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REGISTERED NUMBER: 10562379 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 January 2024

for

HK DIFFERENCE LIMITED

HK DIFFERENCE LIMITED (REGISTERED NUMBER: 10562379)






Contents of the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


HK DIFFERENCE LIMITED

Company Information
FOR THE YEAR ENDED 31 JANUARY 2024







DIRECTORS: Ms A Ford
M H Kose





REGISTERED OFFICE: 1 Kings Avenue
London
N21 3NA





REGISTERED NUMBER: 10562379 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

HK DIFFERENCE LIMITED (REGISTERED NUMBER: 10562379)

Statement of Financial Position
31 JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 28,197 37,054

CURRENT ASSETS
Debtors 5 73,416 67,368
Cash at bank and in hand 5,630 8,713
79,046 76,081
CREDITORS
Amounts falling due within one year 6 508,615 495,374
NET CURRENT LIABILITIES (429,569 ) (419,293 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(401,372

)

(382,239

)

CREDITORS
Amounts falling due after more than one year 7 18,359 34,667
NET LIABILITIES (419,731 ) (416,906 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (419,831 ) (417,006 )
SHAREHOLDERS' FUNDS (419,731 ) (416,906 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Ms A Ford - Director


HK DIFFERENCE LIMITED (REGISTERED NUMBER: 10562379)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 JANUARY 2024

1. STATUTORY INFORMATION

HK Difference Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision and future periods where the revision affects both current and future periods. There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost included costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis:


Short leaseholdOver the life of the lease
Improvements to propertyOver the life of the lease
Computer equipment25% reducing balance basis
Fixtures and fittings25% reducing balance basis

The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Financial instruments
Basic financial assets and liabilities, which include debtors, creditors, 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.

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 statement of financial position date.


HK DIFFERENCE LIMITED (REGISTERED NUMBER: 10562379)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Short Leasehold and Computer
leasehold improvements fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2023 81,082 46,803 31,827 3,365 163,077
Additions - - - 1,075 1,075
At 31 January 2024 81,082 46,803 31,827 4,440 164,152
DEPRECIATION
At 1 February 2023 80,748 18,323 25,929 1,023 126,023
Charge for year 334 7,270 1,474 854 9,932
At 31 January 2024 81,082 25,593 27,403 1,877 135,955
NET BOOK VALUE
At 31 January 2024 - 21,210 4,424 2,563 28,197
At 31 January 2023 334 28,480 5,898 2,342 37,054

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,460 1,852
Other debtors 56,654 49,725
Accrued Income 1,726 1,767
Prepayments 12,576 14,024
73,416 67,368

HK DIFFERENCE LIMITED (REGISTERED NUMBER: 10562379)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 JANUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 8,473 8,522
Hire purchase contracts 10,224 12,564
Trade creditors 24,138 53,704
Social security and other taxes 7,369 12,261
Pension Payable (376 ) (337 )
VAT 19,625 14,233
Other creditors 26,708 31,141
Directors' current accounts 389,742 361,286
Accrued expenses 22,712 2,000
508,615 495,374

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 8,473 9,081
Bank loans - 2-5 years 2,126 9,941
Hire purchase contracts 7,760 15,645
18,359 34,667

8. RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year, is an amount of £389,742 (2023: £361,286) owed to the directors of the company.

This loan is interest free and repayable on demand.