Company registration number 06702376 (England and Wales)
HOOLEY TIME LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
HOOLEY TIME LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
HOOLEY TIME LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HOOLEY TIME LIMITED FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hooley Time Limited for the period ended 29 September 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Hooley Time Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Hooley Time Limited and state those matters that we have agreed to state to the board of directors of Hooley Time Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hooley Time Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Hooley Time 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 loss of Hooley Time Limited. You consider that Hooley Time Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Hooley Time 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.
Ormerod Rutter Limited
27 June 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HOOLEY TIME LIMITED
BALANCE SHEET
AS AT 29 SEPTEMBER 2023
29 September 2023
- 2 -
29 September 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
163,581
183,388
Current assets
Cash at bank and in hand
24,905
106,276
Creditors: amounts falling due within one year
4
(47,860)
(95,730)
Net current (liabilities)/assets
(22,955)
10,546
Total assets less current liabilities
140,626
193,934
Creditors: amounts falling due after more than one year
5
(45,311)
Provisions for liabilities
6
(18,098)
Net assets
122,528
148,623
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
121,528
147,623
Total equity
122,528
148,623
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 29 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 period 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 June 2024
Mrs P Hooley
Director
Company registration number 06702376 (England and Wales)
HOOLEY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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1
Accounting policies
Company information
Hooley Time Limited is a private company limited by shares incorporated in England and Wales. The registered office is Well Furlong, Little Comberton, Pershore, Worcestershire, WR10 3EP.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% on reducing balance
Fixtures and fittings
20% on cost
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HOOLEY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
1
1
HOOLEY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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3
Tangible fixed assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 October 2022
92,097
195,177
287,274
Additions
11,566
34,784
46,350
Disposals
(15,000)
(15,000)
At 29 September 2023
88,663
229,961
318,624
Depreciation and impairment
At 1 October 2022
20,544
83,342
103,886
Depreciation charged in the period
6,962
45,695
52,657
Eliminated in respect of disposals
(1,500)
(1,500)
At 29 September 2023
26,006
129,037
155,043
Carrying amount
At 29 September 2023
62,657
100,924
163,581
At 30 September 2022
71,553
111,835
183,388
4
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
14,049
8,509
Other creditors
33,811
87,221
47,860
95,730
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
45,311
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
18,098
HOOLEY TIME LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 SEPTEMBER 2023
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7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
8
Ultimate controlling party
The ultimate controlling party is Mrs P Hooley.