Company registration number 06293944 (England and Wales)
SUITE HUB LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
SUITE HUB LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
SUITE HUB LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Intangible assets
3
9,131
Property, plant and equipment
4
10,920
12,769
10,920
21,900
Current assets
Trade and other receivables
5
146,115
140,009
Current liabilities
6
(375,572)
(274,756)
Net current liabilities
(229,457)
(134,747)
Total assets less current liabilities
(218,537)
(112,847)
Non-current liabilities
7
(34,832)
(31,365)
Net liabilities
(253,369)
(144,212)
Equity
Called up share capital
8
350
350
Retained earnings
(253,719)
(144,562)
Total equity
(253,369)
(144,212)
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 August 2024
Mr G D Moore
Director
Company Registration No. 06293944
SUITE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information
Suite Hub Limited is a private company limited by shares incorporated in England and Wales. The registered office is ONE, St Peters Road, MAIDENHEAD, Berkshire, SL6 7QU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below.
1.2
Going concern
In preparing the financial statements, the director has considered the ability of the company to continue as a going concern and is actively monitoring the impact of the cost of living crises on its financial condition, liquidity, operations and workforce to inform their decisions.true
The company continues to make losses and for the year ended 31 August 2023 made a loss of £109,157 (2022: £73,309) and at the balance sheet date had net current liabilities of £229,457 (2022: £134,747) and net liabilities of £253,369 (2022: £144,212).
The company has faced many challenges within the market it operates. The COVID 19 pandemic had a negative impact on the business mainly due to the restrictions imposed in 2020 and 2021. The business is currently in a stage of recovery following the lifting of these restrictions and the market continues to improve despite the cost of living crises.
The director has reviewed the latest financial information identifying all known contractual cash commitments for a period including the twelve months from the date of approval of the financial statements and compared this to current cash holdings. The director has taken measures to help increase sales and to also decrease costs. Overheads and expenses have been decreased to the absolute minimum including a reduction in advertising spend from £8,000 per month to £1,500 per month, and a reduction in technology development spend from £5,000 per month to approximately £1,000 per month. Further reductions have been made as reductions have been made to their office bill in September 2023 from £8,000 per year, to approximately £2,000, making a £6,000 saving.
The director has concluded that there are no material uncertainties that lead to significant doubt upon the company’s ability to continue as a going concern and therefore the director believes that it remains appropriate to prepare the financial statements on the going concern basis.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
SUITE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are initially recognised at cost and are subsequently measured at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost over their useful lives on the following bases:
Website development
4 years straight line
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance
Computer equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and represents cash in hand and deposits held at call with banks.
SUITE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised at transaction price.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2022- 6).
SUITE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Intangible fixed assets
Website development
£
Cost
At 1 September 2022 and 31 August 2023
73,454
Amortisation and impairment
At 1 September 2022
64,323
Amortisation charged for the year
9,131
At 31 August 2023
73,454
Carrying amount
At 31 August 2023
At 31 August 2022
9,131
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 September 2022
78,034
Additions
242
At 31 August 2023
78,276
Depreciation and impairment
At 1 September 2022
65,265
Depreciation charged in the year
2,091
At 31 August 2023
67,356
Carrying amount
At 31 August 2023
10,920
At 31 August 2022
12,769
5
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
5,770
684
Other receivables
140,345
139,325
146,115
140,009
SUITE HUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
6
Current liabilities
2023
2022
£
£
Bank loans and overdrafts
10,130
18,378
Trade payables
48,187
23,283
Taxation and social security
95,068
104,024
Other payables
222,187
129,071
375,572
274,756
7
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
34,832
31,365
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Ordinary A shares of £1 each
130
130
130
130
Ordinary B shares of £1 each
70
70
70
70
Ordinary C shares of £1 each
50
50
50
50
350
350
350
350
All shares have full voting rights and equal rights to dividends.
9
Directors' transactions
Included within other receivables is an amount owed by the director to the company of £81,416 (2022: £80,418). Interest of £1,498 (2022: £1,355) was charged on the amount owed at the H M Revenue & Customs prescribed rate of 2.5%.