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Registered number: 10004514
The Hackney Collective Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Goldwyns London LLP
Unaudited Financial Statements
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—4
Page 1
Statement of Financial Position
Registered number: 10004514
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 6,654 7,785
6,654 7,785
CURRENT ASSETS
Debtors 4 3,785 2,214
Cash at bank and in hand 168 2,510
3,953 4,724
Creditors: Amounts Falling Due Within One Year 5 (39,029 ) (24,711 )
NET CURRENT ASSETS (LIABILITIES) (35,076 ) (19,987 )
TOTAL ASSETS LESS CURRENT LIABILITIES (28,422 ) (12,202 )
NET LIABILITIES (28,422 ) (12,202 )
CAPITAL AND RESERVES
Called up share capital 6 1 1
Income Statement (28,423 ) (12,203 )
SHAREHOLDERS' FUNDS (28,422) (12,202)
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr R Wright
Director
11/11/2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
These financial statements are prepared in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the financial currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
1.2. Going Concern Disclosure
The director has considered the prospect of the business for the next twelve months and beyond and has arrived at a reasonable expectation that the company will continue to meet its obligations as they fall due. The director has also pledged his financial support to assist with this if required. On this basis, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Straight line
Fixtures & Fittings 25% Straight line
Computer Equipment 25% Straight line
1.5. Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it related 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6. Financial Instruments
The company only enters into basic financial transactions that result in the recoginition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other parties, loans to related parties and investments in non- puttable ordinary shares.
1.7. 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.
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Page 3
1.8. Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers.These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2023: 1)
1 1
3. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 4,380 137 17,456 21,973
Additions - - 2,093 2,093
As at 29 February 2024 4,380 137 19,549 24,066
Depreciation
As at 1 March 2023 3,744 137 10,307 14,188
Provided during the period 318 - 2,906 3,224
As at 29 February 2024 4,062 137 13,213 17,412
Net Book Value
As at 29 February 2024 318 - 6,336 6,654
As at 1 March 2023 636 - 7,149 7,785
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,600 2,214
VAT recoverable 185 -
3,785 2,214
5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
VAT recoverable - 1,270
Accruals and deferred income 1,300 1,300
Director's loan account 37,729 22,141
39,029 24,711
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Page 4
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
The nominal value per share is £1 and as at the year-end there is 1 Ordinary shares in issue.
7. Related Party Transactions
As at the year-end, the Directors Loan Account balance of Mr R Wright  is £37,729, which is a current liability, interest free and repayable on demand.
8. General Information
The Hackney Collective Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10004514 . The registered office is C/O Goldwyns London LLP, No.1 Royal Exchange, London, EC3V 3DG.
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