Hosting Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04212030 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2021

for

Hosting Systems Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J M Moran

A H Bates

REGISTERED OFFICE:

The Hub Trentham Business Quarter

Bellringer Road

Stoke on Trent

Staffordshire

ST4 8GB

REGISTERED NUMBER:

04212030 (England and Wales)

FIXED ASSETS

Intangible assets

4

4,958

-

Tangible assets

5

38,275

32,447

43,233

32,447

CURRENT ASSETS

Debtors

6

19,019

51,404

Cash at bank

175,265

158,172

194,284

209,576

CREDITORS

Amounts falling due within one year

7

141,028

160,505

NET CURRENT ASSETS

53,256

49,071

TOTAL ASSETS LESS CURRENT LIABILITIES

96,489

81,518

PROVISIONS FOR LIABILITIES

2,700

-

NET ASSETS

93,789

81,518

CAPITAL AND RESERVES

Called up share capital

6,550

6,550

Retained earnings

87,239

74,968

SHAREHOLDERS' FUNDS

93,789

81,518

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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

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

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 25 April 2022 and were signed on its behalf by:

A H Bates - Director

J M Moran - Director

1.	STATUTORY INFORMATION

Hosting Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	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.

The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance. Particular consideration has been given to the impact of the Coronavirus on the company's ability to operate for the foreseeable future.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' section 1AC.35, not to disclose related party transactions with entities within the group where the relationship is one of being wholly owned.

Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or to be incurred in respect of the transition can be measured reliably.

Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed.

Rendering of services

Turnover 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 and when all of the following conditions are satisfied:

-

the amount of turnover 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.

Usually, turnover from the sale of services is recognised over the period in which the maintenance contract is in force.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, has been amortised evenly over its estimated useful life of six years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The website is being evenly amortised over its estimated useful life of 10 years.

Tangible fixed assets

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

Short leasehold

-

Straight line over 50 years

Plant and machinery

-

straight line over 5 years

Fixtures and fittings

-

Straight line over 6 years

Computer equipment

-

at varying rates on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax, if applicable. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account on a straight-line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

Website

Totals

£

£

£

COST

At 1 November 2020

15,000

-

15,000

Additions

-

5,000

5,000

At 31 October 2021

15,000

5,000

20,000

AMORTISATION

At 1 November 2020

15,000

-

15,000

Amortisation for year

-

42

42

At 31 October 2021

15,000

42

15,042

NET BOOK VALUE

At 31 October 2021

-

4,958

4,958

At 31 October 2020

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 November 2020

12,457

-

23,195

91,936

127,588

Additions

-

832

2,664

15,718

19,214

At 31 October 2021

12,457

832

25,859

107,654

146,802

DEPRECIATION

At 1 November 2020

3,176

-

20,262

71,703

95,141

Charge for year

249

97

782

12,258

13,386

At 31 October 2021

3,425

97

21,044

83,961

108,527

NET BOOK VALUE

At 31 October 2021

9,032

735

4,815

23,693

38,275

At 31 October 2020

9,281

-

2,933

20,233

32,447

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

11,337

40,223

Other debtors

7,682

11,181

19,019

51,404

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

18,333

26,899

Taxation and social security

61,485

62,730

Other creditors

61,210

70,876

141,028

160,505

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

24,000

24,000

Between one and five years

6,000

30,000

30,000

54,000

Total lease payments recognised as an expense during the period amounted to £24,000 (2020 - £24,000).

9.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions of £1,573 (2020 - £1,004) were payable to the fund at the balance sheet date and are included in creditors.