smallAccCompHo_0921.xslt
Company Registration No. 08515077 (England and Wales)
HONCHO DESIGN LIMITED
Financial Statements
for the Period from 01 June 2023 to 31 May 2024

HONCHO DESIGN LIMITED

Financial Statements for the period ending 31 May 2024

HONCHO DESIGN LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

1. Statutory Information
HONCHO DESIGN LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08515077.
2. Accounting Policies
Basis of preparing the Financial Statements
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.Revenue from the sale of goods is recognised when all the following conditions are satisfied:• the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;• the amount of revenue can be measured reliably;• it is probable that the economic benefits associated with the transaction will flow to the Company;and• the costs incurred or to be incurred in respect of the transaction can be measured reliably.Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

HONCHO DESIGN LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

Current Tax
Income tax expense represents the sum of the tax currently payable and deferred tax.The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Tangible Fixed Asset Policy
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:Buildings - No DepreciationComputer Equipment - 33% Straight Line

HONCHO DESIGN LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

Intangible Asset Policy
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Deferred Tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

HONCHO DESIGN LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2024 10
2023 7
4. Principal Activity
The principal activity of the company is the provision of web design services.

HONCHO DESIGN LIMITED

Financial Statements for the period ending 31 May 2024

Notes to the Accounts

5. Fixed Assets
Land and buildings Computer Equipment Total
Cost or valuation £ £ £
At 01/06/2023 - 8,055 8,055
Additions 7,083 5,340 12,423
At 31/05/2024 7,083 13,395 20,478
Depreciation
At 01/06/2023 - 2,729 2,729
Charge for the year - 3,805 3,805
At 31/05/2024 - 6,534 6,534
Net Book Value
At 31/05/2024 7,083 6,861 13,944
At 31/05/2023 - 5,326 5,326