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No description of principal activity
2023-11-01
Sage Accounts Production Advanced 2023 - FRS102_2023
8,500
8,500
xbrli:pure
xbrli:shares
iso4217:GBP
02516567
2023-11-01
2024-10-31
02516567
2024-10-31
02516567
2023-10-31
02516567
2022-11-01
2023-10-31
02516567
2023-10-31
02516567
2022-10-31
02516567
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2023-11-01
2024-10-31
02516567
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2023-11-01
2024-10-31
02516567
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2023-11-01
2024-10-31
02516567
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2024-10-31
02516567
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2023-10-31
02516567
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2023-10-31
02516567
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2023-10-31
02516567
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2024-10-31
02516567
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2024-10-31
02516567
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2024-10-31
02516567
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2024-10-31
02516567
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2023-10-31
02516567
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2024-10-31
02516567
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2023-10-31
02516567
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2024-10-31
02516567
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2023-10-31
02516567
core:RetainedEarningsAccumulatedLosses
2024-10-31
02516567
core:RetainedEarningsAccumulatedLosses
2023-10-31
02516567
core:LandBuildings
2023-10-31
02516567
core:FurnitureFittings
2023-10-31
02516567
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2023-11-01
2024-10-31
02516567
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2023-11-01
2024-10-31
02516567
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2023-11-01
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2023-11-01
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2023-11-01
2024-10-31
02516567
core:ComputerEquipment
2023-10-31
02516567
core:ComputerEquipment
2024-10-31
COMPANY REGISTRATION NUMBER:
02516567
Hands-On Computer Solutions Ltd |
|
Filleted Unaudited Financial Statements |
|
Hands-On Computer Solutions Ltd |
|
Statement of Financial Position |
|
31 October 2024
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
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 .