REGISTERED NUMBER: 05671554 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Hangfast Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J J Beers

Mrs A R Beers

SECRETARY:

Mrs A R Beers

REGISTERED OFFICE:

Russell Chambers

61A North Street

Keighley

West Yorkshire

BD21 3DS

REGISTERED NUMBER:

05671554 (England and Wales)

ACCOUNTANTS:

Stirk Lambert & Co

Chartered Accountants

Russell Chambers

61a North Street

Keighley

West Yorkshire

BD21 3DS

FIXED ASSETS

Tangible assets

5

327,118

304,735

CURRENT ASSETS

Stocks

4,035

12,690

Debtors

6

114,167

135,080

Cash at bank

21,565

36,523

139,767

184,293

CREDITORS

Amounts falling due within one year

7

231,865

402,927

NET CURRENT LIABILITIES

(92,098

)

(218,634

)

TOTAL ASSETS LESS CURRENT LIABILITIES

235,020

86,101

PROVISIONS FOR LIABILITIES

8

24,152

20,004

NET ASSETS

210,868

66,097

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

210,866

66,095

SHAREHOLDERS' FUNDS

210,868

66,097

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2025 and were signed on its behalf by:

J J Beers - Director

1.	STATUTORY INFORMATION

Hangfast Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the amounts received or receivable for goods and services provided to customers, excluding VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss and any subsequent reversal is recognised in the profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled. or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 June 2023

200,000

244,453

35,679

Additions

-

5,468

-

At 31 May 2024

200,000

249,921

35,679

DEPRECIATION

At 1 June 2023

-

167,344

16,728

Charge for year

-

12,346

2,842

At 31 May 2024

-

179,690

19,570

NET BOOK VALUE

At 31 May 2024

200,000

70,231

16,109

At 31 May 2023

200,000

77,109

18,951

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2023

19,945

29,435

529,512

Additions

45,395

999

51,862

At 31 May 2024

65,340

30,434

581,374

DEPRECIATION

At 1 June 2023

12,681

28,024

224,777

Charge for year

13,165

1,126

29,479

At 31 May 2024

25,846

29,150

254,256

NET BOOK VALUE

At 31 May 2024

39,494

1,284

327,118

At 31 May 2023

7,264

1,411

304,735

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.24

31.5.23

£

£

Trade debtors

18,800

23,938

Other debtors

87,592

103,527

Prepayments

7,775

7,615

114,167

135,080

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.24

31.5.23

£

£

Trade creditors

15,779

82,445

Tax

5,475

-

Social security and other taxes

2,466

982

VAT

48,427

16,970

Directors' current accounts

158,143

298,808

Accrued expenses

1,575

3,722

231,865

402,927

8.	PROVISIONS FOR LIABILITIES

31.5.24

31.5.23

£

£

Deferred tax

24,152

20,004

Deferred

tax

£

Balance at 1 June 2023

20,004

Charge to Statement of Income and Retained Earnings during year

4,148

Balance at 31 May 2024

24,152