,589)
Net assets 465,693 434,076
Capital and reserves
Called up share capital 1,002 1,002
Profit and loss account 464,691 433,074
Shareholders' funds 465,693 434,076
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.
K Old
Director
Approved by the board on 23 August 2024
Hoolabaloo Ltd
Notes to the Accounts
for the year ended 31 January 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.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 20
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 - 107,939 41,178 149,117
Additions 8,667 799 10,998 20,464
Disposals - - (3,062) (3,062)
At 31 January 2024 8,667 108,738 49,114 166,519
Depreciation
At 1 February 2023 - 74,632 16,937 91,569
Charge for the year - 6,340 6,193 12,533
On disposals - - (2,631) (2,631)
At 31 January 2024 - 80,972 20,499 101,471
Net book value
At 31 January 2024 8,667 27,766 28,615 65,048
At 31 January 2023 - 33,307 24,241 57,548
4 Debtors 2024 2023
£ £
Prepayments 18,153 19,771
Other debtors 68,292 13,413
86,445 33,184
5 Creditors: amounts falling due within one year 2024 2023
£ £
Accruals 1,184 7,879
Bank loans and overdrafts 10,000 21,442
Trade creditors 10,882 24,384
Taxation and social security costs 139,422 150,171
Other creditors 74,113 50,497
254,656 254,373
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,333 24,589
13,333 24,589
7 Controlling party
The Company is controlled by the Directors.
8 Other information
Hoolabaloo Ltd is a private company limited by shares and incorporated in England. Its registered office is:
3 Shaftesbury Close
West Moors
Ferndown
Dorset
BH22 0DZ
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