The Hour Limited Company accounts

The Hour Limited Company accounts

THE HOUR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10430996
The Hour Limited
Unaudited Financial Statements
For the year ended
31 October 2018
The Hour Limited
Financial Statements
Year ended 31 October 2018
Contents
Pages
Officers and professional advisers
1
Director's report
2
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
3
Statement of comprehensive income
4
Statement of financial position
5
Statement of changes in equity
6
Notes to the financial statements
7 to 8
The Hour Limited
Officers and Professional Advisers
Director
Mrs N Rasoeva
Registered office
4 Hill Street
London
W1J 5NE
Accountants
Mackenzie Field
Chartered Accountants
Hyde House
The Hyde
Edgware Road
London
NW9 6LA
The Hour Limited
Director's Report
Year ended 31 October 2018
The director presents her report and the unaudited financial statements of the company for the year ended 31 October 2018 .
Incorporation
On 14 September 2018 the company changes its name from Elegant London Limited to The Hour Limited .
Director
The director who served the company during the year was as follows:
Mrs N Rasoeva
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 23 July 2019 and signed on behalf of the board by:
Mrs N Rasoeva
Director
Registered office:
4 Hill Street
London
W1J 5NE
The Hour Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of The Hour Limited
Year ended 31 October 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Hour Limited for the year ended 31 October 2018, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of The Hour Limited. Our work has been undertaken solely to prepare for your approval the financial statements of The Hour Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Hour Limited and its director for our work or for this report.
It is your duty to ensure that The Hour Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of The Hour Limited. You consider that The Hour Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Hour Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Mackenzie Field Chartered Accountants
Hyde House The Hyde Edgware Road London NW9 6LA
23 July 2019
The Hour Limited
Statement of Comprehensive Income
Year ended 31 October 2018
Period from
Year to
17 Oct 16 to
31 Oct 18
31 Oct 17
Note
£
£
Turnover
5,688
–
Cost of sales
18,646
26,139
--------
--------
Gross loss
( 12,958)
( 26,139)
Distribution costs
2,456
–
Administrative expenses
82,021
3,894
--------
--------
Operating loss
( 97,435)
( 30,033)
--------
--------
Loss before taxation
( 97,435)
( 30,033)
Tax on loss
–
–
--------
--------
Loss for the financial year and total comprehensive income
( 97,435)
( 30,033)
--------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
The Hour Limited
Statement of Financial Position
31 October 2018
2018
2017
Note
£
£
Current assets
Stocks
36,925
–
Debtors
4
4,333
350
Cash at bank and in hand
3,954
784
--------
-------
45,212
1,134
Creditors: amounts falling due within one year
5
172,676
30,313
---------
--------
Net current liabilities
127,464
29,179
---------
--------
Total assets less current liabilities
( 127,464)
( 29,179)
Creditors: amounts falling due after more than one year
6
–
850
---------
--------
Net liabilities
( 127,464)
( 30,029)
---------
--------
Capital and reserves
Called up share capital
4
4
Profit and loss account
( 127,468)
( 30,033)
---------
--------
Shareholders deficit
( 127,464)
( 30,029)
---------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 October 2018 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 23 July 2019 , and are signed on behalf of the board by:
Mrs N Rasoeva
Director
Company registration number: 10430996
The Hour Limited
Statement of Changes in Equity
Year ended 31 October 2018
Called up share capital
Profit and loss account
Total
£
£
£
At 17 October 2016
–
–
–
Loss for the year
( 30,033)
( 30,033)
----
--------
--------
Total comprehensive income for the year
–
( 30,033)
( 30,033)
Issue of shares
4
–
4
----
--------
--------
Total investments by and distributions to owners
4
–
4
At 31 October 2017
4
( 30,033)
( 30,029)
Loss for the year
( 97,435)
( 97,435)
----
--------
--------
Total comprehensive income for the year
–
( 97,435)
( 97,435)
----
---------
---------
At 31 October 2018
4
( 127,468)
( 127,464)
----
---------
---------
The Hour Limited
Notes to the Financial Statements
Year ended 31 October 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Hill Street, London, W1J 5NE.
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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Debtors
2018
2017
£
£
Other debtors
4,333
350
-------
----
5. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
663
–
Other creditors
172,013
30,313
---------
--------
172,676
30,313
---------
--------
6. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
–
850
----
----
7. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs N Rasoeva
( 30,313)
( 141,000)
( 171,313)
--------
---------
---------
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mrs N Rasoeva
–
( 30,313)
( 30,313)
----
--------
--------