Registered number
05623108
Hana Design Limited
Report and Accounts
31 March 2024
Hana Design Limited
Registered number: 05623108
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,854 1,854
Current assets
Stocks 193,088 73,088
Debtors 4 578,972 679,646
Cash at bank and in hand 79,218 118,376
851,278 871,110
Creditors: amounts falling due within one year 5 (469,123) (428,709)
Net current assets 382,155 442,401
Net assets 384,009 444,255
Capital and reserves
Called up share capital 1 1
Profit and loss account 384,008 444,254
Shareholders' funds 384,009 444,255
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Issa
Director
Approved by the board on 10 May 2024
Hana Design Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 1,854
At 31 March 2024 1,854
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 1,854
At 31 March 2023 1,854
4 Debtors 2024 2023
£ £
Trade debtors 517,940 673,377
Other debtors 61,032 6,269
578,972 679,646
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 43
Trade creditors 2,733 4,760
Corporation tax - 20,740
Other taxes and social security costs 2,475 783
Other creditors 463,915 402,383
469,123 428,709
6 Controlling party
R Issa has the control of the company by virtue of 100% shareholding.
7 Other information
Hana Design Limited is a private company limited by shares and incorporated in England. Its registered office is:
33 Bicknall Street
Blackburn
Lancashire
BB1 7EY
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