Hailwood Accountants Limited 31/03/2023 iXBRL

HAILWOOD ACCOUNTANTS LIMITED - Company Information

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Company registration number: 05077392

Hailwood Accountants Limited

Trading as Hailwood & Co.

Unaudited filleted financial statements

31 March 2023

Hailwood Accountants Limited

Contents

Directors and other information

Accountant's report

Statement of financial position

Notes to the financial statements

Hailwood Accountants Limited

Directors and other information


	Director	A D French


	Company number	05077392


	Registered office	392-394 Hoylake Road
		Moreton
		Wirral
		CH46 6DF


	Business address	392-394 Hoylake Road
		Moreton
		Wirral
		CH46 6DF


	Accountant	Hailwood & Co.
		392-394 Hoylake Road
		Moreton
		Wirral
		CH46 6DF

Hailwood Accountants Limited

Chartered accountant's report to the director on the preparation of the

unaudited statutory financial statements of Hailwood Accountants Limited

Year ended 31 March 2023

As described on the Statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2023, as set out on pages 3 to 9.

You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.

Hailwood & Co.

Chartered Accountants

392-394 Hoylake Road

Moreton

Wirral

CH46 6DF

14 April 2023

Hailwood Accountants Limited

Statement of financial position

31 March 2023

		2023		2022
	Note	£	£	£	£

Fixed assets
Intangible assets	5	109,000		109,000
Tangible assets	6	242,491		241,162
Investments	7	139,450		130,000
		_______		_______
			490,941		480,162

Current assets
Stocks		11,719		8,677
Debtors	8	42,120		44,930
Cash at bank and in hand		42,291		39,646
		_______		_______
		96,130		93,253
Creditors: amounts falling due
within one year	9	( 45,338)		( 21,766)
		_______		_______
Net current assets			50,792		71,487
			_______		_______
Total assets less current liabilities			541,733		551,649

			_______		_______
Net assets			541,733		551,649
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			541,732		551,648
			_______		_______
Shareholder funds			541,733		551,649
			_______		_______

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The director acknowledges 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 Section 1A of 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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 14 April 2023 , and are signed on behalf of the board by:

A D French

Director

Company registration number: 05077392

Hailwood Accountants Limited

Notes to the financial statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 392-394 Hoylake Road, Moreton, Wirral, CH46 6DF.

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 and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.

Goodwill

Goodwill arose on incorporation of the business and represents the inherent value in the firm's recurring fee income.Goodwill is measured at cost, as provided the firm's recurring fee income continues to grow, it is not considered a wasting asset.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are recorded at cost, and subsequently stated at cost less any accumulated depreciation.

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:


Office equipment	-	25 %	reducing balance
Fixtures and fittings	-	25 %	reducing balance
IT Equipment	-	33 %	reducing balance

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).

5. Intangible assets

	Goodwill	Total
	£	£
Cost
At 1 April 2022 and 31 March 2023	109,000	109,000
	_______	_______
Amortisation
At 1 April 2022 and 31 March 2023	-	-
	_______	_______
Carrying amount
At 31 March 2023	109,000	109,000
	_______	_______
At 31 March 2022	109,000	109,000
	_______	_______

6. Tangible assets

	Freehold property	Plant and machinery	Fixtures, fittings and equipment	IT Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2022	238,769	3,214	2,401	8,071	252,455
Additions	-	2,018	-	811	2,829
	_______	_______	_______	_______	_______
At 31 March 2023	238,769	5,232	2,401	8,882	255,284
	_______	_______	_______	_______	_______
Depreciation
At 1 April 2022	-	2,803	2,169	6,321	11,293
Charge for the year	-	607	43	850	1,500
	_______	_______	_______	_______	_______
At 31 March 2023	-	3,410	2,212	7,171	12,793
	_______	_______	_______	_______	_______
Carrying amount
At 31 March 2023	238,769	1,822	189	1,711	242,491
	_______	_______	_______	_______	_______
At 31 March 2022	238,769	411	232	1,750	241,162
	_______	_______	_______	_______	_______

7. Investments

	Shares in group undertakings and participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 1 April 2022	-	130,000	130,000
Additions	9,450	-	9,450
	_______	_______	_______
At 31 March 2023	9,450	130,000	139,450
	_______	_______	_______
Impairment
At 1 April 2022 and 31 March 2023	-	-	-
	_______	_______	_______
Carrying amount
At 31 March 2023	9,450	130,000	139,450
	_______	_______	_______
At 31 March 2022	-	130,000	130,000
	_______	_______	_______

8. Debtors

	2023	2022
	£	£
Trade debtors	36,936	36,461
Other debtors	5,184	8,469
	_______	_______
	42,120	44,930
	_______	_______

9. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	1,739	2,572
Corporation tax	3,943	1,860
Social security and other taxes	18,462	17,030
Other creditors	21,194	304
	_______	_______
	45,338	21,766
	_______	_______

10. Controlling party

The company is controlled by the director whose name is shown in the directors report.

11. Directors' advances, credits and guarantees

All movements on directors' advances, credits and guarantees, were as would be expected under normal market conditions, not material in terms of risk or benefits arising and would therefore not influence the users of these accounts when assessing the financial position of the company.

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