HOUGHTON KNEALE DESIGN LIMITED
HOUGHTON KNEALE DESIGN LIMITED
Registered number: 04103802
Unaudited Financial Statements
For The Year Ended
30 November 2021
Kent Coast Accounts Ltd
39 Brooke Avenue
Margate
Kent
CT9 5NG
HOUGHTON KNEALE DESIGN LIMITED
Unaudited Financial Statements
For The Year Ended
30 November 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
HOUGHTON KNEALE DESIGN LIMITED
Balance Sheet
As at
30 November 2021
Balance Sheet
Registered number:
04103802
For the year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
| 2021 | 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 6 |
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| Tangible Assets | 7 |
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| CURRENT ASSETS | |||||
| Debtors | 8 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 9 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 10 |
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| NET (LIABILITIES)/ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (19,758) | 9,355 | |||
HOUGHTON KNEALE DESIGN LIMITED
Balance Sheet (continued)
As at
30 November 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
HOUGHTON KNEALE DESIGN LIMITED
Notes to the Financial Statements
For The Year Ended
30 November 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to the company's brand development. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
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| Fixtures & Fittings |
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| Computer Equipment |
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1.6.
Foreign Currencies
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non¬ monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
HOUGHTON KNEALE DESIGN LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
30 November 2021
1.7.
Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
1.8.
Pensions
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognized as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.9.
Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2020: 6)
6.
Intangible Assets
| Other | |||
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| Amortisation | |||
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| Net Book Value | |||
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HOUGHTON KNEALE DESIGN LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
30 November 2021
7.
Tangible Assets
| Land & Property | ||||
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| Leasehold | Fixtures & Fittings | Computer Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
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| Additions |
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| Depreciation | ||||
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| Provided during the period |
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| Net Book Value | ||||
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8.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors | 1,420 | 17,837 | |
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9.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Amounts owed to participating interests | 22,208 | 26,208 | |
| Other creditors | 28,973 | 29,537 | |
| Taxation and social security | 5,286 | 12,517 | |
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HOUGHTON KNEALE DESIGN LIMITED
Notes to the Financial Statements (continued)
For The Year Ended
30 November 2021
10.
Creditors: Amounts Falling Due After More Than One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Bank loans |
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| Other creditors | 30,000 | 30,000 | |
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12.
Pension Commitments
The company operates a defined contribution pension scheme for employees.
The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of 2021- £199 (2020 - £461) were due to the fund. They are included in Other Creditors.
13.
Controlling Party
The company's controlling party is
Mr Richard Derek HOUGHTON
by virtue of his ownership of 51% of the issued share capital in the company.
14.
General Information
HOUGHTON KNEALE DESIGN LIMITED
is a private company, limited by shares, incorporated in England & Wales, registered number
04103802
. The registered office is 17 Albert Terrace, Margate, Kent, CT9 1UJ.