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Company registration number: 01314687
Hambleton Bard International Limited
Unaudited filleted financial statements
31 December 2023
Hambleton Bard International Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hambleton Bard International Limited
Directors and other information
Director
Mrs J. D. Wint
Company number 01314687
Registered office Cobnar Wood Close
Chesterfield Trading Estate
Chesterfield
Derbyshire
S41 9RQ
Business address Cobnar Wood Close
Chesterfield Trading Estate
Chesterfield
Derbyshire
S41 9RQ
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Bankers Royal Bank of Scotland
2 Stephenson Place
Chesterfield
S40 1LX
Hambleton Bard International Limited
Report to the director on the preparation of the
unaudited statutory financial statements of Hambleton Bard International Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hambleton Bard International Limited for the year ended 31 December 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Hambleton Bard International Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Hambleton Bard International Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hambleton Bard International Limited and its director as a body for our work or for this report.
It is your duty to ensure that Hambleton Bard International Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hambleton Bard International Limited. You consider that Hambleton Bard International Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hambleton Bard International Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
30 August 2024
Hambleton Bard International Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 247,356 269,842
Investments 6 630,001 630,001
_______ _______
877,357 899,843
Current assets
Debtors 7 2,626,366 2,135,044
Cash at bank and in hand 32,471 30,123
_______ _______
2,658,837 2,165,167
Creditors: amounts falling due
within one year 8 ( 324,102) ( 124,593)
_______ _______
Net current assets 2,334,735 2,040,574
_______ _______
Total assets less current liabilities 3,212,092 2,940,417
Creditors: amounts falling due
after more than one year 9 ( 86,040) ( 188,857)
_______ _______
Net assets 3,126,052 2,751,560
_______ _______
Capital and reserves
Called up share capital 999 999
Profit and loss account 3,125,053 2,750,561
_______ _______
Shareholders funds 3,126,052 2,751,560
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
Mrs J. D. Wint
Director
Company registration number: 01314687
Hambleton Bard International Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Cobnar Wood Close, Chesterfield Trading Estate, Chesterfield, Derbyshire, S41 9RQ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 4 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 January 2023 and 31 December 2023 562,160 562,160
_______ _______
Depreciation
At 1 January 2023 292,318 292,318
Charge for the year 22,486 22,486
_______ _______
At 31 December 2023 314,804 314,804
_______ _______
Carrying amount
At 31 December 2023 247,356 247,356
_______ _______
At 31 December 2022 269,842 269,842
_______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2023 and 31 December 2023 630,001 630,001
_______ _______
Impairment
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 630,001 630,001
_______ _______
At 31 December 2022 630,001 630,001
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Hambleton Bard Limited England and Wales Ordinary 100
Speeddraw Limited England and Wales Ordinary 100
7. Debtors
2023 2022
£ £
Trade debtors 23,208 15,472
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,603,158 2,119,572
_______ _______
2,626,366 2,135,044
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 106,000 108,000
Trade creditors 197 197
Amounts owed to group undertakings and undertakings in which the company has a participating interest 198,794 -
Corporation tax 16,760 14,145
Other creditors 2,351 2,251
_______ _______
324,102 124,593
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 86,040 188,857
_______ _______
The loan, which is repayable by installments, has a maturity date of 2025. Interest of 3% above the Bank of England base rate is being charged.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Hambleton Bard Limited ( 92,834) ( 92,832) 2,008,669 1,728,875
Speeddraw Limited - - 397,489 390,697
_______ _______ _______ _______
No interest is being charged on these loans and there are no fixed payment terms. Rent amounting to £92,832 (2022 : £92,832) has also been paid by its subsidiary to this company. This is a market rent and represents an annual operating lease commitment.
11. Controlling party
The day to day operations are controlled by the director, however no single entity has control over the assets and liabilities of the company.The ultimate controlling party is Hambleton Bard Holdings (Cyprus) Limited, a company residing in Cyprus