HDC Ferries Limited Filleted accounts for Companies House (small and micro)

HDC FERRIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10963676

HDC Ferries Limited

Filleted Unaudited Financial Statements

31 October 2021

HDC Ferries Limited

Statement of Financial Position

31 October 2021

	2021	2020
Note	£	£

Fixed assets

Intangible assets	4	31,279	42,729

Current assets

Debtors	5	3,080	2,077
Cash at bank and in hand		207	3,976
		-------	-------
		3,287	6,053

Creditors: amounts falling due within one year	6	133,127	127,790
		---------	---------
Net current liabilities		129,840	121,737
		---------	---------
Total assets less current liabilities		( 98,561)	( 79,008)
		--------	--------
Net liabilities		( 98,561)	( 79,008)
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 98,661)	( 79,108)
	--------	--------
Shareholders deficit	( 98,561)	( 79,008)
	--------	--------

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.

For the year ending 31 October 2021 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 .

HDC Ferries Limited

Statement of Financial Position (continued)

31 October 2021

These financial statements were approved by the board of directors and authorised for issue on 20 July 2022 , and are signed on behalf of the board by:

S Campion

Director

Company registration number: 10963676

HDC Ferries Limited

Notes to the Financial Statements

Year ended 31 October 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7th Floor, Trinity Gate, West Street, Gateshead, NE8 1AD, Tyne & Wear.

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. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.

Revenue recognition

Turnover represents revenue, excluding value added tax and trade discounts, derived from services provided during the period.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses .

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:

	Development costs	-	16% 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.

Research and development

Website development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward as an intangible fixed asset and amortisation is charged over a period of six years.

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 .

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. Debt instruments are subsequently measured at amortised cost .

4. Intangible assets

	Development costs
	£
Cost
At 1 November 2020	71,822
Additions	543
	--------
At 31 October 2021	72,365
	--------
Amortisation
At 1 November 2020	29,093
Charge for the year	11,993
	--------
At 31 October 2021	41,086
	--------
Carrying amount
At 31 October 2021	31,279
	--------
At 31 October 2020	42,729
	--------

5. Debtors

	2021	2020
	£	£
Trade debtors	1,222	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,858	767
Other debtors	–	1,310
	-------	-------
	3,080	2,077
	-------	-------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	2,527	1,775
Amounts owed to group undertakings and undertakings in which the company has a participating interest	127,298	124,814
Other creditors	3,302	1,201
	---------	---------
	133,127	127,790
	---------	---------