Hallmark Supplies Limited Filleted accounts for Companies House (small and micro)

HALLMARK SUPPLIES LIMITED - Company Information

0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,530,000 1,530,000 1,530,000 xbrli:pure xbrli:shares iso4217:GBP 03981693 2022-10-01 2023-09-30 03981693 2023-09-30 03981693 2022-09-30 03981693 2021-10-01 2022-09-30 03981693 2022-09-30 03981693 2021-09-30 03981693 bus:Director1 2022-10-01 2023-09-30 03981693 bus:Director2 2022-10-01 2023-09-30 03981693 core:LandBuildings core:OwnedOrFreeholdAssets 2023-09-30 03981693 core:LandBuildings core:OwnedOrFreeholdAssets 2022-09-30 03981693 core:WithinOneYear 2023-09-30 03981693 core:WithinOneYear 2022-09-30 03981693 core:ShareCapital 2023-09-30 03981693 core:ShareCapital 2022-09-30 03981693 core:RetainedEarningsAccumulatedLosses 2023-09-30 03981693 core:RetainedEarningsAccumulatedLosses 2022-09-30 03981693 core:LandBuildings 2023-09-30 03981693 core:LandBuildings 2022-09-30 03981693 bus:SmallEntities 2022-10-01 2023-09-30 03981693 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 03981693 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 03981693 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 03981693 bus:FullAccounts 2022-10-01 2023-09-30

COMPANY REGISTRATION NUMBER: 03981693

Hallmark Supplies Limited

Filleted Unaudited Financial Statements

30 September 2023

Hallmark Supplies Limited

Statement of Financial Position

30 September 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	4	1,530,000	1,530,000

Current assets

Cash at bank and in hand	56,851	46,146

Creditors: amounts falling due within one year	5	220,540	281,263
		---------	---------
Net current liabilities		163,689	235,117
		------------	------------
Total assets less current liabilities		1,366,311	1,294,883

Provisions

Taxation including deferred tax	129,122	113,627
	------------	------------
Net assets	1,237,189	1,181,256
	------------	------------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	1,236,189	1,180,256
	------------	------------
Shareholders funds	1,237,189	1,181,256
	------------	------------

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 30 September 2023 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 .

Hallmark Supplies Limited

Statement of Financial Position (continued)

30 September 2023

These financial statements were approved by the board of directors and authorised for issue on 17 October 2023 , and are signed on behalf of the board by:

Mr G Rowley	Mr T Greening
Director	Director

Company registration number: 03981693

Hallmark Supplies Limited

Notes to the Financial Statements

Year ended 30 September 2023

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents and services to be rendered.

Taxation

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

Creditors

Short term trade 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.

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 and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy).

4. Tangible assets

	Land and buildings
	£
Cost
At 1 October 2022 and 30 September 2023	1,530,000
	------------
Depreciation
At 1 October 2022 and 30 September 2023	–
	------------
Carrying amount
At 30 September 2023	1,530,000
	------------
At 30 September 2022	1,530,000
	------------

At the year end date the Directors considered the value of the properties owned by the company. They are satisfied that the valuations provided by Edwin Thompson Chartered Surveyors in 2022 for all the properties fairly reflect the current market value of those properties.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Freehold property
	£
At 30 September 2023
Aggregate cost	798,332
Aggregate depreciation	–
	---------
Carrying value	798,332
	---------

At 30 September 2022
Aggregate cost	798,332
Aggregate depreciation	–
	---------
Carrying value	798,332
	---------

5. Creditors: amounts falling due within one year

	2023	2022
	£	£
Corporation tax	18,620	19,438
Other creditors	201,920	261,825
	---------	---------
	220,540	281,263
	---------	---------