HWL Limited - Period Ending 2022-12-31

HWL Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

HWL Limited

Balance Sheet
31 December 2022

	Note	2022 £	2021 £
Fixed assets
Investments	4	29,628	29,628
Current assets
Debtors	5	338,466	338,466
Creditors: Amounts falling due within one year	6	(233,997)	(233,997)
Net current assets		104,469	104,469
Net assets		134,097	134,097
Capital and reserves
Called up share capital		100	100
Retained earnings		133,997	133,997
Shareholders' funds		134,097	134,097

HWL Limited

Balance Sheet
31 December 2022

For the financial year ending 31 December 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The Director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the Director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 August 2023
 

......................................... Mr A R H Meier Director

Company Registration Number: 01567658

HWL Limited

Notes to the Financial Statements
Year Ended 31 December 2022

1	General information

The Company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Europa House
Barcroft Street
Bury
Lancashire
BL9 5BT
England

2	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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Group accounts not prepared

The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared consolidated accounts on the basis the group is small..

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Investments

Investments comprise of equity shares in wholly owned subsidiary companies. These shares are not publicly traded and fair value cannot be measured reliably. They are measured at cost less impairment.

HWL Limited

Notes to the Financial Statements
Year Ended 31 December 2022

Trade debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Trade creditors

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

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2021 - 2).

4	Investments

	2022 £	2021 £
Investments in subsidiaries	29,628	29,628

Subsidiaries	£
Cost or valuation
At 1 January 2022	29,628
Provision
Carrying amount
At 31 December 2022	29,628
At 31 December 2021	29,628

HWL Limited

Notes to the Financial Statements
Year Ended 31 December 2022

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held
			2022	2021
Subsidiary undertakings
Haircloth Weaving & Finishing Co. Limited	England	Ordinary	100%	100%

Subsidiary undertakings

Haircloth Weaving & Finishing Co. Limited The principal activity of Haircloth Weaving & Finishing Co. Limited is the provision of and the supplying and management of services, facilities and events to managed workspaces, co-working workspaces, virtual offices and meeting rooms.

HWL Limited

Notes to the Financial Statements
Year Ended 31 December 2022

5

Debtors

Current	Note	2022 £	2021 £
Amounts owed by related parties	7	338,466	338,466

6

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Amounts owed to Group undertakings and undertakings in which the Company has a participating interest	7	233,997	233,997

7	Related party transactions

Summary of transactions with parent

Included in creditors is a loan from HWL Holdings Limited. The loan is interest free and repayable on demand. There have been no movements during the year.
Balance at the end of the year - £233,997 (2021 - £233,997)
 

Summary of transactions with all subsidiaries

Included in debtors is a loan to Haircloth Weaving & Finishing Company Limited. The loan is interest free and repayable on demand. There have been no movements during the year.
Balance at the end of the year - £338,446 (2021 - £338,446)
 

8	Parent and ultimate parent undertaking

HWL Holdings Limited is the ultimate parent company and controlling party.

The parent company does not produce group accounts, as a result of exemption under the small group companies reporting regime.

 The Company's immediate parent is HWL Holdings Limited, incorporated in England.