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Hertford Controls Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 31 December 2024
Bencroft Dassels
Braughing
Ware
Herts
SG11 2RW
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 02763826
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 254,697 254,997
254,697 254,997
CURRENT ASSETS
Stocks 5 42,493 34,393
Debtors 6 154,942 44,493
Cash at bank and in hand 230,577 123,735
428,012 202,621
Creditors: Amounts Falling Due Within One Year 7 (256,087 ) (42,054 )
NET CURRENT ASSETS (LIABILITIES) 171,925 160,567
TOTAL ASSETS LESS CURRENT LIABILITIES 426,622 415,564
NET ASSETS 426,622 415,564
CAPITAL AND RESERVES
Called up share capital 8 100 100
Revaluation reserve 9 106,454 106,454
Income Statement 320,068 309,010
SHAREHOLDERS' FUNDS 426,622 415,564
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Christopher Paul Jowitt
Director
14/03/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Hertford Controls Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02763826 . The registered office is Unit 14 Ermine Point, Gentlemens Field, Westmill Road Ware, Hertfordshire, SG12 0EF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 10% on reducing balance
Computer Equipment 25% on reducing balance
Included in cost or valuation of land and buildings is freehold land of £250,000 (2021 £250,000) which is not depreciated.
Feehold land and buildings were valued on an open market basis on 31 December 2016, by Mr C Jowitt, director.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
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 statement of comprehensive income because of items of income or expense that are taxable or deductible in other year 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.
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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 250,000 13,558 7,500 1,718 272,776
Additions - - - 666 666
As at 31 December 2024 250,000 13,558 7,500 2,384 273,442
Depreciation
As at 1 January 2024 - 11,656 5,147 976 17,779
Provided during the period - 380 235 351 966
As at 31 December 2024 - 12,036 5,382 1,327 18,745
Net Book Value
As at 31 December 2024 250,000 1,522 2,118 1,057 254,697
As at 1 January 2024 250,000 1,902 2,353 742 254,997
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5. Stocks
2024 2023
£ £
Finished goods 42,493 34,393
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 136,088 24,799
Other debtors 18,854 19,694
154,942 44,493
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 59,269 37,871
Other creditors 192,353 2,071
Taxation and social security 4,465 2,112
256,087 42,054
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Reserves
Revaluation Reserve
£
As at 1 January 2024 106,454
As at 31 December 2024 106,454
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