HP Lea IT Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC262499

HP LEA IT LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2020

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

944

1,259

CURRENT ASSETS

Debtors

5

11,406

5,488

Cash at bank

3,485

12,239

14,891

17,727

CREDITORS

Amounts falling due within one year

6

15,233

16,384

NET CURRENT (LIABILITIES)/ASSETS

(342

)

1,343

TOTAL ASSETS LESS CURRENT LIABILITIES

602

2,602

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

502

2,502

602

2,602

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 August 2020 and were signed by:

Mr P J McCabe - Director

1.	STATUTORY INFORMATION

HP Lea IT Limited is a private company, limited by shares, registered in Scotland. The company's registered office is

72 Lochend Road, Edinburgh, EH6 8BU.

The presentation currency of the financial statements is Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of the

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"

and the Companies Act 2006. There were no material departures from the standard. The financial statements have

been prepared under the historical cost convention.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statements. The director considers there are no such significant judgements.

Turnover

Turnover represents the invoice value of services rendered in the year, exclusive of value added tax. The company's

policy is to recognise income when substantively all risks and rewards in connection with the services have been

passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of

each asset over its estimated useful life.

Fixtures and fittings - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like equipment, are reviewed to determine

whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the

recoverable amount which is the higher of the value in use and the fair value less cost to sell, is estimated and

compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced

to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets

and liabilities like trade and other accounts receivable and payable and loans to or from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the

future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are

payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and

subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of

impairment and if found, an impairment loss is recognised in profit or loss.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of

certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all

timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are

recognised only to the extent that the director considers it to be more likely than not that there will be suitable

taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred

taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the

timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of

a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation

can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the

obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2019

and 31 January 2020

3,035

DEPRECIATION

At 1 February 2019

1,776

Charge for year

315

At 31 January 2020

2,091

NET BOOK VALUE

At 31 January 2020

944

At 31 January 2019

1,259

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

10,800

-

Other debtors

606

5,488

11,406

5,488

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

100

78

Taxation and social security

12,828

15,128

Other creditors

2,305

1,178

15,233

16,384

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2020 and

31 January 2019:

2020

2019

£

£

Mr P J McCabe

Balance outstanding at start of year

5,488

4,836

Amounts advanced

28,329

65,593

Amounts repaid

(35,117

)

(64,941

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(1,300

)

5,488

This loan is interest free, unsecured and no repayment terms have been established.