Company Registration No. 03406554 (England and Wales)
HubSolutions Limited
Unaudited accounts
for the year ended 31 July 2023
HubSolutions Limited
Unaudited accounts
Contents
HubSolutions Limited
Company Information
for the year ended 31 July 2023
Company Number
03406554 (England and Wales)
Registered Office
94 Foxearth Road
South Croydon
Surrey
CR2 8EF
UK
HubSolutions Limited
Statement of financial position
as at 31 July 2023
Tangible assets
33,077
34,770
Cash at bank and in hand
149,890
210,518
Creditors: amounts falling due within one year
(44,441)
(40,952)
Net current assets
195,841
197,197
Total assets less current liabilities
228,918
231,967
Creditors: amounts falling due after more than one year
(24,167)
(34,167)
Provisions for liabilities
Deferred tax
(6,241)
(6,541)
Net assets
198,510
191,259
Called up share capital
4
4
Profit and loss account
198,506
191,255
Shareholders' funds
198,510
191,259
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 6 March 2024 and were signed on its behalf by
Peter Hall
Director
Company Registration No. 03406554
HubSolutions Limited
Notes to the Accounts
for the year ended 31 July 2023
HubSolutions Limited is a private company, limited by shares, registered in England and Wales, registration number 03406554. The registered office is 94 Foxearth Road, South Croydon, Surrey, CR2 8EF, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified, where applicable, by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers. In respect of contracts for ongoing services, turnover represents the value of work done and invoiced in the year, including estimates.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
10% straight line
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
HubSolutions Limited
Notes to the Accounts
for the year ended 31 July 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
4
Intangible fixed assets
Other
Intangible fixed assets are software licences.
5
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 August 2022
39,965
8,495
48,460
At 31 July 2023
39,965
13,081
53,046
At 1 August 2022
7,994
5,696
13,690
Charge for the year
3,997
2,690
6,687
At 31 July 2023
11,991
7,978
19,969
At 31 July 2023
27,974
5,103
33,077
At 31 July 2022
31,971
2,799
34,770
HubSolutions Limited
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Trade debtors
85,665
21,732
Accrued income and prepayments
2,522
3,694
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
1,810
10,032
Taxes and social security
26,993
17,407
Loans from directors
1,988
1,608
8
Creditors: amounts falling due after more than one year
2023
2022
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4
4
10
Operating lease commitments
2023
2022
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
1,842
1,662
The balance on the director`s current account with the company at the balance sheet date was £1,988 credit (2022: £1,608 credit), owed by the company to the director. This amount owing is unsecured, interest free and repayable on demand, and was in credit throughout the year.
The ultimate owner of the company is Mr.P.Hall who owns 100% of the issued share capital.
13
Average number of employees
During the year the average number of employees was 3 (2022: 3).
