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COMPANY REGISTRATION NUMBER: 02516567
Hands-On Computer Solutions Ltd
Filleted Unaudited Financial Statements
For the year ended
31 October 2024
Hands-On Computer Solutions Ltd
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
618,134
606,536
Current assets
Stocks
1,155
3,618
Debtors
7
343,560
316,979
Cash at bank and in hand
407,405
317,996
---------
---------
752,120
638,593
Creditors: amounts falling due within one year
8
592,396
558,061
---------
---------
Net current assets
159,724
80,532
---------
---------
Total assets less current liabilities
777,858
687,068
Provisions
Taxation including deferred tax
45,458
38,326
---------
---------
Net assets
732,400
648,742
---------
---------
Hands-On Computer Solutions Ltd
Statement of Financial Position (continued)
31 October 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
60
60
Non-distributable reserve
106,273
106,273
Profit and loss account
626,067
542,409
---------
---------
Shareholders funds
732,400
648,742
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 December 2024 , and are signed on behalf of the board by:
Mr N Billings
Company registration number: 02516567
Hands-On Computer Solutions Ltd
Notes to the Financial Statements
Year ended 31st October 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 96 High Street, Little Lever, Bolton, Lancashire, BL3 1LR, ENGLAND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception: Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant, fixtures and fittings
-
15% straight line
Motor vehicles
-
20% straight line
Computer equipment
-
50% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Particulars of employees
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1st November 2023 and 31st October 2024
8,500
-------
Amortisation
At 1st November 2023 and 31st October 2024
8,500
-------
Carrying amount
At 31st October 2024
-------
At 31st October 2023
-------
6. Tangible assets
Investment property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st November 2023
600,000
21,732
9,403
55,027
686,162
Additions
15,500
4,679
20,179
---------
--------
--------
--------
---------
At 31st October 2024
600,000
21,732
24,903
59,706
706,341
---------
--------
--------
--------
---------
Depreciation
At 1st November 2023
19,648
9,403
50,575
79,626
Charge for the year
1,216
2,842
4,523
8,581
---------
--------
--------
--------
---------
At 31st October 2024
20,864
12,245
55,098
88,207
---------
--------
--------
--------
---------
Carrying amount
At 31st October 2024
600,000
868
12,658
4,608
618,134
---------
--------
--------
--------
---------
At 31st October 2023
600,000
2,084
4,452
606,536
---------
--------
--------
--------
---------
At 31st October 2020 investment properties were revalued by the directors by reference to the values of similar properties being sold in the same location, discussions with Estate Agents and by reference to the rental returns. The directors consider that since then no further adjustment is required as at 31st October 2024.
7. Debtors
2024
2023
£
£
Trade debtors
341,721
315,264
Other debtors
1,839
1,715
---------
---------
343,560
316,979
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
97,819
73,378
Corporation tax
94,725
73,419
Social security and other taxes
76,993
79,924
Other creditors
322,859
331,340
---------
---------
592,396
558,061
---------
---------
9. Directors' advances, credits and guarantees
Included in other creditors are amounts owing to Mr N Billings of £6,175 (2023: £25,523), Mr N Downham of £5,200 (2023: £NIL), Mr M O'Brien of £5,525 (2023: £NIL) and Mr S Billings of £5,850 (2023: £NIL), all directors of the company. Interest on these loans are charged to the company on a commercial basis.
10. Related party transactions
The directors jointly control the company. Included in other creditors are amounts owing to Miss R Billings, a daughter of one of the directors, of £NIL (2023: £25,000). Interest on this loan is charged to the company on a commercial basis .