Home Climates Limited 31/01/2021 iXBRL

Home Climates Limited 31/01/2021 iXBRL

HOME CLIMATES LIMITED - Company Information

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Company registration number: 01125172
Home Climates Limited
Unaudited filleted financial statements
31 January 2021
HOME CLIMATES LIMITED
Contents
Statement of financial position
Notes to the financial statements
HOME CLIMATES LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 1,542 1,844
_______ _______
1,542 1,844
Current assets
Stocks 21,978 28,043
Debtors 6 20,495 12,387
Cash at bank and in hand 1,882 20,340
_______ _______
44,355 60,770
Creditors: amounts falling due
within one year 7 ( 50,625) ( 62,380)
_______ _______
Net current liabilities ( 6,270) ( 1,610)
_______ _______
Total assets less current liabilities ( 4,728) 234
_______ _______
Net (liabilities)/assets ( 4,728) 234
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 4,828) 134
_______ _______
Shareholders (deficit)/funds ( 4,728) 234
_______ _______
For the year ending 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 October 2021 , and are signed on behalf of the board by:
J D Curtis
Director
Company registration number: 01125172
HOME CLIMATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 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 5 Prinbox Works, Saddlers Lane, Tivoli Walk, Cheltenham, Gloucestershire, GL50 2UX.
Principal activity
The principal activity of the company is the sale of hardware, paints and glass.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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 measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The Statement of Financial Position shows that the company has negative net assets. The company has the full support of the directors to ensure the company's liabilities will be met as they fall due and therefore the accounts have been produced on the going concern basis.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold improvements - 10 % straight line
Computer Equipment - 20 % straight line
Fittings, fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2020: 4 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 February 2020 1,589 833 3,930 6,352
Additions - 144 163 307
Disposals ( 1,589) - - ( 1,589)
_______ _______ _______ _______
At 31 January 2021 - 977 4,093 5,070
_______ _______ _______ _______
Depreciation
At 1 February 2020 1,589 104 2,815 4,508
Charge for the year - 244 365 609
Disposals ( 1,589) - - ( 1,589)
_______ _______ _______ _______
At 31 January 2021 - 348 3,180 3,528
_______ _______ _______ _______
Carrying amount
At 31 January 2021 - 629 913 1,542
_______ _______ _______ _______
At 31 January 2020 - 729 1,115 1,844
_______ _______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 16,754 8,646
Other debtors 3,741 3,741
_______ _______
20,495 12,387
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 17,765 32,409
Accruals and deferred income 1,695 3,476
Social security and other taxes 18,295 13,657
Other creditors 12,870 12,838
_______ _______
50,625 62,380
_______ _______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 February 2020 Loans to / (from) the directors Balance at 31 January 2021
£ £ £
A J Curtis ( 1,169) ( 760) ( 1,929)
J D Curtis ( 1,169) ( 760) ( 1,929)
_______ _______ _______
( 2,338) ( 1,520) ( 3,858)
_______ _______ _______
Loans to / (from) directors at 1 February 2019 Loans to / (from) the directors Balance at 31 January 2020
£ £ £
A J Curtis ( 3,155) 1,986 ( 1,169)
J D Curtis ( 3,155) 1,986 ( 1,169)
_______ _______ _______
( 6,310) 3,972 ( 2,338)
_______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
9. Events after the reporting period
At the end of the financial year, the country was still in the middle of the response to the COVID-19 global pandemic. There remained uncertainty around the full impact of the pandemic and at the end of the reporting period, the country remained in lockdown. Whilst we do not feel that these events and the lockdowns which have subsequently followed triggers any adjustments to the financial statements either based upon the position at the year-end or due to events that have transpired since, it is not possible to exclude significant impacts on the international and UK economy, which could impact the future performance of the company.
10. Government Grants
During the year the company was the recipient of economic benefits as a result of the Small Business Grant Fund. The total funds received from the UK Government and recognised in other operating profit during the year/period was £10,000