Registered number
11867929
HUMBLE CREATIONS LIMITED
Unaudited Filleted Accounts
For the period from
2 January 2023
to
31 December 2023
HUMBLE CREATIONS LIMITED
Registered number: 11867929
Balance Sheet
as at 31 December 2023
31 Dec 01 Jan
Notes 2023 2023
£ £
Fixed assets
Tangible assets 3 72,639 39,016
Current assets
Stocks 27,705 25,905
Debtors 4 76,917 96,778
Cash at bank and in hand 70,149 102,228
174,771 224,911
Creditors: amounts falling due within one year 5 (122,368) (88,861)
Net current assets 52,403 136,050
Total assets less current liabilities 125,042 175,066
Creditors: amounts falling due after more than one year 6 (6,797) (11,190)
Net assets 118,245 163,876
Capital and reserves
Called up share capital 1 1
Share premium 329,996 329,996
Profit and loss account (211,752) (166,121)
Shareholders' funds 118,245 163,876
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.
Jesse Jenkins
Director
Approved by the board on 19 September 2024
HUMBLE CREATIONS LIMITED
Notes to the Accounts
for the period from 2 January 2023 to 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, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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, 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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Unit fitouts over the lease term
Plant and machinery 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on 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.
Debtors
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, less any impairment losses for bad and doubtful debts.
Creditors
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.
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. 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.
1 Accounting policies (continued)
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
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 31/12/23 1/1/23
Number Number
Average number of persons employed by the company 13 11
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 2 January 2023 75,298
Additions 47,132
At 31 December 2023 122,430
Depreciation
At 2 January 2023 36,282
Charge for the period 13,509
At 31 December 2023 49,791
Net book value
At 31 December 2023 72,639
At 1 January 2023 39,016
4 Debtors 31/12/23 1/1/23
£ £
Trade debtors 33,227 52,885
Other debtors 43,690 43,893
76,917 96,778
5 Creditors: amounts falling due within one year 31/12/23 1/1/23
£ £
Bank loans and overdrafts 4,392 4,283
Trade creditors 77,989 56,220
Taxation and social security costs 20,332 12,392
Other creditors 19,655 15,966
122,368 88,861
6 Creditors: amounts falling due after one year 31/12/23 1/1/23
£ £
Bank loans 6,797 11,190
7 Loans 31/12/23 1/1/23
£ £
Creditors include:
Secured bank loans 11,189 15,473
The loan repesents a standard bank "Bounce Back Loan" secured by government guarantee, with interest at 2.5%, and repayable over 6 years with no interest or capital repayments in first 12 months.
8 Other financial commitments 31/12/23 1/1/23
£ £
Total future minimum payments under non-cancellable operating leases 161,722 78,948
9 Other information
HUMBLE CREATIONS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Nicholson House
41 Thames Street
Weybridge
Surrey
KT13 8JG
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