Registered number
12455552
Haines Commercials Limited
Filleted Accounts
29 February 2024
Haines Commercials Limited
Registered number: 12455552
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 9,600 -
Tangible assets 4 113,980 14,400
123,580 14,400
Current assets
Stocks 32,200 2,700
Debtors 5 152,681 78,473
Cash at bank and in hand 50,725 2,342
235,606 83,515
Creditors: amounts falling due within one year 6 (351,369) (106,222)
Net current liabilities (115,763) (22,707)
Total assets less current liabilities 7,817 (8,307)
Provisions for liabilities (592) (592)
Net assets/(liabilities) 7,225 (8,899)
Capital and reserves
Called up share capital 2 2
Profit and loss account 7,223 (8,901)
Shareholders' funds 7,225 (8,899)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
E C Levis
Director
Approved by the board on 19 November 2024
Haines Commercials Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 3
3 Intangible fixed assets £
Goodwill:
Cost
Additions 12,000
At 29 February 2024 12,000
Amortisation
Provided during the year 2,400
At 29 February 2024 2,400
Net book value
At 29 February 2024 9,600
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 18,000
Additions 128,900
At 29 February 2024 146,900
Depreciation
At 1 March 2023 3,600
Charge for the year 29,320
At 29 February 2024 32,920
Net book value
At 29 February 2024 113,980
At 28 February 2023 14,400
5 Debtors 2024 2023
£ £
Trade debtors 127,713 55,737
Other debtors 24,968 22,736
152,681 78,473
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 186,558 80,211
Taxation and social security costs 67,456 19,348
Other creditors 97,355 6,663
351,369 106,222
7 Controlling party
The company considers the directors to be its controlling parties.
8 Other information
Haines Commercials Limited is a private company limited by shares and incorporated in England. Its registered office is:
13 Whittle Way
Crawley
West Sussex
RH10 9RW
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