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COMPANY REGISTRATION NUMBER: 04393384
Hearbuy Limited
Filleted Unaudited Financial Statements
30 April 2024
Hearbuy Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
19,732
28,335
Current assets
Stocks
33,021
54,306
Debtors
7
172,337
295,414
Cash at bank and in hand
45,067
137,764
---------
---------
250,425
487,484
Creditors: amounts falling due within one year
8
541,456
671,579
---------
---------
Net current liabilities
291,031
184,095
---------
---------
Total assets less current liabilities
( 271,299)
( 155,760)
Creditors: amounts falling due after more than one year
9
83,789
108,095
---------
---------
Net liabilities
( 355,088)
( 263,855)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 355,188)
( 263,955)
---------
---------
Shareholders deficit
( 355,088)
( 263,855)
---------
---------
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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hearbuy Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 20 January 2025 , and are signed on behalf of the board by:
Mr A Martin
Director
Company registration number: 04393384
Hearbuy Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 13D Main Street, Keyworth, Nottingham, NG12 5AA.
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 measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At 30 April 2024 the company had net liabilities of £356,738 (2023 - £263,855), and relies on the continued support of several major suppliers. The director is confident that this support shall continue for the foreseeable future.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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
-
10% 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 and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Computers
-
25% straight line
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Intangible assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
111,194
---------
Amortisation
At 1 May 2023 and 30 April 2024
111,194
---------
Carrying amount
At 30 April 2024
---------
At 30 April 2023
---------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 May 2023
39,134
19,125
47,184
105,443
Additions
833
1,665
2,498
--------
--------
--------
---------
At 30 April 2024
39,967
19,125
48,849
107,941
--------
--------
--------
---------
Depreciation
At 1 May 2023
32,301
7,319
37,488
77,108
Charge for the year
2,775
3,719
4,607
11,101
--------
--------
--------
---------
At 30 April 2024
35,076
11,038
42,095
88,209
--------
--------
--------
---------
Carrying amount
At 30 April 2024
4,891
8,087
6,754
19,732
--------
--------
--------
---------
At 30 April 2023
6,833
11,806
9,696
28,335
--------
--------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
142,775
271,764
Other debtors
29,562
23,650
---------
---------
172,337
295,414
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
22,000
19,038
Trade creditors
490,445
603,154
Social security and other taxes
18,363
26,386
Other creditors
10,648
23,001
---------
---------
541,456
671,579
---------
---------
Within creditors due within one year are bank loans of £22,000 (2023 - £19,038) which is secured by the UK Government.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
83,789
108,095
--------
---------
Within creditors due after more than one year are bank loans of £83,789 (2023 - £108,095) which is secured by the UK Government.