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Company registration number: 09436084
Hicks and Company Accountants Ltd
Unaudited filleted financial statements
31 March 2024
Hicks and Company Accountants Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hicks and Company Accountants Ltd
Directors and other information
Directors Mr P N Dean
Mr A J Bacon
Mr G D Brown (Resigned 31 March 2024)
Company number 09436084
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Hicks and Company Accountants Ltd
Statement of financial position
31 March 2024
31/03/24 30/04/23
Note £ £ £ £
Fixed assets
Intangible assets 5 178,475 71,644
_______ _______
178,475 71,644
Current assets
Debtors 6 49,995 27,625
Cash at bank and in hand 100 100
_______ _______
50,095 27,725
Creditors: amounts falling due
within one year 7 ( 25,470) ( 90,134)
_______ _______
Net current assets/(liabilities) 24,625 ( 62,409)
_______ _______
Total assets less current liabilities 203,100 9,235
Creditors: amounts falling due
after more than one year 8 ( 156,399) -
_______ _______
Net assets 46,701 9,235
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 46,601 9,135
_______ _______
Shareholders funds 46,701 9,235
_______ _______
For the period ending 31 March 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 period 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr P N Dean
Director
Company registration number: 09436084
Hicks and Company Accountants Ltd
Notes to the financial statements
Period ended 31 March 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 Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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 - Over 10 years
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.
Impairment
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. 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 are 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.
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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to Nil (2023: Nil).
The company had no employees in the year other than the directors.
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 77,455 77,455
Additions 125,422 125,422
_______ _______
At 31 March 2024 202,877 202,877
_______ _______
Amortisation
At 1 May 2023 5,811 5,811
Charge for the period 18,591 18,591
_______ _______
At 31 March 2024 24,402 24,402
_______ _______
Carrying amount
At 31 March 2024 178,475 178,475
_______ _______
At 30 April 2023 71,644 71,644
_______ _______
6. Debtors
31/03/24 30/04/23
£ £
Trade debtors 49,995 27,625
_______ _______
7. Creditors: amounts falling due within one year
31/03/24 30/04/23
£ £
Corporation tax 18,170 6,760
Other creditors 7,300 83,374
_______ _______
25,470 90,134
_______ _______
8. Creditors: amounts falling due after more than one year
31/03/24 30/04/23
£ £
Other creditors - Amount due to Director 156,399 -
_______ _______
9. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 31/03/24
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P N Dean ( 69,528) ( 86,871) ( 156,399)
_______ _______ _______
Year ended 30/04/23
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P N Dean - ( 69,528) ( 69,528)
_______ _______ _______