Haus Werk Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC385987 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2021

for

Haus Werk Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

W J H Walters

C McBain

REGISTERED OFFICE:

61A Queen Street

Edinburgh

EH2 4NA

REGISTERED NUMBER:

SC385987 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

BANKERS:

Royal Bank of Scotland

Edinburgh St Andrew Square Branch

36 St Andrew Square

Edinburgh

EH2 2DA

FIXED ASSETS

Tangible assets

4

646

3,213

CURRENT ASSETS

Debtors

5

17,044

10,868

Cash at bank

114,658

55,454

131,702

66,322

CREDITORS

Amounts falling due within one year

6

44,444

56,015

NET CURRENT ASSETS

87,258

10,307

TOTAL ASSETS LESS CURRENT LIABILITIES

87,904

13,520

CREDITORS

Amounts falling due after more than one year

7

(50,000

)

-

PROVISIONS FOR LIABILITIES

9

(123

)

-

NET ASSETS

37,781

13,520

CAPITAL AND RESERVES

Called up share capital

10

165

165

Share premium

25,935

25,935

Retained earnings

11,681

(12,580

)

SHAREHOLDERS' FUNDS

37,781

13,520

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 September 2021 and were signed on its behalf by:

W J H Walters - Director

1.	STATUTORY INFORMATION

Haus Werk Limited is a private company, limited by shares , registered in Scotland. 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 the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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. Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represent the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 25% per annum

Fixture and fittings 25% per annum

Computer equipment 33.33% per annum

Motor vehicles 25% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease

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.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Exception from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2020

4,815

233

3,720

6,717

15,485

Additions

-

-

-

950

950

Disposals

-

-

(3,720

)

-

(3,720

)

At 31 May 2021

4,815

233

-

7,667

12,715

DEPRECIATION

At 1 June 2020

4,815

233

930

6,294

12,272

Charge for year

-

-

-

727

727

Eliminated on disposal

-

-

(930

)

-

(930

)

At 31 May 2021

4,815

233

-

7,021

12,069

NET BOOK VALUE

At 31 May 2021

-

-

-

646

646

At 31 May 2020

-

-

2,790

423

3,213

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

16,393

7,379

Other debtors

651

3,489

17,044

10,868

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade creditors

19,481

337

Taxation and social security

13,553

6,683

Other creditors

11,410

48,995

44,444

56,015

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.21

31.5.20

£

£

Other creditors

50,000

-

8.	LEASING AGREEMENTS

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

31.5.21

31.5.20

£

£

Within one year

6,103

3,660

Between one and five years

15,001

4,880

21,104

8,540

9.	PROVISIONS FOR LIABILITIES

31.5.21

£

Deferred tax

123

Deferred

tax

£

Balance at 1 June 2020

(2,701

)

Provided during year

2,824

Balance at 31 May 2021

123

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.21

31.5.20

value:

£

£

16,500

Ordinary

£0.01

165

165

11.	RELATED PARTY DISCLOSURES

Transactions with related parties during the year and balances outstanding at the year end were as follows:

Related Party

Transaction

Amount received / (paid) in year to 31.5.21

Amount received / (paid) in year to 31.5.20

Balance (payable to) / receivable from related party as at 31.5.21

Balance (payable to) / receivable from related party as at 31.5.20

£

£

£

£

(1) Saltouns Limited

Sales

54,946

29,673

3,516

1,228

Commission

(7,792)

(7,027)

270

-

(2) The Flat Company (Lilla) Limited

Sales

-

90

-

-

(3) The Flat Company Limited

Sales

148,788

106,317

12,589

2,766

Commission

(22,189)

(23,020)

774

-

Inter Company Loan

(47,744)

6,689

-

(47,744)

(4) Nonge Limited

Professional services

(10,000)

-

(10,000)

-

(1) W Walters, director, holds a combined majority stake.

(2) W Walters, director, is a director of this entity.

(3) W Walters, director, is a director of this entity.

(4) W Walters, director, is a director of this entity.

12.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling interest.