00HH Limited - Accounts to registrar (filleted) - small 18.2
00HH Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| FOR |
| 00HH LIMITED |
| 00HH LIMITED (REGISTERED NUMBER: 10193048) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 6 |
| 00HH LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Kingsnorth House |
| Blenheim Way |
| Birmingham |
| West Midlands |
| B44 8LS |
| 00HH LIMITED (REGISTERED NUMBER: 10193048) |
| BALANCE SHEET |
| 30 NOVEMBER 2020 |
| 2020 | 2019 |
| as restated |
| Notes | £ | £ |
| CURRENT ASSETS |
| Stock | 4 |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 00HH LIMITED (REGISTERED NUMBER: 10193048) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 1. | STATUTORY INFORMATION |
| 00HH Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The company elected to extend its accounting period in the current period to better align the reporting dates of all group companies. Therefore, whilst the length of the comparative accounting period is a year, it differs to the current period which is for 18 months, and thus the periods are not entirely comparable. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Stock |
| Stock is 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 Profit and Loss Account, 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. |
| Going concern |
| The major part of the company's working capital requirements are provided by a loan which is not repayable within 12 months from the balance sheet date. It is anticipated this loan will be repaid from the sale of inventory, the net realisable value of which is in excess of the borrowing. This does not however take into account future fluctuation in market valuations of the stock. |
| 10M Group Limited, the parent company of the entity, provides a loan to the entity, which is repayable on demand. Directors of the parent company have indicated that they will not demand repayment; however no formal agreement is in place. |
| Support has also been provided by loans from the directors who have indicated that this support will continue for the foreseeable future. |
| The directors, having considered the above and made due enquiries, continue to adopt the going concern basis in preparing the financial statements which assumes that the company will continue in operation for the foreseeable future. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2019 - NIL). |
| 00HH LIMITED (REGISTERED NUMBER: 10193048) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 4. | STOCK |
| Stock as at 31 December 2019 has been restated due to a fundamental accounting error in relation to the assessment of its net realisable value, being the value assessed by the Directors at that time. |
| The impact of that fundamental accounting error has resulted in a reduction in stock of £350,000 compared to that originally stated in last year's financial statements. |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Other creditors |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2020 | 2019 |
| as restated |
| £ | £ |
| Other loans |
| Other loans are secured upon the property under development, and by personal guarantees of both directors limited to £2,350,000. |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2020 | 2019 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 100 | 100 |
| 00HH LIMITED (REGISTERED NUMBER: 10193048) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2020 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2019 | ( |
) |
| Deficit for the year | ( |
) |
| At 30 November 2020 | ( |
) |
| Stock as at 31 December 2019 has been restated due to a fundamental accounting error in relation to the assessment of its net realisable value, being the value assessed by the Directors at that time. |
| The impact of that fundamental accounting error has resulted in a reduction in opening profit and loss reserves of £350,000 compared to that originally stated in last year's financial statements. |
| 11. | PARENT COMPANY |
| The company is a wholly-owned subsidiary of 10M Group Limited, a company incorporated in England and Wales and registered at the same address as this company. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| 00HH LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of 00HH Limited for the year ended 30 November 2020 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of 00HH Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of 00HH Limited and state those matters that we have agreed to state to the Board of Directors of 00HH Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 00HH Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that 00HH Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of 00HH Limited. You consider that 00HH Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of 00HH Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| Kingsnorth House |
| Blenheim Way |
| Birmingham |
| West Midlands |
| B44 8LS |