Hystel Limited 31/08/2020 iXBRL

Hystel Limited 31/08/2020 iXBRL

HYSTEL LIMITED - Company Information

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Company registration number: 00428305
Hystel Limited
Information for filing with the registrar
31 August 2020
Hystel Limited
Contents
Abridged statement of financial position
Notes to the financial statements
Hystel Limited
Abridged statement of financial position
31 August 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 4 25 29
Investments 5 675,000 675,000
_______ _______
675,025 675,029
Current assets
Cash at bank and in hand 65,362 44,921
_______ _______
65,362 44,921
Creditors: amounts falling due
within one year ( 50,375) ( 48,274)
_______ _______
Net current assets/(liabilities) 14,987 ( 3,353)
_______ _______
Total assets less current liabilities 690,012 671,676
Provisions for liabilities ( 120,622) ( 120,622)
_______ _______
Net assets 569,390 551,054
_______ _______
Capital and reserves
Called up share capital 6 500 500
Undistributable reserve 516,715 516,715
Profit and loss account 52,175 33,839
_______ _______
Shareholders funds 569,390 551,054
_______ _______
For the year ending 31 August 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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 August 2020 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 11 January 2021 , and are signed on behalf of the board by:
Mrs. G. Kuzuk
Director
Company registration number: 00428305
Hystel Limited
Notes to the financial statements
Year ended 31 August 2020
1. General information
The company is a private company limited by shares, registered in the UK. The address of the registered office is 7 Bell Yard, London, England, WC2A 2JR.
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.
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:
Fixtures and fittings - 15 % reducing balance
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Tangible assets
£
Cost
At 1 September 2019 and 31 August 2020 883
_______
Depreciation
At 1 September 2019 854
Charge for the year 4
_______
At 31 August 2020 858
_______
Carrying amount
At 31 August 2020 25
_______
At 31 August 2019 29
_______
5. Investments
£
Cost
At 1 September 2019 and 31 August 2020 675,000
_______
Impairment
At 1 September 2019 and 31 August 2020 -
_______
Carrying amount
At 31 August 2020 675,000
_______
At 31 August 2019 675,000
_______
B/fwd cost = £37,663 Revaluation in 2014 = £227,337 Revaluation in 2015 = £235,000 Revaluation in 2016 = £50,000 Revaluation in 2017 = £125,000 Total value = £675,000
6. Called up share capital
Issued, called up and fully paid
2020 2019
No £ No £
Ordinary shares of £ 1.00 each 500 500 500 500
_______ _______ _______ _______
7. Related party transactions
Mrs G Kuzuk has lent the company money to assist with capital requirements. At 31 August 2020 the balance due to Mrs G Kuzuk was £35,600 (2019 : £38,200).
8. Controlling party
Mrs G Kuzuk controlled the company by virtue of her 100% holding of the issued ordinary share capital.