| Hodspeed Ltd |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
over 3 years |
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Equipment, fixtures & fittings |
over 3 years |
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Stocks |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
2 |
|
2 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
|
At 1 April 2024 |
292 |
|
Additions |
1,295 |
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At 31 March 2025 |
1,587 |
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Depreciation |
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At 1 April 2024 |
49 |
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Charge for the year |
350 |
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At 31 March 2025 |
399 |
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Net book value |
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At 31 March 2025 |
1,188 |
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At 31 March 2024 |
243 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
600 |
|
- |
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Other debtors |
644 |
|
- |
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1,244 |
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- |
| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
- |
|
13 |
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Amounts owed to related party |
|
46,038 |
|
38,653 |
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Taxation and social security costs |
2,399 |
|
1,310 |
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Other creditors |
- |
|
500 |
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48,437 |
|
40,476 |
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| 6 |
Taxation |
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At the balance sheet date, the company had unrelieved trading losses of approximately £20,887 (2024: £16,710) available to carry forward against future profits.
No deferred tax asset has been recognised in respect of these losses due to the uncertainty of future taxable profits against which they might be utilised. |
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| 7 |
Going concern |
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The financial statements have been prepared on a going concern basis. The company made a loss in the year ended 31st March 2025 of £4,526 (2024: £1,562) and at the balance sheet date had net liabilities of £20,991 (2024: £16,465).
The directors have prepared forecasts and projections which indicate that the company is expected to be able to meet its liabilities as they fall due for at least 12 months from the date of approval of these financial statements. The directors consider it appropriate to prepare the financial statements on a going concern basis. |
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| 8 |
Related party transactions |
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At 31 March 2025 the company owed the director £46,034 (2024: £38,653). The loan is unsecured, interest-free and repayable on demand. |
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| 9 |
Other information |
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Hodspeed Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
27 Maple Close |
|
Oxford |
|
OX2 9DZ |