Hardcastle Blake (LB) Limited 31/12/2021 iXBRL

Hardcastle Blake (LB) Limited 31/12/2021 iXBRL

HARDCASTLE BLAKE (LB) LIMITED - Company Information

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Company registration number: 07368458
Hardcastle Blake (LB) Limited
Unaudited filleted financial statements
31 December 2021
Hardcastle Blake (LB) Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Hardcastle Blake (LB) Limited
Directors and other information
Director Mr K Myers
Company number 07368458
Registered office 2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
Business address 2 Liscombe West
Liscombe Park
Soulbury
Leighton Buzzard
LU7 0JL
Hardcastle Blake (LB) Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 1,714 3,910
_______ _______
1,714 3,910
Current assets
Debtors 7 81,875 91,881
Cash at bank and in hand 10,015 17,655
_______ _______
91,890 109,536
Creditors: amounts falling due
within one year 8 ( 69,998) ( 85,126)
_______ _______
Net current assets 21,892 24,410
_______ _______
Total assets less current liabilities 23,606 28,320
Creditors: amounts falling due
after more than one year 9 ( 18,463) ( 20,500)
Provisions for liabilities ( 210) ( 570)
_______ _______
Net assets 4,933 7,250
_______ _______
Capital and reserves
Called up share capital 201 201
Share premium account 3,800 3,800
Profit and loss account 932 3,249
_______ _______
Shareholders funds 4,933 7,250
_______ _______
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.
Director's 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 director acknowledges 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 March 2022 , and are signed on behalf of the board by:
Mr K Myers
Director
Hardcastle Blake (LB) Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 2 Liscombe West, Liscombe Park, Soulbury, Leighton Buzzard, LU7 0JL.
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.
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 professional accountancy services rendered, net of discounts and Value Added Tax as adjusted for accrued income.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
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.
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 - Over 8 years
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.
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
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.
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
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.
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.
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 the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2020: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2021 and 31 December 2021 80,000 80,000
_______ _______
Amortisation
At 1 January 2021 and 31 December 2021 80,000 80,000
_______ _______
Carrying amount
At 31 December 2021 - -
_______ _______
At 31 December 2020 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2021 and 31 December 2021 3,010 14,149 17,159
_______ _______ _______
Depreciation
At 1 January 2021 2,101 11,148 13,249
Charge for the year 300 1,896 2,196
_______ _______ _______
At 31 December 2021 2,401 13,044 15,445
_______ _______ _______
Carrying amount
At 31 December 2021 609 1,105 1,714
_______ _______ _______
At 31 December 2020 909 3,001 3,910
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 56,719 68,132
Other debtors 25,156 23,749
_______ _______
81,875 91,881
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts (secured) 9,502 4,500
Trade creditors 24,289 28,716
Corporation tax 9,507 9,883
Social security and other taxes 15,550 30,893
Other creditors 11,150 11,134
_______ _______
69,998 85,126
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts (secured) 18,463 20,500
_______ _______
10. Controlling party
The company is controlled by Mr K Myers - director by virtue of his majority shareholding.