Halcyon Interiors Limited 31/03/2020 iXBRL

Halcyon Interiors Limited 31/03/2020 iXBRL

HALCYON INTERIORS LIMITED - Company Information

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Company registration number: 05453335
Halcyon Interiors Limited
Trading as Halcyon Interiors Limited
Unaudited filleted financial statements
31 March 2020
Halcyon Interiors Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Halcyon Interiors Limited
Directors and other information
Directors Mrs Susan Gobel
Mr Stephen Gobel
Mr Ashley Collins (Resigned 20 January 2020)
Mr Martin Gobel
Mrs Rebecca Paxton
Secretary Mrs Susan Gobel
Company number 05453335
Registered office 509 Uxbridge Road
Hatch End
Pinner
Middlesex
HA5 4JS
Business address 509 Uxbridge Road
Hatch End
Pinner
Middlesex
HA5 4JS
Accountants R B Shah Accountancy Limited
44 Jellicoe Gardens
Stanmore
Middlesex
HA7 3NS
Halcyon Interiors Limited
Statement of financial position
31 March 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 17,742 28,516
_______ _______
17,743 28,517
Current assets
Stocks 249,000 145,000
Debtors 7 406,287 299,321
Cash at bank and in hand 205,927 63,384
_______ _______
861,214 507,705
Creditors: amounts falling due
within one year 8 ( 1,263,605) ( 772,246)
_______ _______
Net current liabilities ( 402,391) ( 264,541)
_______ _______
Total assets less current liabilities ( 384,648) ( 236,024)
_______ _______
Net liabilities ( 384,648) ( 236,024)
_______ _______
Capital and reserves
Called up share capital 220 220
Profit and loss account ( 384,868) ( 236,244)
_______ _______
Shareholders deficit ( 384,648) ( 236,024)
_______ _______
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 14 October 2020 , and are signed on behalf of the board by:
Mrs Susan Gobel
Director
Company registration number: 05453335
Halcyon Interiors Limited
Notes to the financial statements
Year ended 31 March 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 509 Uxbridge Road, Hatch End, Pinner, Middlesex, HA5 4JS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Short leasehold property - Straight line over the life of the lease
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2019: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2019 and 31 March 2020 375,000 375,000
_______ _______
Amortisation
At 1 April 2019 and 31 March 2020 374,999 374,999
_______ _______
Carrying amount
At 31 March 2020 1 1
_______ _______
At 31 March 2019 1 1
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2019 and 31 March 2020 69,281 24,242 84,796 178,319
_______ _______ _______ _______
Depreciation
At 1 April 2019 48,497 16,514 84,792 149,803
Charge for the year 6,928 3,846 - 10,774
_______ _______ _______ _______
At 31 March 2020 55,425 20,360 84,792 160,577
_______ _______ _______ _______
Carrying amount
At 31 March 2020 13,856 3,882 4 17,742
_______ _______ _______ _______
At 31 March 2019 20,784 7,728 4 28,516
_______ _______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 92,334 74,340
Other debtors 313,953 224,981
_______ _______
406,287 299,321
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 849,181 505,903
Social security and other taxes 104,862 60,401
Other creditors 309,562 205,942
_______ _______
1,263,605 772,246
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Susan Gobel ( 97,195) ( 52,557) - ( 149,752)
Mr Stephen Gobel ( 97,194) ( 52,559) - ( 149,753)
Mr Ashley Collins - - - -
_______ _______ _______ _______
( 194,389) ( 105,116) - ( 299,505)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs Susan Gobel ( 44,008) ( 53,187) - ( 97,195)
Mr Stephen Gobel ( 44,007) ( 53,187) - ( 97,194)
Mr Ashley Collins ( 605) - 605 -
_______ _______ _______ _______
( 88,620) ( 106,374) 605 ( 194,389)
_______ _______ _______ _______
10. Related party transactions
The company occupies premises owned by 2 of the directors. Rent of £16,000 was paid for the year.
11. Controlling party
The company is controlled by Mr S and Mrs S Gobel.