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Registration number: 09899776

Honest Toil Limited

Unaudited Financial Statements

for the Year Ended 5 April 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Honest Toil Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Honest Toil Limited

Company Information

Directors

T Woodgate

J Laki

Registered office

26 Leonard Rd
London
E7 0DB

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Honest Toil Limited

Statement of Financial Position as at 5 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,070

1,546

Current assets

 

Stocks

5

492,186

386,930

Debtors

6

692,693

157,786

Cash at bank and in hand

 

41,006

12,437

 

1,225,885

557,153

Creditors: Amounts falling due within one year

7

(958,986)

(254,489)

Net current assets

 

266,899

302,664

Total assets less current liabilities

 

267,969

304,210

Creditors: Amounts falling due after more than one year

7

(196,416)

(126,515)

Net assets

 

71,553

177,695

Capital and reserves

 

Called up share capital

100

100

Retained earnings

71,453

177,595

Shareholders' funds

 

71,553

177,695

For the financial year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

 

Honest Toil Limited

Statement of Financial Position as at 5 April 2024

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................

T Woodgate

Director

Company registration number: 09899776

 

Honest Toil Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26 Leonard Rd
London
E7 0DB

The principal activity of the company is that of the production and sale of olive oil.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the year ended 5 April 2024 and had net assets of £71,553 at that date.

The directors have a reasonable expectation that the company has adequate resources to remain in operational existence for the foreseeable future. Accordingly the directors continue to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is shown net of sales / value added tax, returns, rebates and discounts.

The company recognises revenue upon the despatch of products to customers when the amount of revenue can be reliably measured.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

 

Honest Toil Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises corporation tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

3 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Honest Toil Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company during the year, was 5 (2023 - 5).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 6 April 2023

3,132

3,132

Additions

773

773

Disposals

(535)

(535)

At 5 April 2024

3,370

3,370

Depreciation

At 6 April 2023

1,586

1,586

Charge for the year

926

926

Eliminated on disposal

(212)

(212)

At 5 April 2024

2,300

2,300

Carrying amount

At 5 April 2024

1,070

1,070

At 5 April 2023

1,546

1,546

 

Honest Toil Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

5

Stocks

2024
£

2023
£

Stock

492,186

386,930

6

Debtors

2024
£

2023
£

Trade debtors

688,050

155,423

Other debtors

4,643

2,363

692,693

157,786

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

73,875

72,886

Trade creditors

 

8,780

15,429

Taxation and social security

 

36,555

29,280

Accruals and deferred income

 

1,400

1,400

Other creditors

 

838,376

135,494

 

958,986

254,489

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

196,416

126,515

 

Honest Toil Limited

Notes to the Unaudited Financial Statements for the Year Ended 5 April 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

73,875

72,886

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

196,416

126,515

The bank loan is secured by a fixed charge over book debts and a fixed and floating charge over the other assets and undertakings of the company.