Hanalex Limited
Company Registration No. 03221259 (England And Wales)
Unaudited Financial Statements
Year Ended 30 June 2024
HANALEX LIMITED
Hanalex Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HANALEX LIMITED
Hanalex Limited
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,847
Tangible assets
5
12,227
14,385
15,074
14,385
Current assets
Stocks
509,708
504,320
Debtors
6
274,425
328,661
Cash at bank and in hand
26,091
7,752
810,224
840,733
Creditors: amounts falling due within one year
7
(316,680)
(374,351)
Net current assets
493,544
466,382
Total assets less current liabilities
508,618
480,767
Provisions for liabilities
(3,057)
(3,596)
Net assets
505,561
477,171
Capital and reserves
Called up share capital
50,000
50,000
Profit and loss reserves
455,561
427,171
Total equity
505,561
477,171
HANALEX LIMITED
Hanalex Limited
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 year 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 by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr P Lovatt
Director
Company registration number 03221259 (England and Wales)
HANALEX LIMITED
Hanalex Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Hanalex Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 Crewe Road, Alsager, Stoke-on-Trent, Cheshire, ST7 2EW.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
5 Year Straight Line
1.5
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.
HANALEX LIMITED
Hanalex Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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:
Plant and equipment
15% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Computers
15% Reducing Balance
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
HANALEX LIMITED
Hanalex Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.14
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
8
HANALEX LIMITED
Hanalex Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Directors' remuneration
2024
2023
£
£
Remuneration paid to directors
83,125
82,300
4
Intangible fixed assets
Software
£
Cost
At 1 July 2023
Additions
3,163
At 30 June 2024
3,163
Amortisation and impairment
At 1 July 2023
Amortisation charged for the year
316
At 30 June 2024
316
Carrying amount
At 30 June 2024
2,847
At 30 June 2023
HANALEX LIMITED
Hanalex Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
21,288
25,134
29,104
75,526
Depreciation and impairment
At 1 July 2023
14,450
23,167
23,524
61,141
Depreciation charged in the year
1,026
295
837
2,158
At 30 June 2024
15,476
23,462
24,361
63,299
Carrying amount
At 30 June 2024
5,812
1,672
4,743
12,227
At 30 June 2023
6,838
1,967
5,580
14,385
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
241,982
290,302
Other debtors
28,169
33,197
Prepayments and accrued income
4,274
5,162
274,425
328,661
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,453
35,095
Trade creditors
54,550
62,349
Corporation tax
7,087
2,423
Other taxation and social security
4,931
14,631
Other creditors
244,819
256,183
Accruals and deferred income
3,840
3,670
316,680
374,351
HANALEX LIMITED
Hanalex Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
23,214
20,904
9
Related party transactions
The directors consider AML Wedding Bands Limited and Alexandra's of Alsager Limited to be related parties as they are also under the control of P Lovatt. At the reporting date the company held the following balances of account with its related parties:
2024
2023
Amounts due to related parties
£
£
AML Wedding Bands Limited
151,117
150,556
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Alexandra's of Alsager Limited
28,169
33,197
Other information
During the year the Directors advanced the Company £27,200 (2023: £99,055) and were repaid £39,125 (2023: £nil). At 30 June 2024 the Company owed £93,702 (2023: £105,627) to the Directors. Interest has been charged to the Company in respect of this loan which is repayable on demand and classified in creditors due within one year.