2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,201 2,996 102 3,098 103 205 xbrli:pure xbrli:shares iso4217:GBP 04759951 2023-06-01 2024-05-31 04759951 2024-05-31 04759951 2023-05-31 04759951 2022-06-01 2023-05-31 04759951 2023-05-31 04759951 2022-05-31 04759951 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 04759951 bus:Director2 2023-06-01 2024-05-31 04759951 core:WithinOneYear 2024-05-31 04759951 core:WithinOneYear 2023-05-31 04759951 core:ShareCapital 2024-05-31 04759951 core:ShareCapital 2023-05-31 04759951 core:RetainedEarningsAccumulatedLosses 2024-05-31 04759951 core:RetainedEarningsAccumulatedLosses 2023-05-31 04759951 bus:SmallEntities 2023-06-01 2024-05-31 04759951 bus:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 04759951 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04759951 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04759951 bus:FullAccounts 2023-06-01 2024-05-31 04759951 bus:OrdinaryShareClass1 2024-05-31 04759951 bus:OrdinaryShareClass1 2023-05-31 04759951 core:OfficeEquipment 2023-06-01 2024-05-31 04759951 core:OfficeEquipment 2024-05-31 04759951 core:OfficeEquipment 2023-05-31
COMPANY REGISTRATION NUMBER: 04759951
HRS ASSET MANAGEMENT LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2024
HRS ASSET MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
103
205
CURRENT ASSETS
Cash at bank and in hand
48,496
37,357
CREDITORS: amounts falling due within one year
6
29,928
22,088
--------
--------
NET CURRENT ASSETS
18,568
15,269
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
18,671
15,474
PROVISIONS
Taxation including deferred tax
27
54
--------
--------
NET ASSETS
18,644
15,420
--------
--------
CAPITAL AND RESERVES
Called up share capital
7
100
100
Profit and loss account
18,544
15,320
--------
--------
SHAREHOLDERS FUNDS
18,644
15,420
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HRS ASSET MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mrs R E Simpson
Director
Company registration number: 04759951
HRS ASSET MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 May 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Woodhouse Road, Wolverhampton, West Midlands, WV6 8JJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Revenue recognition
The turnover shown in the profit and loss account represents cases submitted during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Equipment
-
33% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TANGIBLE ASSETS
Equipment
Total
£
£
Cost
At 1 June 2023 and 31 May 2024
3,201
3,201
-------
-------
Depreciation
At 1 June 2023
2,996
2,996
Charge for the year
102
102
-------
-------
At 31 May 2024
3,098
3,098
-------
-------
Carrying amount
At 31 May 2024
103
103
-------
-------
At 31 May 2023
205
205
-------
-------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Corporation tax
21,567
14,791
Social security and other taxes
1,075
1,022
Other creditors
7,286
6,275
--------
--------
29,928
22,088
--------
--------
7. CALLED UP SHARE CAPITAL
Authorised share capital
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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