Registered number
06035535
Home Cinema and Beyond Limited
Report and Unaudited Accounts
31 December 2023
Collins
Chartered Accountants
West Midlands
Home Cinema and Beyond Limited
Registered number: 06035535
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 33,404 44,188
Current assets
Stocks 2,000 2,000
Debtors 4 14,760 550
Cash at bank and in hand 10,361 37,920
27,121 40,470
Creditors: amounts falling due within one year 5 (33,864) (37,086)
Net current (liabilities)/assets (6,743) 3,384
Total assets less current liabilities 26,661 47,572
Creditors: amounts falling due after more than one year 6 (15,333) (23,333)
Net assets 11,328 24,239
Capital and reserves
Called up share capital 2 2
Profit and loss account 11,326 24,237
Shareholders' funds 11,328 24,239
The director is 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 director acknowledges his 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.
J Edwards
Director
Approved by the board on 6 August 2024
Home Cinema and Beyond Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers and equipment 20% straight line
Motor vehicles 25% reducing balance
Tooling 10% reducing balance
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Tools Motor vehicles Total
£ £ £
Cost
At 1 January 2023 13,587 45,736 59,323
At 31 December 2023 13,587 45,736 59,323
Depreciation
At 1 January 2023 9,238 5,897 15,135
Charge for the year 824 9,960 10,784
At 31 December 2023 10,062 15,857 25,919
Net book value
At 31 December 2023 3,525 29,879 33,404
At 31 December 2022 4,349 39,839 44,188
4 Debtors 2023 2022
£ £
Prepayments and accrued income 527 550
Other debtors 14,233 -
14,760 550
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 8,000 8,000
Trade creditors 2,200 2,400
Corporation tax 6,538 12,601
Other taxes and social security costs - 11,537
Directors loans 14,826 348
Accruals and deferred income 2,300 2,200
33,864 37,086
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,333 23,333
7 Controlling party
The company is under the control of J Edwards & S Edwards.
8 Other information
Home Cinema and Beyond Limited is a private company limited by shares and incorporated in England. Its registered office is:
70 Brooks Road
Sutton Coldfield
West Midlands
B72 1HR
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