HUQ INDUSTRIES LIMITED Accounts

HUQ INDUSTRIES LIMITED - Company Information






HUQ INDUSTRIES LIMITED

	Company No. 09202565
		Information for Filing with The Registrar
		31 December 2021

The Directors present their report and the accounts for the year ended 31 December 2021.

Principal activities
The principal activity of the company during the year under review was that of software development.




Directors

The Directors who served at any time during the year were as follows:

A.C. FAWCETT-WOLF
C.T.B. POULSON
I.M.V. POULSON
G.R. RACE
A.G.J. ROBERTSON
A.M. WARREN
































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

C.T.B. POULSON
Director
25 March 2022

at	31 December 2021
Company No.		09202565	Notes	2021	2020
				£	£
Fixed assets

	Tangible assets		4	5,752	3,738


				5,752	3,738
Current assets

	Debtors		5	323,450	458,475

	Cash at bank and in hand			166,043	123,023
				489,493	581,498
Creditors: Amount falling due within one year			6	(471,306)	(587,942)
Net current assets/(liabilities)				18,187	(6,444)
Total assets less current liabilities				23,939	(2,706)
Creditors: Amounts falling due after more than one year			7	(34,950)	(46,675)



Net liabilities				(11,011)	(49,381)

Capital and reserves
	Called up share capital			215,624	205,820
	Share premium account		8	3,038,115	2,661,525


	Profit and loss account		8	(3,264,750)	(2,916,726)

Total equity				(11,011)	(49,381)



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 25 March 2022
And signed on its behalf by:
C.T.B. POULSON
Director
25 March 2022

for the year ended 31 December 2021

General information

Its registered number is: 09202565

Its registered office is:

Cromwell House

Andover Road

Winchester

SO23 7BT

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Going concern

The accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company for the foreseeable future.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue 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 revenue 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 transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

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

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

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

Furniture, fittings and equipment

50% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2021	2020
			Number	Number
		The average monthly number of employees (including directors) during the year was:	7	6

4	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 January 2021	25,443	25,443
		Additions	7,770	7,770



		At 31 December 2021	33,213	33,213
		Depreciation
		At 1 January 2021	21,705	21,705
		Charge for the year	5,756	5,756



		At 31 December 2021	27,461	27,461
		Net book values
		At 31 December 2021	5,752	5,752
		At 31 December 2020	3,738	3,738

5	Debtors
			2021	2020
			£	£
		Trade debtors	131,908	238,149

		Corporation tax recoverable	183,815	216,726




		Prepayments and accrued income	7,727	3,600
			323,450	458,475

6	Creditors:
		amounts falling due within one year
			2021	2020
			£	£

		Bank loans and overdrafts	19,438	9,961


		Trade creditors	118,206	181,873


		Other taxes and social security	30,068	69,551

		Other creditors	1,737	829
		Accruals and deferred income	301,857	325,728
			471,306	587,942

7	Creditors:
		amounts falling due after more than one year
			2021	2020
			£	£

		Bank loans and overdrafts	34,950	46,675






			34,950	46,675

Reserves

Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account - includes all current and prior period retained profits and losses.