Registered number
07715719
HEARTS IN NEED LTD
Filleted Accounts
31 July 2024
HEARTS IN NEED LTD
Registered number: 07715719
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 30,709 35,217
Investments 4 694,030 454,030
724,739 489,247
Current assets
Stocks 1,403 816
Debtors 5 20,602 26,365
Cash at bank and in hand 97,194 223,069
119,199 250,250
Creditors: amounts falling due within one year 6 (38,738) (31,793)
Net current assets 80,461 218,457
Net assets 805,200 707,704
Capital and reserves
Called up share capital 100 100
Profit and loss account 805,100 707,604
Shareholder's funds 805,200 707,704
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr.Jeremy Butts
Director
Approved by the board on 24 March 2025
HEARTS IN NEED LTD
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% @ Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2023 14,034 35,299 49,333
Additions 3,170 - 3,170
At 31 July 2024 17,204 35,299 52,503
Depreciation
At 1 August 2023 7,056 7,060 14,116
Charge for the year 2,030 5,648 7,678
At 31 July 2024 9,086 12,708 21,794
Net book value
At 31 July 2024 8,118 22,591 30,709
At 31 July 2023 6,978 28,239 35,217
4 Investments
Investments in
Land& Other
Building investments Total
£ £ £
Cost
At 1 August 2023 454,030 - 454,030
Additions - 240,000 240,000
At 31 July 2024 454,030 240,000 694,030
5 Debtors 2024 2023
£ £
Trade debtors 17,052 24,955
Other debtors 3,550 1,410
20,602 26,365
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,110 970
Taxation and social security costs 29,397 24,070
Other creditors 7,231 6,753
38,738 31,793
7 Controlling party
The director has a overall control of the company by virtue of the shareholding.
8 Other information
HEARTS IN NEED LTD is a private company limited by shares and incorporated in England. Its registered office is:
7 Greenfield Avenue
Parbold
Wigan
Lancashire
WN 8 7DH
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