The HO-SO Initiative Ltd - Period Ending 2021-02-28
The HO-SO Initiative Ltd - Period Ending 2021-02-28
Registration number:
The HO-SO Initiative Ltd
for the Period from 15 February 2020 to 28 February 2021
The HO-SO Initiative Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The HO-SO Initiative Ltd
Company Information
Directors |
Simon David Herring Belinda Williams Clare Angelica Keers Courtenay Traice Thomas Lindsay Rupert James Smith Lindsey Jane Pownall |
Registered office |
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Accountants |
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The HO-SO Initiative Ltd
(Registration number: 12465469)
Balance Sheet as at 28 February 2021
Note |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
239 |
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Share premium reserve |
152,314 |
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Profit and loss account |
(127,821) |
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Shareholders' funds |
24,732 |
The HO-SO Initiative Ltd
(Registration number: 12465469)
Balance Sheet as at 28 February 2021
For the financial period ending 28 February 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
The HO-SO Initiative Ltd
Notes to the Unaudited Financial Statements for the Period from 15 February 2020 to 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England and Wales
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
The company recognises an unconditional government grant related to job retention in profit or loss as other income when the grant becomes receivable. Other government grants are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received and the company will comply with the conditions associated with the grant; they are then recognised in profit or loss as other income on a systematic basis over the useful life of the asset. Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.
The HO-SO Initiative Ltd
Notes to the Unaudited Financial Statements for the Period from 15 February 2020 to 28 February 2021
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tax Table |
Period |
2020 |
Deferred Tax |
784 |
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R&D Tax Refund |
(23,962) |
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(23,178) |
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
33% Straight Line |
Development costs
Costs directly attributable to the development of computer software are capitalised as intangible assets only when technical feasibility of the project is demonstrated, the company has an intention and ability to complete and use the software and the costs can be measured reliably. Such costs include purchases of materials and services and payroll-related costs of employees directly involved in the project. Research costs are recognised as an expense when incurred.
The HO-SO Initiative Ltd
Notes to the Unaudited Financial Statements for the Period from 15 February 2020 to 28 February 2021
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
The HO-SO Initiative Ltd
Notes to the Unaudited Financial Statements for the Period from 15 February 2020 to 28 February 2021
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Staff numbers |
The average number of persons employed by the company (including directors) during the period:
The HO-SO Initiative Ltd
Notes to the Unaudited Financial Statements for the Period from 15 February 2020 to 28 February 2021
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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Additions |
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At 28 February 2021 |
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Depreciation |
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Charge for the period |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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Debtors |
2021 |
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Trade debtors |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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The HO-SO Initiative Ltd
Notes to the Unaudited Financial Statements for the Period from 15 February 2020 to 28 February 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2021 |
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No. |
£ |
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239.22 |
Loans and borrowings |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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2021 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the period was as follows:
2021 |
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Remuneration |
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