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Registration number: 12560341

HMC Funding Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

HMC Funding Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

HMC Funding Limited

Company Information

Directors

C M Tullett

B C Bailey

Registered office

Berkeley Suite
35 Berkeley Square
Mayfair
London
W1J 5BF

Accountants

Burton Sweet Ltd
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

HMC Funding Limited

(Registration number: 12560341)
Balance Sheet
30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,909

5,871

Current assets

 

Debtors

5

53,766

62,432

Cash at bank and in hand

 

7,649

5,954

 

61,415

68,386

Creditors: Amounts falling due within one year

6

(80,253)

(70,688)

Net current liabilities

 

(18,838)

(2,302)

Net (liabilities)/assets

 

(15,929)

3,569

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(15,931)

3,567

Shareholders' (deficit)/funds

 

(15,929)

3,569

 

HMC Funding Limited

(Registration number: 12560341)
Balance Sheet
30 April 2024

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 January 2025 and signed on its behalf by:
 

.........................................
C M Tullett
Director

.........................................
B C Bailey
Director

 

HMC Funding Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Berkeley Suite
35 Berkeley Square
Mayfair
London
W1J 5BF
England

These financial statements were authorised for issue by the Board on 28 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The company had a difficult year and since the year end have been activley persuing new funding options and the company has the ongoing support of the directors.

 

HMC Funding Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% per annum straight line

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business and are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and are recognised at the transaction price. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

HMC Funding Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

11,859

11,859

At 30 April 2024

11,859

11,859

Depreciation

At 1 May 2023

5,988

5,988

Charge for the year

2,962

2,962

At 30 April 2024

8,950

8,950

Carrying amount

At 30 April 2024

2,909

2,909

At 30 April 2023

5,871

5,871

 

HMC Funding Limited

Notes to the Unaudited Financial Statements
Year Ended 30 April 2024

5

Debtors

2024
£

2023
£

Trade debtors

1,048

499

Other debtors

52,000

61,266

Prepayments

718

667

53,766

62,432

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,745

14,764

Taxation and social security

-

587

Accruals and deferred income

1,440

1,320

Other creditors

66,068

54,017

80,253

70,688