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Registration number: 09063464

Hangloose @ Eden Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Hangloose @ Eden Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Hangloose @ Eden Ltd

Company Information

Director

Mr Brian Phelps

Company secretary

Mr Duncan Bulley

Registered office

Unit 2
Village Farm
Preston
Cirencester
Gloucestershire
GL7 5PR

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hangloose @ Eden Ltd
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hangloose @ Eden Ltd for the year ended 30 September 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Hangloose @ Eden Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hangloose @ Eden Ltd and state those matters that we have agreed to state to the Board of Directors of Hangloose @ Eden Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hangloose @ Eden Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hangloose @ Eden Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Hangloose @ Eden Ltd. You consider that Hangloose @ Eden Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hangloose @ Eden Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

7 November 2024

 

Hangloose @ Eden Ltd

(Registration number: 09063464)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

300,276

395,654

Current assets

 

Debtors

5

1,033,659

1,137,690

Cash at bank and in hand

 

111,558

72,941

 

1,145,217

1,210,631

Creditors: Amounts falling due within one year

6

(348,169)

(449,172)

Net current assets

 

797,048

761,459

Total assets less current liabilities

 

1,097,324

1,157,113

Creditors: Amounts falling due after more than one year

6

(78,961)

-

Net assets

 

1,018,363

1,157,113

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,018,263

1,157,013

Shareholders' funds

 

1,018,363

1,157,113

For the financial year 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 year 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.

Approved and authorised by the director on 7 November 2024
 

 

Hangloose @ Eden Ltd

(Registration number: 09063464)
Balance Sheet as at 30 September 2024

.........................................
Mr Brian Phelps
Director

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 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:
Unit 2
Village Farm
Preston
Cirencester
Gloucestershire
GL7 5PR

These financial statements were authorised for issue by the director on 7 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.

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.

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Tax

The tax expense for the period comprises current 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.

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

Plant and machinery

Straight line over 6 years

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.

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 28 (2023 - 28).

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Long leasehold land and buildings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

47,728

19,220

1,125,543

1,192,491

Additions

-

-

33,330

33,330

Disposals

-

(5,945)

-

(5,945)

At 30 September 2024

47,728

13,275

1,158,873

1,219,876

Depreciation

At 1 October 2023

-

13,602

783,235

796,837

Charge for the year

-

3,299

125,409

128,708

Eliminated on disposal

-

(5,945)

-

(5,945)

At 30 September 2024

-

10,956

908,644

919,600

Carrying amount

At 30 September 2024

47,728

2,319

250,229

300,276

At 30 September 2023

47,728

5,619

342,307

395,654

Included within the net book value of land and buildings above is £47,728 (2023 - £47,728) in respect of long leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

637

4,174

Prepayments

25,118

31,636

Other debtors

1,007,904

1,101,880

 

1,033,659

1,137,690

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

111,230

246,132

Trade creditors

 

107,967

100,639

Taxation and social security

 

124,753

91,271

Accruals and deferred income

 

4,219

11,130

 

348,169

449,172

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

58,961

-

Other non-current financial liabilities

 

20,000

-

 

78,961

-

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

55,000

-

Other borrowings

3,961

-

58,961

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

60,000

175,000

Other borrowings

51,230

71,132

111,230

246,132

 

Hangloose @ Eden Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

8

Related party transactions

2024

At 1 October 2023
£

Repayments by director
£

At 30 September 2024
£

Directors Loan

-

10,000

10,000

Directors Loan

-

10,000

10,000