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Registration number: 08294615

Hythe Bay Financial Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Hythe Bay Financial Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Hythe Bay Financial Ltd

Company Information

Directors

Mrs A Jones

Mr S Jones

Registered office

5-6 Spring House Shops
141 High Street
Hythe
CT21 5JL

 

Hythe Bay Financial Ltd

(Registration number: 08294615)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

242,462

264,921

Tangible assets

5

25,699

33,705

 

268,161

298,626

Current assets

 

Debtors

6

26,158

19,013

Cash at bank and in hand

 

61,316

52,847

 

87,474

71,860

Creditors: Amounts falling due within one year

7

(15,447)

(17,645)

Net current assets

 

72,027

54,215

Total assets less current liabilities

 

340,188

352,841

Provisions for liabilities

(3,134)

(4,785)

Net assets

 

337,054

348,056

Capital and reserves

 

Called up share capital

300

100

Retained earnings

336,754

347,956

Shareholders' funds

 

337,054

348,056

For the financial year ending 30 September 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 4 February 2025 and signed on its behalf by:
 

 

Hythe Bay Financial Ltd

(Registration number: 08294615)
Balance Sheet as at 30 September 2024 (continued)

.........................................
Mr S Jones
Director

   
     
 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
5-6 Spring House Shops
141 High Street
Hythe
CT21 5JL
England

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.

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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

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 in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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% reducing balance

Furniture and fittings

10 years straight line

Short leasehold land and buildings

10 years straight line

Goodwill

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortisation. Amortisation is recognised on a straight-line basis over their estimated useful lives. The estimated useful live is between 5 and 20 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Either 5 or 20 years straight-line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

536,324

536,324

Additions acquired separately

11,005

11,005

At 30 September 2024

547,329

547,329

Amortisation

At 1 October 2023

271,403

271,403

Amortisation charge

33,464

33,464

At 30 September 2024

304,867

304,867

Carrying amount

At 30 September 2024

242,462

242,462

At 30 September 2023

264,921

264,921

 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

12,183

5,764

24,009

21,736

63,692

Additions

-

-

478

-

478

At 30 September 2024

12,183

5,764

24,487

21,736

64,170

Depreciation

At 1 October 2023

5,175

2,596

15,014

7,202

29,987

Charge for the year

1,218

576

2,343

4,347

8,484

At 30 September 2024

6,393

3,172

17,357

11,549

38,471

Carrying amount

At 30 September 2024

5,790

2,592

7,130

10,187

25,699

At 30 September 2023

7,008

3,168

8,995

14,534

33,705

Included within the net book value of land and buildings above is £5,789 (2023 - £7,008) in respect of short leasehold land and buildings.
 

6

Debtors

2024
£

2023
£

Trade debtors

20,018

13,145

Prepayments

6,140

5,868

26,158

19,013

Current

2024
£

2023
£

Trade debtors

20,018

13,145

Prepayments

6,140

5,868

 

26,158

19,013

 

Hythe Bay Financial Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,720

4,496

Trade creditors

 

330

2,827

Taxation and social security

 

8,968

9,017

Accruals and deferred income

 

1,428

1,305

Other creditors

 

1

-

 

15,447

17,645

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors current account

4,720

4,496