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REGISTERED NUMBER: 04359902 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

HAMPSHIRE FLAG COMPANY LIMITED

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HAMPSHIRE FLAG COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTOR: Mrs A Saunders





SECRETARY: Mrs A Saunders





REGISTERED OFFICE: Unit 11 Pipers Wood Industrial Park
Waterberry Drive
Waterlooville
Hampshire
PO7 7XU





REGISTERED NUMBER: 04359902 (England and Wales)





ACCOUNTANTS: BK Plus Limited
Chartered Certified Accountants
Murrills House
48 East Street
Portchester
Fareham
Hampshire
PO16 9XS

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 1,140
Tangible assets 5 485,132 543,740
485,132 544,880

CURRENT ASSETS
Stocks 519,305 469,334
Debtors 6 286,823 229,066
Cash at bank and in hand 440,202 443,882
1,246,330 1,142,282
CREDITORS
Amounts falling due within one year 7 367,821 335,244
NET CURRENT ASSETS 878,509 807,038
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,363,641

1,351,918

CREDITORS
Amounts falling due after more than one
year

8

(5,750

)

(27,252

)

PROVISIONS FOR LIABILITIES (89,286 ) (101,579 )
NET ASSETS 1,268,605 1,223,087

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 1,268,505 1,222,987
SHAREHOLDERS' FUNDS 1,268,605 1,223,087

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

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

The director acknowledges her 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.

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

BALANCE SHEET - continued
31 DECEMBER 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 February 2025 and were signed by:





Mrs A Saunders - Director


HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Hampshire Flag Company 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.

Turnover
Turnover represents amounts receivable on the manufacture, supply and fixing of flags and fixings net of VAT.

Goodwill
Goodwill is written off over 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - 10% on cost
Long leasehold - in accordance with the property lease
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on cost

Stocks
Stock is valued on an average cost basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 balance sheet 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 50 (2023 - 47 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 11,400
AMORTISATION
At 1 January 2024 10,260
Charge for year 1,140
At 31 December 2024 11,400
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 1,140

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. TANGIBLE FIXED ASSETS
Freehold Short Long
property leasehold leasehold
£    £    £   
COST
At 1 January 2024 140,544 25,958 129,388
Additions - - -
Disposals - - -
At 31 December 2024 140,544 25,958 129,388
DEPRECIATION
At 1 January 2024 25,299 15,461 129,388
Charge for year 2,811 2,596 -
Eliminated on disposal - - -
At 31 December 2024 28,110 18,057 129,388
NET BOOK VALUE
At 31 December 2024 112,434 7,901 -
At 31 December 2023 115,245 10,497 -

Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 January 2024 1,165,278 41,929 1,503,097
Additions 23,325 2,387 25,712
Disposals (29,190 ) - (29,190 )
At 31 December 2024 1,159,413 44,316 1,499,619
DEPRECIATION
At 1 January 2024 768,954 20,255 959,357
Charge for year 62,948 11,080 79,435
Eliminated on disposal (24,305 ) - (24,305 )
At 31 December 2024 807,597 31,335 1,014,487
NET BOOK VALUE
At 31 December 2024 351,816 12,981 485,132
At 31 December 2023 396,324 21,674 543,740

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 133,198 147,053
Other debtors 153,625 82,013
286,823 229,066

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 9,250
Hire purchase contracts (see note 9) 10,752 36,328
Payments on account 31,730 38,152
Trade creditors 164,521 37,806
Taxation and social security 138,192 210,620
Other creditors 12,626 3,088
367,821 335,244

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 5,750 16,500
Hire purchase contracts (see note 9) - 10,752
5,750 27,252

9. LEASING AGREEMENTS

The company is committed to making payments under non-cancellable operating leases of £185,253 (2023 £252,618).

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 10,752 47,080

Hire purchase contracts are secured over the assets to which they relate.

HAMPSHIRE FLAG COMPANY LIMITED (REGISTERED NUMBER: 04359902)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
Mrs A Saunders
Balance outstanding at start of year 37,270 (160,727 )
Amounts advanced 80,348 280,347
Amounts repaid (26,400 ) (82,350 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 91,218 37,270

Directors loan are repayable on demand and interest at HMRC rates are applied.