Speedy Hen Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06862611 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023

FOR

SPEEDY HEN LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

3,522

2,566

Investments

6

450,067

450,067

453,589

452,633

CURRENT ASSETS

Stocks

7

8,555

691

Debtors

8

389,301

183,760

Investments

9

899,002

898,288

Cash at bank

446,422

277,466

1,743,280

1,360,205

CREDITORS

Amounts falling due within one year

10

658,938

396,692

NET CURRENT ASSETS

1,084,342

963,513

TOTAL ASSETS LESS CURRENT LIABILITIES

1,537,931

1,416,146

PROVISIONS FOR LIABILITIES

11

879

485

NET ASSETS

1,537,052

1,415,661

CAPITAL AND RESERVES

Called up share capital

12

120

120

Retained earnings

1,536,932

1,415,541

SHAREHOLDERS' FUNDS

1,537,052

1,415,661

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Profit and Loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:

Mr S T Little - Director

1.	STATUTORY INFORMATION

Speedy Hen Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

06862611

Registered office:

Unit 1

Falcon Park

Neasden Lane

London

NW10 1RZ

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

The turnover shown in the profit and loss account represents goods dispatched to customers or for goods ordered via certain platforms, goods ordered and paid for.

Tangible fixed assets

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

Equipment

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 April 2022

4,392

Additions

1,668

At 31 March 2023

6,060

DEPRECIATION

At 1 April 2022

1,826

Charge for year

712

At 31 March 2023

2,538

NET BOOK VALUE

At 31 March 2023

3,522

At 31 March 2022

2,566

6.	FIXED ASSET INVESTMENTS

Shares in

group

Unlisted

undertakings

investments

Totals

£

£

£

COST

At 1 April 2022

and 31 March 2023

167

449,900

450,067

NET BOOK VALUE

At 31 March 2023

167

449,900

450,067

At 31 March 2022

167

449,900

450,067

7.

STOCKS

2023

2022

£

£

Finished goods

8,555

691

8.

DEBTORS

2023

2022

£

£

Trade debtors

163,348

70,575

Amounts owed by group undertakings

771

747

Other debtors

18,051

-

Directors' current accounts

136,893

69,785

Tax

37,063

22,680

VAT

19,486

11,466

Prepayments and accrued income

13,689

8,507

389,301

183,760

9.	CURRENT ASSET INVESTMENTS

2023

2022

£

£

Unlisted investments

899,002

898,288

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

585,967

309,051

Corporation tax

43,290

56,241

PAYE and social security

9,069

8,877

Company credit card

1,015

4,709

Foreign VAT payable

9,562

9,562

Accruals and deferred income

10,035

8,252

658,938

396,692

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

879

485

Deferred

tax

£

Balance at 1 April 2022

485

Provided during year

183

Changes in tax rates

211

Balance at 31 March 2023

879

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

120

Ordinary

£1.00

120

120

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mr S T Little

Balance outstanding at start of year

69,785

-

Amounts advanced

199,358

69,785

Amounts repaid

(132,250

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

136,893

69,785