0 false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,723,675 1,623,601 841,370 16,622 4,489,284 1,245,420 358,506 392,588 1,211,338 3,277,946 2,478,255 360 360 360 xbrli:pure xbrli:shares iso4217:GBP 05776313 2023-05-01 2024-04-30 05776313 2024-04-30 05776313 2023-04-30 05776313 2022-05-01 2023-04-30 05776313 2023-04-30 05776313 2022-04-30 05776313 core:MotorVehicles 2023-05-01 2024-04-30 05776313 bus:Director1 2023-05-01 2024-04-30 05776313 bus:Director3 2023-05-01 2024-04-30 05776313 bus:Director4 2023-05-01 2024-04-30 05776313 core:MotorVehicles 2023-04-30 05776313 core:MotorVehicles 2024-04-30 05776313 core:WithinOneYear 2024-04-30 05776313 core:WithinOneYear 2023-04-30 05776313 core:AfterOneYear 2024-04-30 05776313 core:AfterOneYear 2023-04-30 05776313 core:UKTax 2023-05-01 2024-04-30 05776313 core:UKTax 2022-05-01 2023-04-30 05776313 core:ShareCapital 2024-04-30 05776313 core:ShareCapital 2023-04-30 05776313 core:RevaluationReserve 2024-04-30 05776313 core:RevaluationReserve 2023-04-30 05776313 core:RetainedEarningsAccumulatedLosses 2024-04-30 05776313 core:RetainedEarningsAccumulatedLosses 2023-04-30 05776313 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 05776313 core:Non-currentFinancialInstruments 2024-04-30 05776313 core:Non-currentFinancialInstruments 2023-04-30 05776313 core:MotorVehicles 2023-04-30 05776313 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2024-04-30 05776313 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-04-30 05776313 bus:Director1 2023-04-30 05776313 bus:Director1 2024-04-30 05776313 bus:Director3 2023-04-30 05776313 bus:Director3 2024-04-30 05776313 bus:Director4 2023-04-30 05776313 bus:Director4 2024-04-30 05776313 bus:Director1 2022-04-30 05776313 bus:Director1 2023-04-30 05776313 bus:Director3 2022-04-30 05776313 bus:Director3 2023-04-30 05776313 bus:Director4 2022-04-30 05776313 bus:Director4 2023-04-30 05776313 bus:Director1 2022-05-01 2023-04-30 05776313 bus:Director3 2022-05-01 2023-04-30 05776313 bus:Director4 2022-05-01 2023-04-30 05776313 bus:SmallEntities 2023-05-01 2024-04-30 05776313 bus:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 05776313 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 05776313 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 05776313 bus:FullAccounts 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: 05776313
Headprism Limited
Filleted Unaudited Financial Statements
30 April 2024
Headprism Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
232,781
125,266
Tangible assets
6
3,277,946
2,478,255
Investments
7
360
360
------------
------------
3,511,087
2,603,881
Current assets
Debtors
8
972,353
853,692
Cash at bank and in hand
20,286
18,456
---------
---------
992,639
872,148
Creditors: amounts falling due within one year
9
1,002,987
634,011
------------
---------
Net current (liabilities)/assets
( 10,348)
238,137
------------
------------
Total assets less current liabilities
3,500,739
2,842,018
Creditors: amounts falling due after more than one year
10
259,464
182,596
Provisions
Taxation including deferred tax
622,810
470,868
------------
------------
Net assets
2,618,465
2,188,554
------------
------------
Capital and reserves
Called up share capital
696
696
Revaluation reserve
51,388
68,010
Profit and loss account
2,566,381
2,119,848
------------
------------
Shareholders funds
2,618,465
2,188,554
------------
------------
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 comprehensive income 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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Headprism Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 21 January 2025 , and are signed on behalf of the board by:
K May Esq
Director
Company registration number: 05776313
Headprism 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 and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
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 investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Hackney Carriage Plates which comprise Taxi Plates held for rental, are shown at historical cost less accumulated amortisation and impairment losses.
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:
Hackney carriage plates
-
10% straight line
Vehicle registration plates
-
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:
Motor vehicles
-
10% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
160,415
10,485
Adjustments in respect of prior periods
18,763
---------
--------
Total current tax
179,178
10,485
---------
--------
Deferred tax:
Origination and reversal of timing differences
151,941
82,717
---------
--------
Tax on profit
331,119
93,202
---------
--------
5. Intangible assets
Hackney carriage plates
Vehicle registration plates
Total
£
£
£
Cost
At 1 May 2023
199,240
199,240
Additions
129,000
12,599
141,599
---------
--------
---------
At 30 April 2024
328,240
12,599
340,839
---------
--------
---------
Amortisation
At 1 May 2023
73,974
73,974
Charge for the year
32,824
1,260
34,084
---------
--------
---------
At 30 April 2024
106,798
1,260
108,058
---------
--------
---------
Carrying amount
At 30 April 2024
221,442
11,339
232,781
---------
--------
---------
At 30 April 2023
125,266
125,266
---------
--------
---------
6. Tangible assets
Motor vehicles
Total
£
£
Cost or valuation
At 1 May 2023
3,723,675
3,723,675
Additions
1,623,601
1,623,601
Disposals
( 841,370)
( 841,370)
Revaluations
( 16,622)
( 16,622)
------------
------------
At 30 April 2024
4,489,284
4,489,284
------------
------------
Depreciation
At 1 May 2023
1,245,420
1,245,420
Charge for the year
358,506
358,506
Disposals
( 392,588)
( 392,588)
------------
------------
At 30 April 2024
1,211,338
1,211,338
------------
------------
Carrying amount
At 30 April 2024
3,277,946
3,277,946
------------
------------
At 30 April 2023
2,478,255
2,478,255
------------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2024
1,012,489
------------
At 30 April 2023
806,789
------------
7. Investments
Other investments other than loans
£
Cost
At 1 May 2023 and 30 April 2024
360
----
Impairment
At 1 May 2023 and 30 April 2024
----
Carrying amount
At 30 April 2024
360
----
At 30 April 2023
360
----
The company owns 100% of the issued voting share capital of K&K Hire Limited. As at the 30th April 2024, K&K Hire Limited had capital and reserves of £30,038 (2023: £29,666) and a profit within the year £211,631 (2023: £670,472).
8. Debtors
2024
2023
£
£
Other debtors
972,353
853,692
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,898
17,554
Corporation tax
161,982
10,486
Social security and other taxes
15,423
Other creditors
828,107
590,548
------------
---------
1,002,987
634,011
------------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,003
64,243
Other creditors
228,461
118,353
---------
---------
259,464
182,596
---------
---------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
K May Esq
( 223,899)
13,270
( 210,629)
A May Esq
( 22,667)
( 1,450)
( 24,117)
D May Esq
( 19,968)
( 1,598)
( 21,566)
---------
--------
---------
( 266,534)
10,222
( 256,312)
---------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
K May Esq
( 236,807)
12,908
( 223,899)
A May Esq
( 21,304)
( 1,363)
( 22,667)
D May Esq
( 18,489)
( 1,479)
( 19,968)
---------
--------
---------
( 276,600)
10,066
( 266,534)
---------
--------
---------