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Registration number: 08853728

Hornet Sound Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2024 to 30 September 2024

image-name
 

Hornet Sound Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Hornet Sound Limited

Company Information

Director

Mr Ciaran Walsh

Registered office

George Inn House
138 High Street
Steyning
West Sussex
BN44 3LH

Accountants

Lucraft Hodgson & Dawes LLP
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Hornet Sound Limited

(Registration number: 08853728)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

-

12,644

Current assets

 

Debtors

5

484

317

Cash at bank and in hand

 

33,312

67,450

 

33,796

67,767

Creditors: Amounts falling due within one year

6

(9,015)

(11,638)

Net current assets

 

24,781

56,129

Total assets less current liabilities

 

24,781

68,773

Provisions for liabilities

-

(3,351)

Net assets

 

24,781

65,422

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

24,681

65,322

Shareholders' funds

 

24,781

65,422

For the financial period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 October 2024
 

.........................................
Mr Ciaran Walsh
Director

   
     
 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
George Inn House
138 High Street
Steyning
West Sussex
BN44 3LH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling, which is the functional currency of the company.

Going concern

At the balance sheet date the company has ceased to trade and the decision has been made to dissolve the company. These financial statements are therefore prepared on a ‘break-up’ basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% on cost

Fixture and fittings

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade Debtors

Trade Debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade Debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

Trade Creditors

Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, analysed by category was as follows:

1 January 2024 to 30 September 2024
 No.

Year ended 31 December 2023
 No.

Administration and support

1

1

1

1

 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

4

Tangible Assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

35,224

35,224

Disposals

(35,224)

(35,224)

At 30 September 2024

-

-

Depreciation

At 1 January 2024

22,580

22,580

Charge for the period

6,230

6,230

Eliminated on disposal

(28,810)

(28,810)

At 30 September 2024

-

-

Carrying amount

At 30 September 2024

-

-

At 31 December 2023

12,644

12,644

5

Debtors

Current

2024
£

2023
£

Other debtors

484

317

 

484

317

 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

30 September 2024
 £

31 December 2023
 £

Due within one year

 

Loans and borrowings

7

7,653

7,748

Trade Creditors

 

282

-

Social security and other taxes

 

-

163

Accrued expenses

 

1,080

1,010

Corporation tax liability

-

2,717

 

9,015

11,638

7

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

7,653

7,748

 

Hornet Sound Limited

Notes to the Unaudited Financial Statements for the Period from 1 January 2024 to 30 September 2024

8

Related party transactions

Loans to related parties

2023

Key management
£

Total
£

At start of period

33,392

33,392

Repaid

(33,392)

(33,392)

At end of period

-

-

Terms of loans to related parties

During the year the company provided the director with a loan which was unsecured and repayable on demand. Interest was charged at official rate.
 

Loans from related parties

 

Key management

2024
£

2023
£

At start of period

7,747

-

Advanced

-

7,747

Repaid

(90)

-

At end of period

7,657

7,747

Terms of loans from related parties

During the year the director provided the company with an interest free loan which was unsecured and repayable on demand.