Speedy Hen Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06862611 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2021

FOR

SPEEDY HEN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr S T Little

Mr J M Little

Miss C Little

REGISTERED OFFICE:

Unit 1

Falcon Park

Neasden Lane

London

NW10 1RZ

REGISTERED NUMBER:

06862611 (England and Wales)

ACCOUNTANTS:

Honey Barrett Limited

53 Gildredge Road

Eastbourne

East Sussex

BN21 4SF

FIXED ASSETS

Tangible assets

5

2,655

673

Investments

6

167

167

2,822

840

CURRENT ASSETS

Stocks

7

703

-

Debtors

8

193,141

330,005

Investments

9

1,467,588

653,453

Cash at bank

384,452

1,217,449

2,045,884

2,200,907

CREDITORS

Amounts falling due within one year

10

489,697

806,379

NET CURRENT ASSETS

1,556,187

1,394,528

TOTAL ASSETS LESS CURRENT LIABILITIES

1,559,009

1,395,368

PROVISIONS FOR LIABILITIES

11

502

-

NET ASSETS

1,558,507

1,395,368

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

1,558,387

1,395,248

SHAREHOLDERS' FUNDS

1,558,507

1,395,368

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2021 and were signed on its behalf by:

Mr S T Little - Director

1.	STATUTORY INFORMATION

Speedy Hen 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The company has prepared these accounts on a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the potential effects of coronavirus on the activities of the business in future.

Turnover

The turnover shown in the profit and loss account represents goods dispatched to customers or for goods ordered via certain platforms, goods ordered and paid for.

Tangible fixed assets

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

Equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 April 2020

1,006

Additions

2,729

At 31 March 2021

3,735

DEPRECIATION

At 1 April 2020

333

Charge for year

747

At 31 March 2021

1,080

NET BOOK VALUE

At 31 March 2021

2,655

At 31 March 2020

673

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

167

NET BOOK VALUE

At 31 March 2021

167

At 31 March 2020

167

7.

STOCKS

2021

2020

£

£

Finished goods

703

-

8.

DEBTORS

2021

2020

£

£

Trade debtors

105,268

256,860

Amounts owed by group undertakings

195

195

Directors' current accounts

29,141

-

VAT

51,331

58,304

Deferred tax asset

-

8,701

Prepayments and accrued income

7,206

5,945

193,141

330,005

9.	CURRENT ASSET INVESTMENTS

2021

2020

£

£

Listed investments

-

453,553

Unlisted investments

1,467,588

199,900

1,467,588

653,453

The listed investments at the year end are included at market value. Any change in the valuation is reflected in the profit and loss account.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

397,371

685,813

Corporation tax

62,486

22,985

PAYE and social security

8,269

50

Company credit card

693

1,577

Foreign VAT payable

-

76,328

Other creditors

9,875

-

Directors' current accounts

-

97

Accruals and deferred income

11,003

19,529

489,697

806,379

11.	PROVISIONS FOR LIABILITIES

2021

£

Deferred tax

Accelerated capital allowances

502

Deferred

tax

£

Balance at 1 April 2020

(8,701

)

Provided during year

9,203

Investments revaluation

Balance at 31 March 2021

502