Company registration number 11222122 (England and Wales)
Hudson Antiques Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Hudson Antiques Limited
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Hudson Antiques Limited
BALANCE SHEET
As At 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,039
-
0
Current assets
Stocks
79,975
91,000
Debtors
4
740
1,006
Cash at bank and in hand
33,731
5,064
114,446
97,070
Creditors: amounts falling due within one year
5
(58,275)
(26,631)
Net current assets
56,171
70,439
Net assets
86,210
70,439
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
86,208
70,437
Total equity
86,210
70,439

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 and signed by the director and authorised for issue on 28 October 2024
Mr D Hudson
Director
Company registration number 11222122 (England and Wales)
Hudson Antiques Limited
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 28 February 2024
- 2 -
1
Accounting policies
Company information

Hudson Antiques Limited is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.

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
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
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.

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:

Motor vehicles
15% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.5
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.

1.6
Financial instruments
Hudson Antiques Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 28 February 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the tax currently payable.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
Hudson Antiques Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 28 February 2024
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023
-
0
Additions
35,340
At 28 February 2024
35,340
Depreciation and impairment
At 1 March 2023
-
0
Depreciation charged in the year
5,301
At 28 February 2024
5,301
Carrying amount
At 28 February 2024
30,039
At 28 February 2023
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
506
Other debtors
740
500
740
1,006
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,283
6,734
Other taxation and social security
6,176
9,285
Other creditors
49,816
10,612
58,275
26,631
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