Silverfin false false 31/07/2024 01/08/2023 31/07/2024 F A M Kenny 01/03/2022 L M Mcquade 01/03/2022 K J Sadler 01/03/2022 S M C Tumelty 11/03/2021 19 February 2025 The principal activity of the Company during the financial year was that of Health and Safety services. 06295311 2024-07-31 06295311 bus:Director1 2024-07-31 06295311 bus:Director2 2024-07-31 06295311 bus:Director3 2024-07-31 06295311 bus:Director4 2024-07-31 06295311 2023-07-31 06295311 core:CurrentFinancialInstruments 2024-07-31 06295311 core:CurrentFinancialInstruments 2023-07-31 06295311 core:ShareCapital 2024-07-31 06295311 core:ShareCapital 2023-07-31 06295311 core:RetainedEarningsAccumulatedLosses 2024-07-31 06295311 core:RetainedEarningsAccumulatedLosses 2023-07-31 06295311 core:FurnitureFittings 2023-07-31 06295311 core:OfficeEquipment 2023-07-31 06295311 core:FurnitureFittings 2024-07-31 06295311 core:OfficeEquipment 2024-07-31 06295311 core:ImmediateParent core:CurrentFinancialInstruments 2024-07-31 06295311 core:ImmediateParent core:CurrentFinancialInstruments 2023-07-31 06295311 bus:OrdinaryShareClass1 2024-07-31 06295311 2023-08-01 2024-07-31 06295311 bus:FilletedAccounts 2023-08-01 2024-07-31 06295311 bus:SmallEntities 2023-08-01 2024-07-31 06295311 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06295311 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06295311 bus:Director1 2023-08-01 2024-07-31 06295311 bus:Director2 2023-08-01 2024-07-31 06295311 bus:Director3 2023-08-01 2024-07-31 06295311 bus:Director4 2023-08-01 2024-07-31 06295311 core:FurnitureFittings core:TopRangeValue 2023-08-01 2024-07-31 06295311 core:OfficeEquipment core:TopRangeValue 2023-08-01 2024-07-31 06295311 2022-08-01 2023-07-31 06295311 core:FurnitureFittings 2023-08-01 2024-07-31 06295311 core:OfficeEquipment 2023-08-01 2024-07-31 06295311 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 06295311 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06295311 (England and Wales)

THE HS DEPT LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

THE HS DEPT LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

THE HS DEPT LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
THE HS DEPT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 1,438 4,145
1,438 4,145
Current assets
Debtors 5 90,219 44,078
Cash at bank and in hand 39,119 29,357
129,338 73,435
Creditors: amounts falling due within one year 6 ( 121,952) ( 70,666)
Net current assets 7,386 2,769
Total assets less current liabilities 8,824 6,914
Provision for liabilities 0 ( 406)
Net assets 8,824 6,508
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 8,724 6,408
Total shareholder's funds 8,824 6,508

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The HS Dept Ltd (registered number: 06295311) were approved and authorised for issue by the Board of Directors on 19 February 2025. They were signed on its behalf by:

K J Sadler
Director
THE HS DEPT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
THE HS DEPT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The HS Dept Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Brook Office Park, Emersons Green, Bristol, BS16 7FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Prior year adjustment

The Dividends declared and paid and Amounts owed to Parent undertakings were understated by £17,000, and Profit and loss account was overstated by £17,000 in the previous year.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings 3 years straight line
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

At the year ended 31 July 2023 there were no adjustments made with respect to dividends between group companies proposed in the minutes of a meeting between the Board of Directors.

The statement of financial position and statement of income and retained earnings have been restated to reflect the correct position.

As previously reported Adjustment As restated
Year ended 31 July 2023 £ £ £
Dividends declared and paid 0 (17,000) (17,000)
Amounts owed to Parent undertakings 0 17,000 17,000
Profit and loss account 23,408 (17,000) 6,408

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 August 2023 5,156 4,991 10,147
Additions 129 293 422
Disposals 0 ( 2,928) ( 2,928)
At 31 July 2024 5,285 2,356 7,641
Accumulated depreciation
At 01 August 2023 3,051 2,951 6,002
Charge for the financial year 1,758 1,371 3,129
Disposals 0 ( 2,928) ( 2,928)
At 31 July 2024 4,809 1,394 6,203
Net book value
At 31 July 2024 476 962 1,438
At 31 July 2023 2,105 2,040 4,145

5. Debtors

2024 2023
£ £
Trade debtors 66,780 24,507
Amounts owed by Group undertakings 4,375 11,559
Amounts owed by Parent undertakings 100 100
Prepayments 18,964 7,912
90,219 44,078

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 1,196 1,154
Amounts owed to Group undertakings 44,658 235
Amounts owed to Parent undertakings 17,000 17,000
Accruals and deferred income 34,444 34,219
Taxation and social security 23,329 16,681
Other creditors 1,325 1,377
121,952 70,666

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 987 1,262

9. Related party transactions

The Company has taken advantage of the exemption in section 1AC.35 of FRS 102 to not disclose related party transactions with wholly owned subsidiaries within the group.