Hirds (Halifax) Limited Filleted accounts for Companies House (small and micro)

HIRDS (HALIFAX) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08084128

HIRDS (HALIFAX) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2022

HIRDS (HALIFAX) LIMITED

STATEMENT OF FINANCIAL POSITION

31 October 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5	1,888,652	1,778,527
Investments	6	149,911	149,911
		-------------	-------------
		2,038,563	1,928,438

CURRENT ASSETS

Debtors	7	1,783,308	686,315
Cash at bank and in hand		266,690	586,075
		-------------	-------------
		2,049,998	1,272,390

CREDITORS: amounts falling due within one year	8	981,640		839,582
		-------------		-------------
NET CURRENT ASSETS			1,068,358		432,808
			-------------		-------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,106,921		2,361,246

CREDITORS: amounts falling due after more than one year	9		293,337		346,469

PROVISIONS	35,435	13,229
	-------------	-------------
NET ASSETS	2,778,149	2,001,548
	-------------	-------------

HIRDS (HALIFAX) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2022

	2022		2021
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	1,250	1,250
Profit and loss account	2,776,899	2,000,298
	-------------	-------------
SHAREHOLDERS FUNDS	2,778,149	2,001,548
	-------------	-------------

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 income and retained earnings has not been delivered.

For the year ending 31 October 2022 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 were approved by the board of directors and authorised for issue on 30 August 2023 , and are signed on behalf of the board by:

S Dumbleton

Director

Company registration number: 08084128

HIRDS (HALIFAX) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 King Street, Halifax, West Yorkshire, HX1 1SR.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.

Revenue recognition

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 discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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. Revenue from services is recognised in the accounting period in which the service is rendered.

Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Freehold property	-	2% straight line
Long leasehold property	-	Over the term of the lease
Plant and machinery	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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.

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 accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants receivable relating to Covid-19 are accounted for under the accrual method and recognised immediately as income in the Statement of Income and Retained Earnings. Where applied for and received these grants include payments under the Coronavirus Job Retention Scheme (furlough payments), Small Business Grant and interest paid by the Government during the first 12 months of Bounce Bank Loans. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method .

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 as a finance cost in profit or loss in the period in which it arises.

Research and development

Research and development expenditure is written off in the year it is incurred.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 120 (2021: 115 ).

5. TANGIBLE ASSETS

	Freehold property	Long leasehold property	Plant and machinery	Total
	£	£	£	£
Cost
At 1 November 2021	1,522,897	473,941	66,478	2,063,316
Additions	–	137,088	115,645	252,733
	-------------	----------	----------	-------------
At 31 October 2022	1,522,897	611,029	182,123	2,316,049
	-------------	----------	----------	-------------
Depreciation
At 1 November 2021	143,493	134,795	6,501	284,789
Charge for the year	22,086	88,990	31,532	142,608
	-------------	----------	----------	-------------
At 31 October 2022	165,579	223,785	38,033	427,397
	-------------	----------	----------	-------------
Carrying amount
At 31 October 2022	1,357,318	387,244	144,090	1,888,652
	-------------	----------	----------	-------------
At 31 October 2021	1,379,404	339,146	59,977	1,778,527
	-------------	----------	----------	-------------

6. INVESTMENTS

	Other investments other than loans
	£
Cost
At 1 November 2021 and 31 October 2022	149,911
	----------
Impairment
At 1 November 2021 and 31 October 2022	–
	----------

Carrying amount
At 31 October 2022	149,911
	----------
At 31 October 2021	149,911
	----------

The investment property was acquired in March 2021 the directors do not consider there to be any significant change in market value,

7. DEBTORS

	2022	2021
	£	£
Trade debtors	31,155	32,671
Other debtors	1,752,153	653,644
	-------------	----------
	1,783,308	686,315
	-------------	----------

8. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	46,400	39,668
Trade creditors	326,113	237,723
Corporation tax	161,930	120,533
Social security and other taxes	253,326	257,047
Other creditors	193,871	184,611
	----------	----------
	981,640	839,582
	----------	----------

9. CREDITORS: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	293,337	346,469
	----------	----------

Included within creditors: amounts falling due after more than one year is an amount of £107,737 (2021: £160,869) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the directors had unsecured interest free loans with the company. The directors loan accounts were in credit throughout the year and are repayable on demand.