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Registration number: 15013536

Halletts Spaces Ltd

Unaudited Filleted Financial Statements

for the Period from 19 July 2023 to 31 July 2024

 

Halletts Spaces Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Halletts Spaces Ltd

Company Information

Director

Mr C P Jolly

Registered office

337 Tanworth Lane
Shirley
Solihull
B 90 4DU

Accountants

CLG Accountants & Business Advisors
Hagley Road Business Hub
8 Hagley Road
Stourbridge
West Midlands
DY8 1PS

 

Halletts Spaces Ltd

(Registration number: 15013536)
Balance Sheet as at 31 July 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

49,952

Tangible assets

5

50,107

 

100,059

Current assets

 

Stocks

6

114,000

Debtors

7

75,488

Cash at bank and in hand

 

8,556

 

198,044

Creditors: Amounts falling due within one year

8

(262,301)

Net current liabilities

 

(64,257)

Total assets less current liabilities

 

35,802

Creditors: Amounts falling due after more than one year

8

(282,936)

Net liabilities

 

(247,134)

Capital and reserves

 

Called up share capital

10

100

Retained earnings

(247,234)

Shareholders' deficit

 

(247,134)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 11 April 2025
 

 

Halletts Spaces Ltd

(Registration number: 15013536)
Balance Sheet as at 31 July 2024

.........................................
Mr C P Jolly
Director

 

Halletts Spaces Ltd

Notes to the Unaudited Financial Statements for the Period from 19 July 2023 to 31 July 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:
337 Tanworth Lane
Shirley
Solihull
B 90 4DU

These financial statements were authorised for issue by the director on 11 April 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.

Going concern

The financial statements have been prepared on a going concern basis with the Director and other key stakeholders committing their financial support for the foreseeable future. Monies advanced by way of loans have been done so on an unsecured interest free basis with repayment thereof only to be requested when the Company is in a sound financial position. In addition the Director has given due consideration to the potential impact of Brexit and is of the opinion that neither the Company's ability to trade nor the value of its assets will be significantly impaired.

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.

 

Halletts Spaces Ltd

Notes to the Unaudited Financial Statements for the Period from 19 July 2023 to 31 July 2024

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

Other Tangible Assets

15% reducing balance

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwiil

straight line over 10 years

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.

 

Halletts Spaces Ltd

Notes to the Unaudited Financial Statements for the Period from 19 July 2023 to 31 July 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Halletts Spaces Ltd

Notes to the Unaudited Financial Statements for the Period from 19 July 2023 to 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 7.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

55,502

55,502

At 31 July 2024

55,502

55,502

Amortisation

Amortisation charge

5,550

5,550

At 31 July 2024

5,550

5,550

Carrying amount

At 31 July 2024

49,952

49,952

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

30,000

34,761

64,761

At 31 July 2024

30,000

34,761

64,761

Depreciation

Charge for the period

7,500

7,154

14,654

At 31 July 2024

7,500

7,154

14,654

Carrying amount

At 31 July 2024

22,500

27,607

50,107

6

Stocks

2024
£

Other inventories

114,000

 

Halletts Spaces Ltd

Notes to the Unaudited Financial Statements for the Period from 19 July 2023 to 31 July 2024

7

Debtors

Current

2024
£

Trade debtors

72,002

Prepayments

3,486

 

75,488

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

12

10,632

Trade creditors

 

88,104

Taxation and social security

 

108,324

Accruals and deferred income

 

51,586

Other creditors

 

3,655

 

262,301

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

12

282,936

9

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

Not later than one year

10,632

 

Halletts Spaces Ltd

Notes to the Unaudited Financial Statements for the Period from 19 July 2023 to 31 July 2024

10

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary of £1 each

100

100

   

11

Non adjusting events after the financial period

The Company secured further unsecured funding from a third party after the year end totalling £200,000 to assist in stabilising its financial position.

12

Loans and borrowings

Non-current loans and borrowings

2024
£

Other borrowings

282,936

Current loans and borrowings

2024
£

Other borrowings

10,632

Other borrowings

Third Party Loan is denominated in sterling with a nominal interest rate of 0%. The carrying amount at period end is £282,936 ( - £Nil).

The loan has been provided on an unsecured, interest free basis and on the proviso that the lender will not request any repayment within one year of the accounts and then not until the Company is financially secure. The terms of this loan are to be reviewed annually.