2022-12-132024-05-312024-05-31false14538541HOUND AND HERALDS 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HOUND AND HERALDS LIMITED

Registered Number
14538541
(England and Wales)

Unaudited Financial Statements for the Period ended
31 May 2024

HOUND AND HERALDS LIMITED
Company Information
for the period from 13 December 2022 to 31 May 2024

Directors

BODT, W T
ROOK, S J
WRIGHT, D R A

Registered Address

Bridgehouse Mill Bridgehouse Lane
Haworth
Keighley
BD22 8PA

Registered Number

14538541 (England and Wales)
HOUND AND HERALDS LIMITED
Statement of Financial Position
31 May 2024

Notes

2024

£

£

Fixed assets
Intangible assets336,345
Tangible assets44,685
41,030
Current assets
Stocks5126,073
Debtors62,851
Cash at bank and on hand19,284
148,208
Creditors amounts falling due within one year7(117,744)
Net current assets (liabilities)30,464
Total assets less current liabilities71,494
Creditors amounts falling due after one year8(172,950)
Net assets(101,456)
Capital and reserves
Called up share capital10
Profit and loss account(101,466)
Shareholders' funds(101,456)
The financial statements were approved and authorised for issue by the Board of Directors on 12 September 2024, and are signed on its behalf by:
WRIGHT, D R A
Director
Registered Company No. 14538541
HOUND AND HERALDS LIMITED
Notes to the Financial Statements
for the period ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the director, shareholders and creditors therefore continue to adopt the going concern basis of accounting in preparing financial statements.
Turnover policy
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/or 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.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
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
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows: Plant & machinery - 20% straight line Office equipment - 20% straight line
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

2024
Average number of employees during the year4
3.Intangible assets

Goodwill

Total

££
Cost or valuation
Additions39,11539,115
At 31 May 2439,11539,115
Amortisation and impairment
Charge for year2,7702,770
At 31 May 242,7702,770
Net book value
At 31 May 2436,34536,345
At 12 December 22--
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
Additions3,9501,5245,474
At 31 May 243,9501,5245,474
Depreciation and impairment
Charge for year560229789
At 31 May 24560229789
Net book value
At 31 May 243,3901,2954,685
At 12 December 22---
5.Stocks

2024

£
Finished goods126,073
Total126,073
6.Debtors: amounts due within one year

2024

£
Trade debtors / trade receivables2,851
Total2,851
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.
7.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables10,138
Taxation and social security1,356
Other creditors105,000
Accrued liabilities and deferred income1,250
Total117,744
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. The following amounts included within creditors, amounts falling due within one year, are secured: Other creditors £105,000.
8.Creditors: amounts due after one year

2024

£
Other creditors172,950
Total172,950
Included within creditors, amounts falling due after one year, is a loan from The Wyedean Weaving Company Limited, a company with common directors, of £172,950. The loan is convertible under agreed conditions into £0.01 Preference shares or repayable on 27th January 2028, whichever is sooner. The loan is interest free.
9.Related party transactions
Included within creditors, amount falling due within one year, is an amount owed to The Wydean Weaving Company Limited, a company with common directors, of £105,000. The amount is interest free and repayable on demand.