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Registered number: 12272181
Hotspurcraft Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12272181
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 147
- 147
CURRENT ASSETS
Stocks 5 - 8,975
Debtors 6 162,622 238,806
Cash at bank and in hand 6,792 61,376
169,414 309,157
Creditors: Amounts Falling Due Within One Year 7 (172,573 ) (280,980 )
NET CURRENT ASSETS (LIABILITIES) (3,159 ) 28,177
TOTAL ASSETS LESS CURRENT LIABILITIES (3,159 ) 28,324
Creditors: Amounts Falling Due After More Than One Year 8 (29,269 ) (90,867 )
NET LIABILITIES (32,428 ) (62,543 )
CAPITAL AND RESERVES
Called up share capital 1 1
Profit and Loss Account (32,429 ) (62,544 )
SHAREHOLDERS' FUNDS (32,428) (62,543)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
E V Bartlett
Director
08/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Hotspurcraft Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12272181 . The registered office is 32 Collywell Bay Road, Seaton Sluice, Whitley Bay, NE26 4QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Functional and Presentational Currency:
The company's functional and presentational currency is GBP.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 3 Years
2.4. Stocks and Work in Progress
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.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Employee benefits policy
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
2.7. Revenue recognition policy
Turnover comprises the fair value of the consideration received or receivable for the provision of services 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 when:
The amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2023: 26)
7 26
4. Tangible Assets
Computer Equipment
£
Cost
As at 1 April 2023 13,100
As at 31 March 2024 13,100
Depreciation
As at 1 April 2023 12,953
Provided during the period 147
As at 31 March 2024 13,100
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 147
5. Stocks
2024 2023
£ £
Stock - 8,975
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,248 -
Amounts owed by participating interests 160,236 238,806
Other debtors 138 -
162,622 238,806
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,954 19,725
Bank loans and overdrafts 104 104
Amounts owed to group undertakings 13,205 13,205
Other creditors 149,310 197,583
Taxation and social security - 50,363
172,573 280,980
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 29,269 90,867
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9. Related Party Transactions
As at 31st March 2024 the following related party receivable/(payable) transactions remain outstanding: - 
Formicity Property Limited - £160,236
Castaways Tea Shop Limited - (£13,205)
Page 5