13 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04407168 2023-04-01 2024-03-31 04407168 2024-03-31 04407168 2023-03-31 04407168 2022-04-01 2023-03-31 04407168 2023-03-31 04407168 2022-03-31 04407168 bus:RegisteredOffice 2023-04-01 2024-03-31 04407168 bus:LeadAgentIfApplicable 2023-04-01 2024-03-31 04407168 bus:Director1 2023-04-01 2024-03-31 04407168 bus:Director4 2023-04-01 2024-03-31 04407168 bus:CompanySecretary1 2023-04-01 2024-03-31 04407168 core:FurnitureFittingsToolsEquipment 2023-03-31 04407168 core:FurnitureFittingsToolsEquipment 2024-03-31 04407168 core:WithinOneYear 2024-03-31 04407168 core:WithinOneYear 2023-03-31 04407168 core:ShareCapital 2024-03-31 04407168 core:ShareCapital 2023-03-31 04407168 core:RetainedEarningsAccumulatedLosses 2024-03-31 04407168 core:RetainedEarningsAccumulatedLosses 2023-03-31 04407168 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04407168 core:FurnitureFittingsToolsEquipment 2023-03-31 04407168 bus:SmallEntities 2023-04-01 2024-03-31 04407168 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04407168 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04407168 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04407168 bus:FullAccounts 2023-04-01 2024-03-31
Company registration number: 04407168
Hallett Independent Limited
Unaudited filleted financial statements
31 March 2024
Hallett Independent Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Hallett Independent Limited
Directors and other information
Directors Mr Adam Richard Prideaux
Dr Nathanael D. I. Price
Secretary Ms Lynda Jane Parker
Company number 04407168
Registered office Asset House
7-9 Quay Street
Lymington
Hampshire
SO41 3AS
Accountants Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
Hallett Independent Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Hallett Independent Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hallett Independent Limited for the year ended 31 March 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Hallett Independent Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hallett Independent Limited and state those matters that we have agreed to state to the board of directors of Hallett Independent Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hallett Independent Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hallett Independent Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hallett Independent Limited. You consider that Hallett Independent Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hallett Independent Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Redford & Co Limited
Chartered Accountants
First Floor
64 Baker Street
London
W1U 7GB
4 September 2024
Hallett Independent Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 33,690 26,908
_______ _______
33,690 26,908
Current assets
Debtors 6 1,206,225 1,233,972
Cash at bank and in hand 1,827,746 1,559,208
_______ _______
3,033,971 2,793,180
Creditors: amounts falling due
within one year 7 ( 1,314,390) ( 1,356,302)
_______ _______
Net current assets 1,719,581 1,436,878
_______ _______
Total assets less current liabilities 1,753,271 1,463,786
_______ _______
Net assets 1,753,271 1,463,786
_______ _______
Capital and reserves
Called up share capital 11,223 11,223
Profit and loss account 1,742,048 1,452,563
_______ _______
Shareholders funds 1,753,271 1,463,786
_______ _______
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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 September 2024 , and are signed on behalf of the board by:
Mr Adam Richard Prideaux
Director
Company registration number: 04407168
Hallett Independent Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Asset House, 7-9 Quay Street, Lymington, Hampshire, SO41 3AS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. Revenue from the sale of insurance products is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25% reducing balance
Art collection - 10% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 12 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 177,064 177,064
Additions 15,456 15,456
_______ _______
At 31 March 2024 192,520 192,520
_______ _______
Depreciation
At 1 April 2023 150,156 150,156
Charge for the year 8,674 8,674
_______ _______
At 31 March 2024 158,830 158,830
_______ _______
Carrying amount
At 31 March 2024 33,690 33,690
_______ _______
At 31 March 2023 26,908 26,908
_______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,095,090 1,106,129
Other debtors 111,135 127,843
_______ _______
1,206,225 1,233,972
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,089,684 1,125,795
Corporation tax 208,683 193,673
Social security and other taxes - 20,119
Other creditors 16,023 16,715
_______ _______
1,314,390 1,356,302
_______ _______
8. Related party transactions
The company has a loan account with N Price as at 31st March 2024 of £25,000 which represents monies owed to the company by the director. The balance bought forward at 1st April 2023 was £50,000 and an amount of £25,000 was repaid during the year. The loan account is interest-free, unsecured and repayable on demand. The company has a loan account with A Prideaux as at 31st March 2024 of £523 (2023 - £515) which represents monies owed by the company to the director. The loan account is interest-free, unsecured and repayable on demand. Total dividends of £276,000 (2023 - £272,000) were paid during the year.
9. Controlling party
The company is controlled by Turner Newman Limited by virtue of its shareholding.