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COMPANY REGISTRATION NUMBER: 05124396
HFG (Chislehurst) Ltd
Unaudited Financial Statements
31 March 2024
HFG (Chislehurst) Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
11
HFG (Chislehurst) Ltd
Officers and Professional Advisers
Director
A.G. Lawrence
Company secretary
S E Lawrence
Registered office
34-35 Eastcastle St
London
W1W 8DW
Accountants
Nabarro
Chartered accountants
Nabarro Accountants Limited
34-35 Eastcastle St
W1W 8DW
HFG (Chislehurst) Ltd
Director's Report
Year ended 31 March 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2024 .
Director
The director who served the company during the year was as follows:
A.G. Lawrence
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 29 April 2024 and signed on behalf of the board by:
A.G. Lawrence
Director
HFG (Chislehurst) Ltd
Statement of Income and Retained Earnings
Year ended 31 March 2024
2024
2023
Note
£
£
Turnover
192,305
169,905
Cost of sales
29,191
19,944
----------
----------
Gross profit
163,114
149,961
Administrative expenses
139,272
148,183
----------
----------
Operating profit
23,842
1,778
Interest payable and similar expenses
1,331
1,406
----------
----------
Profit before taxation
5
22,511
372
Tax on profit
4
--------
----
Profit for the financial year and total comprehensive income
22,511
368
--------
----
Retained losses at the start of the year
( 89,983)
( 90,351)
--------
--------
Retained losses at the end of the year
( 67,472)
( 89,983)
--------
--------
All the activities of the company are from continuing operations.
HFG (Chislehurst) Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
6
184,000
40,000
Tangible assets
7
4,185
7,543
----------
--------
188,185
47,543
Current assets
Debtors
8
15,833
15,000
Cash at bank and in hand
23,938
20,579
--------
--------
39,771
35,579
Creditors: amounts falling due within one year
9
293,918
162,845
----------
----------
Net current liabilities
254,147
127,266
----------
----------
Total assets less current liabilities
( 65,962)
( 79,723)
Creditors: amounts falling due after more than one year
10
1,508
10,258
--------
--------
Net liabilities
( 67,470)
( 89,981)
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 67,472)
( 89,983)
--------
--------
Shareholders deficit
( 67,470)
( 89,981)
--------
--------
These financial statements have been prepared 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'.
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HFG (Chislehurst) Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 29 April 2024 , and are signed on behalf of the board by:
A.G. Lawrence
Director
Company registration number: 05124396
HFG (Chislehurst) Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34-35 Eastcastle St, London, W1W 8DW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
3,358
3,358
-------
-------
6. Intangible assets
Goodwill
£
Cost
At 1 April 2023
40,000
Additions
144,000
----------
At 31 March 2024
184,000
----------
Amortisation
At 1 April 2023 and 31 March 2024
----------
Carrying amount
At 31 March 2024
184,000
----------
At 31 March 2023
40,000
----------
7. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
13,433
13,433
--------
--------
Depreciation
At 1 April 2023
5,890
5,890
Charge for the year
3,358
3,358
--------
--------
At 31 March 2024
9,248
9,248
--------
--------
Carrying amount
At 31 March 2024
4,185
4,185
--------
--------
At 31 March 2023
7,543
7,543
--------
--------
8. Debtors
2024
2023
£
£
Trade debtors
38
Other debtors
15,795
15,000
--------
--------
15,833
15,000
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8,700
8,700
Trade creditors
5,993
5,381
Social security and other taxes
3,929
2,949
Other creditors
275,296
145,815
----------
----------
293,918
162,845
----------
----------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,508
10,258
-------
--------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
13,000
13,000
Later than 1 year and not later than 5 years
34,500
47,500
--------
--------
47,500
60,500
--------
--------
12. Contingencies
The company a contingent liability in respect of a grant from the franchisor, which expires on 10th October 2031, in the sum of £42,750 (2023 - £42,750).
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
A.G. Lawrence
( 100,308)
( 130,491)
( 230,799)
----------
----------
----------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
A.G. Lawrence
( 104,590)
4,282
( 100,308)
----------
-------
----------
14. Related party transactions
The company was under the control of the Directors throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed.
HFG (Chislehurst) Ltd
Management Information
Year ended 31 March 2024
The following pages do not form part of the financial statements.
HFG (Chislehurst) Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of HFG (Chislehurst) Ltd
Year ended 31 March 2024
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2024, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Nabarro Chartered accountants
Nabarro Accountants Limited 34-35 Eastcastle St W1W 8DW
29 April 2024