Company registration number 03862662 (England and Wales)
HUE HOUSE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
HUE HOUSE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HUE HOUSE LTD (REGISTERED NUMBER: 03862662)
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
51,669
Tangible assets
4
41,944
27,951
Investments
5
58,750
93,613
86,701
Current assets
Stocks
25,000
15,000
Debtors
6
114,425
121,664
Cash at bank and in hand
1,851
54,811
141,276
191,475
Creditors: amounts falling due within one year
7
(196,280)
(119,947)
Net current (liabilities)/assets
(55,004)
71,528
Total assets less current liabilities
38,609
158,229
Creditors: amounts falling due after more than one year
8
(33,616)
(24,508)
Provisions for liabilities
(3,716)
(6,775)
Net assets
1,277
126,946
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
1,177
126,846
Total equity
1,277
126,946
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
HUE HOUSE LTD (REGISTERED NUMBER: 03862662)
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 November 2024 and are signed on its behalf by:
Mr J L Bichard
Director
HUE HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information
Hue House Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 109 Worlds End Lane, Green Street, Orpington, England, BR6 6AE.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Intangible fixed assets - goodwill
Goodwill is recognised at initial investment cost, related stamp duty and legal fees at the time. It is reviewed annually for impairment.
1.5
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:
Plant and equipment
20% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
20% 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.
HUE HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
6
HUE HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023
Transfers
60,419
At 29 February 2024
60,419
Amortisation and impairment
At 1 March 2023
Impairment losses
8,750
At 29 February 2024
8,750
Carrying amount
At 29 February 2024
51,669
At 28 February 2023
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
30,346
833
6,518
37,392
75,089
Additions
1,297
3,806
49,845
54,948
Disposals
(2,547)
(24,650)
(27,197)
At 29 February 2024
30,346
2,130
7,777
62,587
102,840
Depreciation and impairment
At 1 March 2023
30,346
232
3,277
13,283
47,138
Depreciation charged in the year
301
2,216
12,517
15,034
Eliminated in respect of disposals
(1,276)
(1,276)
At 29 February 2024
30,346
533
4,217
25,800
60,896
Carrying amount
At 29 February 2024
1,597
3,560
36,787
41,944
At 28 February 2023
601
3,241
24,109
27,951
HUE HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
58,750
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023
58,750
Disposals
(58,750)
At 29 February 2024
-
Carrying amount
At 29 February 2024
-
At 28 February 2023
58,750
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
94,958
99,672
Amounts owed by group undertakings
16,300
Other debtors
19,467
5,692
114,425
121,664
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
54,425
9,590
Trade creditors
48,620
36,079
Taxation and social security
41,532
44,565
Other creditors
51,703
29,713
196,280
119,947
HUE HOUSE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
22,202
24,508
Other creditors
11,414
33,616
24,508
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
50
50
50
50
Ordinary B of £1 each
50
50
50
50
100
100
100
100
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
17,791