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Registration number: 14606815

HC 1341 Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

HC 1341 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

HC 1341 Limited

Company Information

Directors

Mr J Edwards

Mr S Hall

Registered office

C/O Harrison Clark Rickerbys
Ellenborough House
Wellington Street
Cheltenham
GL50 1YD

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

HC 1341 Limited

(Registration number: 14606815)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

15,000

19,000

Tangible assets

5

347,825

410,212

 

362,825

429,212

Current assets

 

Stocks

6

5,634

4,000

Debtors

7

77,622

123,588

Cash at bank and in hand

 

53,699

19,607

 

136,955

147,195

Creditors: Amounts falling due within one year

8

(623,911)

(649,236)

Net current liabilities

 

(486,956)

(502,041)

Net liabilities

 

(124,131)

(72,829)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(124,132)

(72,830)

Shareholders' deficit

 

(124,131)

(72,829)

For the financial year ending 30 September 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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

HC 1341 Limited

(Registration number: 14606815)
Balance Sheet as at 30 September 2024

Approved and authorised by the Board on 26 June 2025 and signed on its behalf by:
 

.........................................
Mr J Edwards
Director

.........................................
Mr S Hall
Director

 

HC 1341 Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
C/O Harrison Clark Rickerbys
Ellenborough House
Wellington Street
Cheltenham
GL50 1YD
United Kingdom

These financial statements were authorised for issue by the Board on 26 June 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 presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Group accounts not prepared

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small group.

Going concern

There is a net deficiency of assets of £124,131 at the balance sheet date, however the directors and its parent company have confirmed their continued support and consider the company retains sufficient working capital to continue trading for the foreseeable future. The financial statements have therefore been prepared on a going concern basis.

Revenue recognition

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

 

HC 1341 Limited

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

Tax

The tax charge for the period comprises 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amount in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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

Short leasehold

Straight line over 15 years

Leasehold improvements

Straight line over 15 years

Fixtures and fittings

20% straight line basis

Plant and machinery

25% reducing balance

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

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

Franchise fee

5 year straight line basis

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.

 

HC 1341 Limited

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

Trade debtors

Trade debtors are amounts due from customers for goods sold 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.

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.

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.

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.

 

HC 1341 Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the Balance Sheet. The corresponding dividends relating to the liability component are charges as interest in the Profit and Loss Account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction value (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financial transaction. If an arrangement constitutes a financial transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market value of interest for a similar debt instrument.

 Impairment
Asset, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ("CGUs") of which the goodwill is a part. Any impairment in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

HC 1341 Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 9).

4

Intangible assets

Franchise fee
 £

Total
£

Cost or valuation

At 1 October 2023

20,000

20,000

At 30 September 2024

20,000

20,000

Amortisation

At 1 October 2023

1,000

1,000

Amortisation charge

4,000

4,000

At 30 September 2024

5,000

5,000

Carrying amount

At 30 September 2024

15,000

15,000

At 30 September 2023

19,000

19,000

 

HC 1341 Limited

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

5

Tangible assets

Short leasehold
£

Fixtures and fittings
 £

Leasehold improvements
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2023

5,813

57,995

310,713

46,355

420,876

Additions

-

-

31,857

-

31,857

Disposals

-

-

(51,464)

-

(51,464)

At 30 September 2024

5,813

57,995

291,106

46,355

401,269

Depreciation

At 1 October 2023

129

2,532

4,762

3,241

10,664

Charge for the year

388

11,599

20,263

11,589

43,839

Eliminated on disposal

-

-

(1,059)

-

(1,059)

At 30 September 2024

517

14,131

23,966

14,830

53,444

Carrying amount

At 30 September 2024

5,296

43,864

267,140

31,525

347,825

At 30 September 2023

5,684

55,463

305,951

43,114

410,212

Included within the net book value of land and buildings above is £5,296 (2023 - £5,684) in respect of short leasehold land and buildings.
 

The assets of the company are secured on the parent company's bank loan.

 

HC 1341 Limited

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

6

Stocks

2024
£

2023
£

Goods for resale

5,634

4,000

7

Debtors

Current

2024
£

2023
£

Prepayments

28,548

2,381

Other debtors

49,074

121,207

 

77,622

123,588

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

66,270

232,402

Amounts owed to group undertakings and undertakings in which
the company has a participating interest

10

491,178

366,607

Taxation and social security

 

2,481

1,699

Other creditors

 

63,982

48,528

 

623,911

649,236

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

70,000

70,000

Later than one year and not later than five years

350,000

350,000

Later than five years

630,000

700,000

1,050,000

1,120,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £54,250 (2023 - £35,000).

 

HC 1341 Limited

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

10

Related party transactions

Summary of transactions with parent and other subsidiaries

The company is exempt from disclosing related party transactions with companies that are wholly owned within the group under section 33.1A of FRS 102.
 

11

Controlling party

The company is controlled by its parent company Moonglow Trading Limited, incorporated in England and Wales.