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Registration number: 07144831

Judy Hines Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 2 February 2024

 

Judy Hines Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Judy Hines Limited

(Registration number: 07144831)
Balance Sheet as at 2 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

119,902

130,890

Current assets

 

Debtors

5

49,000

-

Cash at bank and in hand

 

130,201

162,619

 

179,201

162,619

Creditors: Amounts falling due within one year

6

(75,113)

(29,845)

Net current assets

 

104,088

132,774

Total assets less current liabilities

 

223,990

263,664

Creditors: Amounts falling due after more than one year

6

(9,948)

(16,680)

Provisions for liabilities

(923)

(279)

Net assets

 

213,119

246,705

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

213,118

246,704

Shareholders' funds

 

213,119

246,705

 

Judy Hines Limited

(Registration number: 07144831)
Balance Sheet as at 2 February 2024

For the financial year ending 2 February 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 year in question in accordance with section 476; and

The director acknowledges her 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 and in accordance the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and director's report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the director on 1 November 2024
 

.........................................
Miss JS Hines
Company secretary and director

 

Judy Hines Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 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:
Westlands House Whalley Road
Padiham
Burnley
Lancashire
BB12 8JX
England

The principal place of business is:
14 Claremont Avenue
Clitheroe
BB7 1JN

These financial statements were authorised for issue by the director on 1 November 2024.

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 and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

 

Judy Hines Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

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.

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

Fixtures and fittings

20% reducing balance

Office equipment

25% reducing balance

Leasehold improvements

10% straight line

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.

 

Judy Hines Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Judy Hines Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 3 February 2023

143,806

3,318

2,866

149,990

Additions

-

2,550

1,625

4,175

At 2 February 2024

143,806

5,868

4,491

154,165

Depreciation

At 3 February 2023

14,381

2,051

2,669

19,101

Charge for the year

14,381

359

422

15,162

At 2 February 2024

28,762

2,410

3,091

34,263

Carrying amount

At 2 February 2024

115,044

3,458

1,400

119,902

At 2 February 2023

129,425

1,267

198

130,890

5

Debtors

Current

2024
£

2023
£

Trade debtors

49,000

-

 

Judy Hines Limited

Notes to the Unaudited Financial Statements for the Year Ended 2 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

6,732

6,566

Taxation and social security

 

5,080

6,095

Accruals and deferred income

 

385

385

Other creditors

 

62,916

16,799

 

75,113

29,845

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

9,948

16,680

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

8

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

9,948

16,680

2024
£

2023
£

Current loans and borrowings

Bank borrowings

6,732

6,566