Hawthorns Securities Limited. Filleted accounts for Companies House (small and micro)

HAWTHORNS SECURITIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03656074

HAWTHORNS SECURITIES LIMITED.

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2021

HAWTHORNS SECURITIES LIMITED.

FINANCIAL STATEMENTS

YEAR ENDED 30th JUNE 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

HAWTHORNS SECURITIES LIMITED.

STATEMENT OF FINANCIAL POSITION

30 June 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	3		326		382

Current assets

Debtors	4	–	13,911
Cash at bank and in hand		–	14
		----	--------
		–	13,925

Creditors: Amounts falling due within one year	5	459,247		455,008
		---------		---------
Net current liabilities			459,247		441,083
			---------		---------
Total assets less current liabilities			( 458,921)		( 440,701)
			---------		---------
Net liabilities			( 458,921)		( 440,701)
			---------		---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 458,923)	( 440,703)
	---------	---------
Shareholders deficit	( 458,921)	( 440,701)
	---------	---------

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 income statement has not been delivered.

For the year ending 30th June 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HAWTHORNS SECURITIES LIMITED.

STATEMENT OF FINANCIAL POSITION (continued)

30 June 2021

These financial statements were approved by the board of directors and authorised for issue on 18 March 2022 , and are signed on behalf of the board by:

Mr. M.J. Phillips
Director

Company registration number: 03656074

HAWTHORNS SECURITIES LIMITED.

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30th JUNE 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 Manor Court, 184e Chester Road, Streetly, Sutton Coldfield, B74 3NA.

2. Accounting policies

(i) 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.

(ii) Going concern

The accounts have been drawn up on the going concern basis on the grounds that the continuation of the company's activities is dependent upon the continued support of its director and bankers. Should this supoport be withdrawn the company may not be able to continue trading and adjustments would have to be made to reduce the value of assets to their recoverable amounts to provide for any further liabilities that may crystalise and to reclassify fixed assets and long-term liabilities as current assets and current liabilities.

(iii) Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.

(iv) 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.

(v) Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

(vi) 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	-	15% reducing balance
Equipment	-	15% reducing balance

(vii) Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

3. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1st July 2020 and 30th June 2021	1,830	2,150	3,980
	-------	-------	-------
Depreciation
At 1st July 2020	1,725	1,873	3,598
Charge for the year	15	41	56
	-------	-------	-------
At 30th June 2021	1,740	1,914	3,654
	-------	-------	-------
Carrying amount
At 30th June 2021	90	236	326
	-------	-------	-------
At 30th June 2020	105	277	382
	-------	-------	-------

4. Debtors

	2021	2020
	£	£
Trade debtors	–	13,911
	----	--------

5. Creditors: Amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	423,311	405,660
Trade creditors	18,094	32,506
Social security and other taxes	4,775	4,775
Other creditors	13,067	12,067
	---------	---------
	459,247	455,008
	---------	---------

6. Related party transactions

The company was under the control of Mr M.J. Phillips throughout the current period. Mr Phillips is the managing director and joint shareholder with Mrs. C.B.Phillips. There are no transactions with related parties needing disclosure.