Hala (Farnborough) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03350254 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

HALA (FARNBOROUGH) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D K Sodha

SECRETARY:

A Sodha

REGISTERED OFFICE:

Suite 1 & 2 Avondale Business Centre

55 Fleet Road

Fleet

Hampshire

GU51 3PJ

REGISTERED NUMBER:

03350254 (England and Wales)

AUDITORS:

Sage & Co

Chartered Accountants

& Statutory Auditors

38A High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

679,870

678,258

679,870

678,258

CURRENT ASSETS

Stocks

18,319

16,778

Debtors

6

2,646,933

1,753,204

Cash at bank

362,415

903,626

3,027,667

2,673,608

CREDITORS

Amounts falling due within one year

7

642,471

633,292

NET CURRENT ASSETS

2,385,196

2,040,316

TOTAL ASSETS LESS CURRENT LIABILITIES

3,065,066

2,718,574

CREDITORS

Amounts falling due after more than one year

8

(137,012

)

(160,768

)

PROVISIONS FOR LIABILITIES

(120,388

)

(85,388

)

NET ASSETS

2,807,666

2,472,418

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

2,807,566

2,472,318

SHAREHOLDERS' FUNDS

2,807,666

2,472,418

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 director and authorised for issue on 15 March 2023 and were signed by:

D K Sodha - Director

1.	STATUTORY INFORMATION

Hala (Farnborough) 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Fixtures and fittings

-

25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the performance criteria are satisfied is recognised as a liability. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

Stocks

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

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

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.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 152 (2021 - 176 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2021

and 31 March 2022

284,647

AMORTISATION

At 1 April 2021

and 31 March 2022

284,647

NET BOOK VALUE

At 31 March 2022

-

At 31 March 2021

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 April 2021

354,972

1,813,597

2,168,569

Additions

26,581

188,839

215,420

Disposals

-

(162,638

)

(162,638

)

At 31 March 2022

381,553

1,839,798

2,221,351

DEPRECIATION

At 1 April 2021

220,882

1,269,429

1,490,311

Charge for year

30,897

174,436

205,333

Eliminated on disposal

-

(154,163

)

(154,163

)

At 31 March 2022

251,779

1,289,702

1,541,481

NET BOOK VALUE

At 31 March 2022

129,774

550,096

679,870

At 31 March 2021

134,090

544,168

678,258

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

116,990

110,087

Amounts owed by group undertakings

2,335,390

1,538,859

Other debtors

194,553

104,258

2,646,933

1,753,204

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

9,707

7,108

Finance leases

13,250

13,250

Trade creditors

116,476

164,510

Amounts owed to group undertakings

-

354

Taxation and social security

251,456

251,902

Other creditors

251,582

196,168

642,471

633,292

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

32,387

42,893

Finance leases

104,625

117,875

137,012

160,768

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

2,651

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

42,094

50,001

The bank loans and overdraft are secured over the assets of all the companies in the group.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Sunil Sangani (Senior Statutory Auditor)

for and on behalf of Sage & Co

12.	CONTINGENT LIABILITIES

The company has given a guarantee supported by debenture over company assets in respect of the bank borrowings of all companies within the group.

13.	OTHER FINANCIAL COMMITMENTS

At the year end, total commitments under operating leases over the remaining life of these leases amounted to about £770,870 (2021: £904,970).