Registered number
03050523
Hadfield Bridleworks Limited
Filleted Accounts
30 April 2024
Hadfield Bridleworks Limited
Registered number: 03050523
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 156 463
Current assets
Stocks 12,700 13,550
Debtors 4 9,353 3,140
Cash at bank and in hand 5,022 28
27,075 16,718
Creditors: amounts falling due within one year 5 (8,430) (13,865)
Net current assets 18,645 2,853
Total assets less current liabilities 18,801 3,316
Creditors: amounts falling due after more than one year 6 (193,921) (193,534)
Net liabilities (175,120) (190,218)
Capital and reserves
Called up share capital 100 100
Profit and loss account (175,220) (190,318)
Shareholder's funds (175,120) (190,218)
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 member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
C Hadfield
Director
Approved by the board on 6 August 2024
Hadfield Bridleworks Limited
Notes to the Accounts
for the year ended 30 April 2024
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is 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:
Plant and machinery 15% straight line
Fixtures, fittings, tools and equipment 15% straight line
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. Current and deferred tax assets and liabilities are not discounted.
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 profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
The financial statements have been prepared under the going concern convention, which requires the continued support of the director and related companies.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 7,596
At 30 April 2024 7,596
Depreciation
At 1 May 2023 7,133
Charge for the year 307
At 30 April 2024 7,440
Net book value
At 30 April 2024 156
At 30 April 2023 463
4 Debtors 2024 2023
£ £
Trade debtors 5,536 -
Other debtors 3,817 3,140
9,353 3,140
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 1,214
Trade creditors 3,879 8,424
Other taxes and social security costs 1,506 2,014
Other creditors 3,045 2,213
8,430 13,865
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 193,921 193,534
7 Related party transactions
Other creditors: amounts falling due after one year, consists of an interest free loan from a related company, CM Hadfield Inc.
8 Other information
Hadfield Bridleworks Limited is a private company limited by shares and incorporated in England. Its registered office is:
6A Little Aston Lane
Little Aston
Sutton Coldfield
B74 3UF
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