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COMPANY REGISTRATION NUMBER: 12710726
LITTLE HIBBA LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
LITTLE HIBBA LTD
FINANCIAL STATEMENTS
Year ended 31 July 2023
CONTENTS
PAGES
Balance sheet
1
Notes to the financial statements
2 to 5
LITTLE HIBBA LTD
BALANCE SHEET
31 July 2023
2023
2022
Note
£
£
FIXED ASSETS
Intangible assets
5
57,616
60,727
CURRENT ASSETS
Debtors
6
8,123
Cash at bank and in hand
894
492
----
-------
894
8,615
CREDITORS: amounts falling due within one year
7
( 73,025)
( 72,444)
--------
--------
NET CURRENT LIABILITIES
( 72,131)
( 63,829)
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 14,515)
( 3,102)
--------
-------
NET LIABILITIES
( 14,515)
( 3,102)
--------
-------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
( 14,516)
( 3,103)
--------
-------
SHAREHOLDERS FUNDS
( 14,515)
( 3,102)
--------
-------
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 profit and loss account has not been delivered.
For the year ending 31 July 2023 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mrs S Faraz
Director
Company registration number: 12710726
LITTLE HIBBA LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 July 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazell Drive, Newport, NP10 8FY.
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.
Going concern
The accounts show that the company had net liabilities of £14,515 at the balance sheet date. The director has therefore had to consider the appropriateness of the going concern basis. The company has been able to finance its operations largely because of support from the director. Were this support not available, the company may not be able to continue trading. The director is confident that the company will be able to meet its obligations for at least the next twelve months with her continuing support. She therefore considers it appropriate to prepare the accounts on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of children's books, stated net of discounts. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website development costs
-
15% straight line
Book development costs
-
15% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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 (2022: 9 ).
5. INTANGIBLE ASSETS
Website development costs
Book development costs
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
42,000
24,949
66,949
--------
--------
--------
Amortisation
At 1 August 2022
4,200
2,022
6,222
Charge for the year
2,100
1,011
3,111
--------
--------
--------
At 31 July 2023
6,300
3,033
9,333
--------
--------
--------
Carrying amount
At 31 July 2023
35,700
21,916
57,616
--------
--------
--------
At 31 July 2022
37,800
22,927
60,727
--------
--------
--------
6. DEBTORS
2023
2022
£
£
Other debtors
8,123
----
-------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
807
1,036
Other creditors
72,218
71,408
--------
--------
73,025
72,444
--------
--------
8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within creditors due within one year is a balance of £67,065 (2022 - £67,065) due to the director. This balance is interest free and repayable on demand.