REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MAY 2024 |
FOR |
MICHAEL HOGGARD LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 MAY 2024 |
FOR |
MICHAEL HOGGARD LIMITED |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Accountants' Report | 8 |
MICHAEL HOGGARD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 MAY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
BALANCE SHEET |
30 MAY 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
BALANCE SHEET - continued |
30 MAY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MAY 2024 |
1. | STATUTORY INFORMATION |
Michael Hoggard Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The directors have made an assessment in preparing these financial statements as to whether the company is a going concern. The Company is not expected to generate any significant income in the future. The intention of it's directors is to close the Company within the next financial year, once the outstanding debtors and creditors have been settled. As such, the financial statements have been prepared on the basis other than going concern. This basis includes, where applicable, writing the company's assets down to net realisable value. No provisions have been made for the future costs of terminating the business unless such costs were committed at the reporting date. |
Turnover |
Turnover is the amount derived from ordinary activities and is stated after trade discounts, other sales taxes and net of value added tax. Profit or losses arising on long term projects are recognised only to the extent that there is reasonable certainty that such will arise, based on the stage of completion. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, depreciation is provided on the following basis: |
Plant & machinery - 10% on cost |
Motor Vehicles - 25% reducing balance |
Computer Equipment - 15% reducing balance |
Leasehold Improvements - 10% on cost |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. |
Financial instruments |
Short term debtors and creditors are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MAY 2024 |
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Long term contracts |
Long term contracts include estimation over expected costs to complete the contract, compared to costs incurred to date, in order to ascertain the stage of completion of the contract and therefore the amount of revenue to be recognised on that contract within the year. |
The attributable profit on long term contracts is recognised once their outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of work completed to date on the project. |
Full provision is made for losses on contracts in the year in which the loss is first foreseen. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Leasehold |
Office | Fixtures |
and | Plant and | and | Motor |
Workshop | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 31 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 May 2024 |
DEPRECIATION |
At 31 May 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 May 2024 |
NET BOOK VALUE |
At 30 May 2024 |
At 30 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
MICHAEL HOGGARD LIMITED (REGISTERED NUMBER: 01277042) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MAY 2024 |
7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 May 2024 and 30 May 2023: |
2024 | 2023 |
£ | £ |
Mrs J M Hoggard |
Balance outstanding at start of year | - | (163,972 | ) |
Amounts advanced | - | 163,972 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
M G Hoggard |
Balance outstanding at start of year | - | (9,872 | ) |
Amounts advanced | - | 9,872 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loans are repayable on demand. When the loan is in credit no interest is paid to the directors. When the loan is overdrawn interest is payable to the company at the HMRC official rate of interest. |
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
MICHAEL HOGGARD LIMITED |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Michael Hoggard Limited for the year ended 30 May 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Michael Hoggard Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Michael Hoggard Limited and state those matters that we have agreed to state to the Board of Directors of Michael Hoggard Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Michael Hoggard Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Michael Hoggard Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Michael Hoggard Limited. You consider that Michael Hoggard Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Michael Hoggard Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Avebury House |
St Peter Street |
Winchester |
Hampshire |
SO23 8BN |