Old Hat Vintage Guitars Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08663737 (England and Wales)

OLD HAT VINTAGE GUITARS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JULY 2020

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Mitchell

REGISTERED OFFICE:

26 Ida Road

Skegness

Lincolnshire

PE25 2AR

REGISTERED NUMBER:

08663737 (England and Wales)

ACCOUNTANTS:

Dexter & Sharpe (Skegness)

Chartered Certified Accountants

26 Ida Road

Skegness

Lincolnshire

PE25 2AR

FIXED ASSETS

Tangible assets

3

676

902

CURRENT ASSETS

Stocks

99,682

77,269

Debtors

843

1,728

Cash at bank and in hand

20,903

8,463

121,428

87,460

CREDITORS

Amounts falling due within one year

161,109

81,923

NET CURRENT (LIABILITIES)/ASSETS

(39,681

)

5,537

TOTAL ASSETS LESS CURRENT LIABILITIES

(39,005

)

6,439

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(39,006

)

6,438

SHAREHOLDERS' FUNDS

(39,005

)

6,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 July 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 July 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2021 and were signed by:

N Mitchell - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 31 July 2019

and 30 July 2020

3,211

DEPRECIATION

At 31 July 2019

2,309

Charge for year

226

At 30 July 2020

2,535

NET BOOK VALUE

At 30 July 2020

676

At 30 July 2019

902

4.	RELATED PARTY DISCLOSURES

During the year the company paid rent in the amount of £9,000 (2019: £9,000) to Mr N D Mitchell, the sole director of the company.