Hectic (Europe) Ltd 31/12/2021 iXBRL

Hectic (Europe) Ltd 31/12/2021 iXBRL

HECTIC (EUROPE) LTD - Company Information

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31/12/2021 2021-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-01-01 Sage Accounts Production 21.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 10121389 2021-01-01 2021-12-31 10121389 2021-12-31 10121389 2020-12-31 10121389 2020-01-01 2020-12-31 10121389 2020-12-31 10121389 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 10121389 core:MotorVehicles 2021-01-01 2021-12-31 10121389 core:OnerousContractsExcludingVacantProperties 2021-01-01 2021-12-31 10121389 bus:Director1 2021-01-01 2021-12-31 10121389 core:WithinOneYear 2021-12-31 10121389 core:WithinOneYear 2020-12-31 10121389 core:IntangibleAssetsOtherThanGoodwill 2020-12-31 10121389 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 10121389 core:FurnitureFittingsToolsEquipment 2020-12-31 10121389 core:MotorVehicles 2020-12-31 10121389 core:FurnitureFittingsToolsEquipment 2021-12-31 10121389 core:MotorVehicles 2021-12-31 10121389 core:AfterOneYear 2021-12-31 10121389 core:AfterOneYear 2020-12-31 10121389 core:ShareCapital 2021-12-31 10121389 core:ShareCapital 2020-12-31 10121389 core:RetainedEarningsAccumulatedLosses 2021-12-31 10121389 core:RetainedEarningsAccumulatedLosses 2020-12-31 10121389 core:BetweenOneFiveYears 2021-12-31 10121389 core:IntangibleAssetsOtherThanGoodwill 2021-01-01 2021-12-31 10121389 core:IntangibleAssetsOtherThanGoodwill 2020-12-31 10121389 core:CostValuation core:Non-currentFinancialInstruments 2020-12-31 10121389 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2021-12-31 10121389 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 10121389 core:Non-currentFinancialInstruments 2021-12-31 10121389 core:Non-currentFinancialInstruments 2020-12-31 10121389 core:FurtherSpecificIncreaseDecreaseInProvisionsForImpairmentInvestments1ComponentCorrespondingTotal core:Non-currentFinancialInstruments 2021-12-31 10121389 core:FurnitureFittingsToolsEquipment 2020-12-31 10121389 core:MotorVehicles 2020-12-31 10121389 bus:SmallEntities 2021-01-01 2021-12-31 10121389 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 10121389 bus:FullAccounts 2021-01-01 2021-12-31 10121389 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 10121389 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 10121389 core:ComputerEquipment 2021-01-01 2021-12-31 10121389 core:ComputerEquipment 2020-12-31 10121389 core:ComputerEquipment 2021-12-31
Company registration number: 10121389
Hectic (Europe) Ltd
Unaudited filleted financial statements
31 December 2021
HECTIC (EUROPE) LTD
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 3,109 4,353
Tangible assets 6 123,596 103,473
Investments 7 28,399 29,848
_______ _______
155,104 137,674
Current assets
Stocks 114,399 108,846
Debtors:
Amounts falling due after more than one year 8 237,479 273,542
Amounts falling due within one year 8 1,117,186 727,352
Cash at bank and in hand 187,089 105,624
_______ _______
1,656,153 1,215,364
Creditors: amounts falling due
within one year 9 ( 754,146) ( 571,201)
_______ _______
Net current assets 902,007 644,163
_______ _______
Total assets less current liabilities 1,057,111 781,837
Creditors: amounts falling due
after more than one year 10 ( 443,779) ( 611,504)
Provisions for liabilities ( 23,483) ( 19,625)
_______ _______
Net assets 589,849 150,708
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 11 589,749 150,608
_______ _______
Shareholders funds 589,849 150,708
_______ _______
For the year ending 31 December 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.
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 02 August 2022 , and are signed on behalf of the board by:
P W Caldwell
Director
Company registration number: 10121389
HECTIC (EUROPE) LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Unit E1, Hilton Park, Church Farm Lane, East Wittering, Chichester, West Sussex, PO20 8RC.
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'.
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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
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.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Computer Software - 4 years Useful ecomonic Life
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:
Fixtures and fittings - 25 % reducing balance
Motor vehicles - 25 % reducing balance
Computer Equipment - 20 % 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
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or lossA subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
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.
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2020: 11 ).
5. Intangible assets
Other Total
£ £
Cost
At 1 January 2021 and 31 December 2021 4,975 4,975
_______ _______
Amortisation
At 1 January 2021 622 622
Charge for the year 1,244 1,244
_______ _______
At 31 December 2021 1,866 1,866
_______ _______
Carrying amount
At 31 December 2021 3,109 3,109
_______ _______
At 31 December 2020 4,353 4,353
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Computer Equipment Total
£ £ £ £
Cost
At 1 January 2021 23,808 63,900 76,615 164,323
Additions 2,600 33,480 10,055 46,135
_______ _______ _______ _______
At 31 December 2021 26,408 97,380 86,670 210,458
_______ _______ _______ _______
Depreciation
At 1 January 2021 10,834 18,405 31,611 60,850
Charge for the year 3,301 12,658 10,053 26,012
_______ _______ _______ _______
At 31 December 2021 14,135 31,063 41,664 86,862
_______ _______ _______ _______
Carrying amount
At 31 December 2021 12,273 66,317 45,006 123,596
_______ _______ _______ _______
At 31 December 2020 12,974 45,495 45,004 103,473
_______ _______ _______ _______
The net carrying value of tangible fixed assets includes the following amount of motor vehicles held under finances leases - £66,135 (2020: £45,663)
7. Investments
Other investments other than loans Total
£ £
Cost or valuation
At 1 January 2021 29,848 29,848
Revaluations ( 1,449) ( 1,449)
_______ _______
At 31 December 2021 28,399 28,399
_______ _______
Impairment
At 1 January 2021 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 28,399 28,399
_______ _______
At 31 December 2020 29,848 29,848
_______ _______
The costs of investments held are 38,000 USD and 300 Euros.
8. Debtors
Debtors falling due within one year are as follows:
2021 2020
£ £
Trade debtors 336,528 246,204
Other debtors 780,658 481,148
_______ _______
1,117,186 727,352
_______ _______
Debtors falling due after one year are as follows:
2021 2020
£ £
Other debtors 237,479 273,542
_______ _______
9. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts - 55
Trade creditors 353,233 255,357
Accruals and deferred income 103,865 50,327
Social security and other taxes 229,602 151,709
Other creditors 67,446 113,753
_______ _______
754,146 571,201
_______ _______
10. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 443,779 611,504
_______ _______
11. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 69,500 22,500
Later than 1 year and not later than 5 years 165,333 -
_______ _______
234,833 22,500
_______ _______
13. Related party transactions
At the end of the year, the company owed £462,503 (2020 - £661,879) to its directors