Registered number
02236049
HANSLIP & COMPANY LIMITED
Filleted Accounts
31 March 2024
HANSLIP & COMPANY LIMITED
Registered number: 02236049
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,800 14,400
Tangible assets 4 184,479 187,476
195,279 201,876
Current assets
Debtors 5 20,248 10,041
Cash at bank and in hand 1,543 11,658
21,791 21,699
Creditors: amounts falling due within one year 6 (110,757) (152,091)
Net current liabilities (88,966) (130,392)
Total assets less current liabilities 106,313 71,484
Creditors: amounts falling due after more than one year 7 (72,842) (27,801)
Net assets 33,471 43,683
Capital and reserves
Called up share capital 24,804 24,804
Revaluation reserve 8 148,000 148,000
Profit and loss account (139,333) (129,121)
Shareholders' funds 33,471 43,683
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.
Mr RG Hanslip
Director
Approved by the board on 14 August 2024
HANSLIP & COMPANY LIMITED
Notes to the Accounts
for the year ended 31 March 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 7 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 72,000
At 31 March 2024 72,000
Amortisation
At 1 April 2023 57,600
Provided during the year 3,600
At 31 March 2024 61,200
Net book value
At 31 March 2024 10,800
At 31 March 2023 14,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost or valuation
At 1 April 2023 215,311 58,082 273,393
At 31 March 2024 215,311 58,082 273,393
Depreciation
At 1 April 2023 32,000 53,917 85,917
Charge for the year 2,000 997 2,997
At 31 March 2024 34,000 54,914 88,914
Net book value
At 31 March 2024 181,311 3,168 184,479
At 31 March 2023 183,311 4,165 187,476
5 Debtors 2024 2023
£ £
Trade debtors 19,737 9,530
Other debtors 511 511
20,248 10,041
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 57,124 43,394
Trade creditors 19,534 37,955
Other taxes and social security costs 17,029 10,023
Other creditors 17,070 60,719
110,757 152,091
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,842 27,801
Other creditors 55,000 -
72,842 27,801
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 148,000 148,000
At 31 March 2024 148,000 148,000
9 Other information
HANSLIP & COMPANY LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Unit 401 Bon Marche Centre
241-251 Ferndale Road
London
SW9 8BJ
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