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Registration number: 09071840

Happy Ventures Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

image-name
 

Happy Ventures Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Happy Ventures Limited

Company Information

Directors

Mrs Carolyne Maureen Kemp

Mr Alexander David Kemp

Mr Fraser Gregory Kemp

Registered office

Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

Accountants

Lucraft Hodgson & Dawes LLP Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF

 

Happy Ventures Limited

(Registration number: 09071840)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

684,555

694,592

Current assets

 

Debtors

5

4,752

5,315

Cash at bank and in hand

 

8,520

25,521

 

13,272

30,836

Creditors: Amounts falling due within one year

6

(159,138)

(155,726)

Net current liabilities

 

(145,866)

(124,890)

Total assets less current liabilities

 

538,689

569,702

Creditors: Amounts falling due after more than one year

6

(497,083)

(508,933)

Provisions for liabilities

(1,130)

(1,065)

Net assets

 

40,476

59,704

Capital and Reserves

 

Called up share capital

100

100

Retained Earnings

40,376

59,604

Shareholders' funds

 

40,476

59,704

For the financial year ending 30 June 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 and 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 25 February 2025 and signed on its behalf by:
 

.........................................
Mrs Carolyne Maureen Kemp
Director

.........................................
Mr Alexander David Kemp
Director

.........................................
Mr Fraser Gregory Kemp
Director

     
 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Ground Floor
19 New Road
Brighton
East Sussex
BN1 1UF
England

The principal place of business is:
23 Broad Street
Brighton
East Sussex
BN2 1TJ

These financial statements were authorised for issue by the Board on 25 February 2025.

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.

The financial statements are presented in Sterling, which is the functional currency of the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

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

Buildings

2% on cost

Building improvements

5% on cost

Fixtures and fittings

25% on reducing balance

Computer equipment

33% on cost

Plant and machinery

25% on reducing balance

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.

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.

 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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.

Trade Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Cost or valuation

At 1 July 2023

772,035

49,510

1,649

393

Additions

-

2,378

-

-

At 30 June 2024

772,035

51,888

1,649

393

Depreciation

At 1 July 2023

83,049

44,519

1,127

300

Charge for the year

10,381

1,880

131

23

At 30 June 2024

93,430

46,399

1,258

323

Carrying amount

At 30 June 2024

678,605

5,489

391

70

At 30 June 2023

688,986

4,991

522

93

Total
£

Cost or valuation

At 1 July 2023

823,587

Additions

2,378

At 30 June 2024

825,965

Depreciation

At 1 July 2023

128,995

Charge for the year

12,415

At 30 June 2024

141,410

Carrying amount

At 30 June 2024

684,555

At 30 June 2023

694,592

Included within the net book value of land and buildings above is £678,605 (2023 - £688,986) in respect of freehold land and buildings.
 

 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Debtors

Current

2024
£

2023
£

Prepayments

4,752

5,315

 

4,752

5,315

 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

155,721

143,155

Trade Creditors

 

114

260

Taxation and social security

 

1,818

9,597

Accruals and deferred income

 

1,330

1,557

Other creditors

 

155

1,157

 

159,138

155,726

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

497,083

508,933

2024
£

2023
£

Due after more than five years

After more than five years by instalments

422,983

434,833

 

Happy Ventures Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

497,083

508,933

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,525

18,525

Other borrowings

137,196

124,630

155,721

143,155

Bank borrowings

Lloyds Loan is denominated in sterling with a nominal interest rate of above base rate @ 3.05%, and the final instalment is due on 31 March 2044. The carrying amount at year end is £496,319 (2023 - £504,909).

Bank borrowing is secured by fixed and floating charge over the company's assets.

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

Included within bank borrowings is an amount due by instalments of £422,983 (2023: £434,833).