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REGISTERED NUMBER: 01962080 (England and Wales)


Unaudited Financial Statements for the Year Ended 31 March 2024

for

Hotset Limited

Hotset Limited (Registered number: 01962080)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Hotset Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Parul Narendra Patel
Niral Narendra Patel
Viresh Mukesh Patel





SECRETARY: Mukesh Kanubhai Patel





REGISTERED OFFICE: 2nd Floor, Compton House
29-33 Church Road
Stanmore
Middleses
HA7 4AR





REGISTERED NUMBER: 01962080 (England and Wales)





ACCOUNTANTS: Andrew Murray & Co
Chartered Accountants & Statutory Auditors
144-146 Kings Cross Road
Kings Cross
London
London
WC1X9DU

Hotset Limited (Registered number: 01962080)

Statement of Financial Position
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 370,000 370,000

CURRENT ASSETS
Debtors 5 364,530 346,087
Cash at bank 7,782 5,995
372,312 352,082
CREDITORS
Amounts falling due within one year 6 308,430 305,931
NET CURRENT ASSETS 63,882 46,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

433,882

416,151

PROVISIONS FOR LIABILITIES 7 70,300 70,300
NET ASSETS 363,582 345,851

CAPITAL AND RESERVES
Called up share capital 8 7 7
Non-distributable reserves 9 299,700 299,700
Retained earnings 9 63,875 46,144
SHAREHOLDER FUNDS 363,582 345,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Hotset Limited (Registered number: 01962080)

Statement of Financial Position - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the Board of Directors and authorised for issue on 25 November 2024 and were signed on its behalf by:





Viresh Mukesh Patel - Director


Hotset Limited (Registered number: 01962080)

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

1. STATUTORY INFORMATION

Hotset Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net rental income, excluding value added tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Hotset Limited (Registered number: 01962080)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 370,000
NET BOOK VALUE
At 31 March 2024 370,000
At 31 March 2023 370,000

In the opinion of the directors' the fair value of the Company's investment property is not materially different from its book value as at the balance sheet date.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2016 370,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 364,530 346,087

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 948 -
Tax 4,692 3,611
Other creditors 298,409 298,769
Directors' current accounts 1,863 1,863
Accrued expenses 2,518 1,688
308,430 305,931

7. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 70,300 70,300

Deferred
tax
£   
Balance at 1 April 2023 70,300
Balance at 31 March 2024 70,300

Hotset Limited (Registered number: 01962080)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
7 Ordinary 1 7 7

9. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 April 2023 46,144 299,700 345,844
Profit for the year 17,731 17,731
At 31 March 2024 63,875 299,700 363,575

10. RELATED PARTY DISCLOSURES

At the year end the company owed P N Patel, a director of the company £1,863 (2023: £1,863).

At the year end the company owed Fandrive Limited who controls the company by virtue of shareholding £298,409 (2023: £298,769 ).