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Registration number: 05754703

HWP Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

HWP Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

Dividends paid to directors

9

 

HWP Limited

Company Information

Director

Mr Robert Ian Hairsine

Company secretary

Mrs Tracey Jan Hairsine

Registered office

The Old Post Office
Main Street
Seaton
Hornsea
East Yorkshire
HU11 5RA

Bankers

HSBC Bank
Merit House

Accountants

Flexibility Professional Services (UK) Ltd
Cherry Tree Court
36 Ferensway
Hull
East Yorkshire
HU2 8NH

 

HWP Limited

(Registration number: 05754703)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,381

1,467

Current assets

 

Debtors

5

39,931

25,709

Cash at bank and in hand

 

91,993

116,415

 

131,924

142,124

Creditors: Amounts falling due within one year

6

(29,230)

(53,741)

Net current assets

 

102,694

88,383

Total assets less current liabilities

 

104,075

89,850

Provisions for liabilities

(262)

(279)

Net assets

 

103,813

89,571

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

103,811

89,569

Shareholders' funds

 

103,813

89,571

For the financial year ending 31 March 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 April 2024
 

 

HWP Limited

(Registration number: 05754703)
Balance Sheet as at 31 March 2024

.........................................
Mr Robert Ian Hairsine
Director

 

HWP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
The Old Post Office
Main Street
Seaton
Hornsea
East Yorkshire
HU11 5RA
United Kingdom

These financial statements were authorised for issue by the director on 23 April 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.

Going concern

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

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.

 

HWP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Government grants

Government grants are charged to the Profit and Loss account on accrual basis unless they are connected to an asset purchase in which case they amortised over the life of the asset. Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the Statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

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

Furniture and fixtures

Reducing balance at 25%.

Office equipment

Reducing balance at 25%.

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.

 

HWP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

HWP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

10,251

10,251

Additions

373

373

At 31 March 2024

10,624

10,624

Depreciation

At 1 April 2023

8,783

8,783

Charge for the year

460

460

At 31 March 2024

9,243

9,243

Carrying amount

At 31 March 2024

1,381

1,381

At 31 March 2023

1,467

1,467

5

Debtors

Current

2024
£

2023
£

Trade debtors

26,480

12,400

Prepayments

3,451

3,309

Other debtors

10,000

10,000

 

39,931

25,709

 

HWP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,626

38,725

Trade creditors

 

2

1

Taxation and social security

 

21,702

14,115

Accruals and deferred income

 

900

900

 

29,230

53,741

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary £1 of £1 each

2

2

2

2

         

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

6,626

38,725

9

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £20,000.00 (2023 - £8,500.00) per each Ordinary £1

 

40,000

 

17,000

         
 

HWP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Robert Ian Hairsine

Directors Loan Account

(38,725)

72,099

(40,000)

(6,626)

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr Robert Ian Hairsine

Directors Loan Account

(59,155)

37,431

(17,000)

(38,725)

         
       

 

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,140

12,140

Dividends paid to directors

   

2024
£

 

2023
£

Mr Robert Ian Hairsine

       

Ordinary £1

 

40,000

 

17,000