Company registration number 05418085 (England and Wales)
HOTBLACK DESIATO HIGHBURY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HOTBLACK DESIATO HIGHBURY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
HOTBLACK DESIATO HIGHBURY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
136,810
143,956
Current assets
Trade and other receivables
4
240,402
203,035
Cash and cash equivalents
55,003
47,593
295,405
250,628
Current liabilities
5
(121,850)
(63,282)
Net current assets
173,555
187,346
Net assets
310,365
331,302
Equity
Called up share capital
6
1,000
1,000
Retained earnings
309,365
330,302
Total equity
310,365
331,302

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 December 2024 and are signed on its behalf by:
J Blissett
Director
Company registration number 05418085 (England and Wales)
HOTBLACK DESIATO HIGHBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Hotblack Desiato Highbury Limited is a private company limited by shares incorporated in England and Wales. The place of business is 314 Upper Street, London, N1 2XQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover represents amounts receivable for services delivered during the year, exclusive of VAT. Turnover

is recognised at the point at which the company has fulfilled its contractual obligation to the client.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings and Other assets
straight line over the term of the lease
Fixtures, fittings & equipment
15% per annum on the reducing balance
Motor vehicles
20% per annum on the reducing balance
Other assets
straight line over the term of the lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

HOTBLACK DESIATO HIGHBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

HOTBLACK DESIATO HIGHBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
15
15
3
Property, plant and equipment
Leasehold land and buildings and Other assets
Fixtures, fittings & equipment
Motor vehicles
Other assets
Total
£
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
93,436
17,675
17,164
105,456
233,731
Depreciation and impairment
At 1 April 2023
47,627
14,668
11,966
15,514
89,775
Depreciation charged in the year
3,360
602
1,040
2,144
7,146
At 31 March 2024
50,987
15,270
13,006
17,658
96,921
Carrying amount
At 31 March 2024
42,449
2,405
4,158
87,798
136,810
At 31 March 2023
45,809
3,007
5,198
89,942
143,956
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,036
-
0
Other receivables
239,366
203,035
240,402
203,035
HOTBLACK DESIATO HIGHBURY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Current liabilities
2024
2023
£
£
Trade payables
2,114
2,682
Corporation tax
-
0
1,036
Other taxation and social security
53,699
12,711
Other payables
66,037
46,853
121,850
63,282

HSBC Bank PLC has fixed and floating charges over the company's assets.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
279,330
316,590
8
Related party transactions

At the year end the company was owed £223,412 (2023: £92,892) from companies under common control. The balances are interest free, unsecured and repayable on demand. Management fees of £160,000 (2023: £240,000) were charged to these companies during the year.

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