2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 65,000 65,000 xbrli:pure xbrli:shares iso4217:GBP 05884313 2023-08-01 2024-07-31 05884313 2024-07-31 05884313 2023-07-31 05884313 2022-08-01 2023-07-31 05884313 2023-07-31 05884313 2022-07-31 05884313 core:PlantMachinery 2023-08-01 2024-07-31 05884313 core:MotorVehicles 2023-08-01 2024-07-31 05884313 bus:Director1 2023-08-01 2024-07-31 05884313 core:NetGoodwill 2024-07-31 05884313 core:PlantMachinery 2023-07-31 05884313 core:MotorVehicles 2023-07-31 05884313 core:PlantMachinery 2024-07-31 05884313 core:MotorVehicles 2024-07-31 05884313 core:WithinOneYear 2024-07-31 05884313 core:WithinOneYear 2023-07-31 05884313 core:AfterOneYear 2024-07-31 05884313 core:AfterOneYear 2023-07-31 05884313 core:ShareCapital 2024-07-31 05884313 core:ShareCapital 2023-07-31 05884313 core:RevaluationReserve 2024-07-31 05884313 core:RevaluationReserve 2023-07-31 05884313 core:RetainedEarningsAccumulatedLosses 2024-07-31 05884313 core:RetainedEarningsAccumulatedLosses 2023-07-31 05884313 core:PlantMachinery 2023-07-31 05884313 bus:SmallEntities 2023-08-01 2024-07-31 05884313 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 05884313 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 05884313 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05884313 bus:FullAccounts 2023-08-01 2024-07-31 05884313 core:NetGoodwill 2023-08-01 2024-07-31 05884313 core:OfficeEquipment 2023-08-01 2024-07-31 05884313 core:OfficeEquipment 2023-07-31 05884313 core:OfficeEquipment 2024-07-31
COMPANY REGISTRATION NUMBER: 05884313
H2 Only Ltd
Filleted Unaudited Financial Statements
31 July 2024
H2 Only Ltd
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
1,263
1,869
Current assets
Stocks
1,500
1,500
Debtors
7
40,857
38,312
Cash at bank and in hand
722,607
605,216
---------
---------
764,964
645,028
Creditors: amounts falling due within one year
8
75,625
62,473
---------
---------
Net current assets
689,339
582,555
---------
---------
Total assets less current liabilities
690,602
584,424
Creditors: amounts falling due after more than one year
9
13,737
6,168
---------
---------
Net assets
676,865
578,256
---------
---------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
14,500
14,500
Profit and loss account
662,363
563,754
---------
---------
Shareholders funds
676,865
578,256
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
H2 Only Ltd
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 16 April 2025 , and are signed on behalf of the board by:
Mr R G Jones
Director
Company registration number: 05884313
H2 Only Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Vale Street, Denbigh, Denbighshire, LL16 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Fully amortised
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
65,000
--------
Amortisation
At 1 August 2023 and 31 July 2024
65,000
--------
Carrying amount
At 31 July 2024
--------
At 31 July 2023
--------
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2023
46,597
30,033
3,763
80,393
Additions
323
323
--------
--------
-------
--------
At 31 July 2024
46,920
30,033
3,763
80,716
--------
--------
-------
--------
Depreciation
At 1 August 2023
44,728
30,033
3,763
78,524
Charge for the year
929
929
--------
--------
-------
--------
At 31 July 2024
45,657
30,033
3,763
79,453
--------
--------
-------
--------
Carrying amount
At 31 July 2024
1,263
1,263
--------
--------
-------
--------
At 31 July 2023
1,869
1,869
--------
--------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
40,857
36,297
Other debtors
2,015
--------
--------
40,857
38,312
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
35,608
41,968
Corporation tax
38,234
19,041
Social security and other taxes
533
214
Other creditors
1,250
1,250
--------
--------
75,625
62,473
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
13,737
6,168
--------
-------
10. Director's advances, credits and guarantees
No advances, credits or guarantees were given to the Director during the current or previous financial periods.
11. Related party transactions
The company was under the control of Mr R G Jones throughout the current year. Mr R G Jones is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.