The Hour Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10430996

The Hour Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2019

The Hour Limited

Statement of Financial Position

31 October 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	4	812	–

Current assets

Stocks		25,850	36,925
Debtors	5	6,188	4,333
Cash at bank and in hand		2,571	3,954
		--------	--------
		34,609	45,212

Creditors: amounts falling due within one year	6	253,313	172,676
		---------	---------
Net current liabilities		218,704	127,464
		---------	---------
Total assets less current liabilities		( 217,892)	( 127,464)
		---------	---------
Net liabilities		( 217,892)	( 127,464)
		---------	---------

Capital and reserves

Called up share capital	4	4
Profit and loss account	( 217,896)	( 127,468)
	---------	---------
Shareholders deficit	( 217,892)	( 127,464)
	---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2019 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 .

The Hour Limited

Statement of Financial Position (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 29 October 2020 , and are signed on behalf of the board by:

Mrs N Rasoeva
Director

Company registration number: 10430996

The Hour Limited

Notes to the Financial Statements

Year ended 31 October 2019

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. Tangible assets

	Fixtures and fittings
	£
Cost
At 1 November 2018	–
Additions	1,083
	-------
At 31 October 2019	1,083
	-------
Depreciation
At 1 November 2018	–
Charge for the year	271
	-------
At 31 October 2019	271
	-------
Carrying amount
At 31 October 2019	812
	-------
At 31 October 2018	–
	-------

5. Debtors

	2019	2018
	£	£
Trade debtors	2,415	–
Other debtors	3,773	4,333
	-------	-------
	6,188	4,333
	-------	-------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	663
Other creditors	253,313	172,013
	---------	---------
	253,313	172,676
	---------	---------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mrs N Rasoeva	( 171,313)	( 80,500)	( 251,813)
	---------	--------	---------

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mrs N Rasoeva	( 30,313)	( 141,000)	( 171,313)
	--------	---------	---------