Company Registration No. 10589679 (England and Wales)
My Happy Place 7 Ltd
Unaudited financial statements
for the year ended 30 March 2023
Pages for filing with the registrar
My Happy Place 7 Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
My Happy Place 7 Ltd
Statement of financial position
As at 30 March 2023
1
30 March 2023
31 March 2022
Notes
£
£
£
£
Current assets
Debtors
4
59,237
61,445
Creditors: amounts falling due within one year
5
(197,924)
(188,245)
Net current liabilities
(138,687)
(126,800)
Creditors: amounts falling due after more than one year
6
(42,592)
(50,412)
Net liabilities
(181,279)
(177,212)
Capital and reserves
Called up share capital
360
360
Profit and loss reserves
(181,639)
(177,572)
Total equity
(181,279)
(177,212)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 March 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
C J Shenton
Director
Company Registration No. 10589679
My Happy Place 7 Ltd
Notes to the financial statements
For the year ended 30 March 2023
2
1
Accounting policies
Company information
My Happy Place 7 Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 3 Oxford Court, Manchester, M2 3WQ.
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 £.
The financial statements have been prepared under the historical cost convention. 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
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
My Happy Place 7 Ltd
Notes to the financial statements (continued)
For the year ended 30 March 2023
1
Accounting policies (continued)
3
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (excluding non-remunerated directors) employed by the company during the year was:
2023
2022
Number
Number
Total
My Happy Place 7 Ltd
Notes to the financial statements (continued)
For the year ended 30 March 2023
4
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
31,155
31,145
Other debtors
28,082
30,300
59,237
61,445
Included within other debtors is £28,081 (2022: £30,300) due from other related parties, as detailed in note 7.
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,556
19,937
Trade creditors
1,356
Amounts owed to group undertakings
131,779
127,975
Corporation tax
300
Other taxation and social security
4,114
4,114
Other creditors
36,175
34,863
197,924
188,245
Included within other creditors is £33,150 (2022: £33,150) due to other related parties, as detailed in note 7.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
42,592
50,412
7
Related party transactions
The below figures represent outstanding amounts owed to / due from companies with the same management. The amounts have been included in debtors / creditors as appropriate.
2023
2022
Amounts due to related parties
£
£
Entities over which the entity has control, joint control or significant influence
131,779
127,975
Other related parties
33,150
33,150
My Happy Place 7 Ltd
Notes to the financial statements (continued)
For the year ended 30 March 2023
7
Related party transactions (continued)
5
2023
2022
Amounts due from related parties
£
£
Entities over which the entity has control, joint control or significant influence
31,155
31,145
Other related parties
28,081
30,300
8
Parent company
My Happy Place 7 Ltd is a wholly owned subsidiary of My Happy Place (Holdings) Limited.
The ultimate controlling party is Shenton Capital Ventures Ltd.