Company Registration No. 6380499 (England and Wales)
HANSEL & PRETZEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
HANSEL & PRETZEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HANSEL & PRETZEL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,731
28,519
Investments
4
50,000
50,000
71,731
78,519
Current assets
Stocks
12,450
15,850
Debtors
6
147,712
141,313
Cash at bank and in hand
42,341
44,314
202,503
201,477
Creditors: amounts falling due within one year
7
(60,672)
(78,795)
Net current assets
141,831
122,682
Total assets less current liabilities
213,562
201,201
Creditors: amounts falling due after more than one year
8
-
(4,443)
Provision for deferred tax
2,309
908
Net assets
215,871
197,666
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
215,771
197,566
Total equity
215,871
197,666
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
HANSEL & PRETZEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 December 2020 and are signed on its behalf by:
Peter Bodo Wengerodt
Director
Company Registration No. 6380499
HANSEL & PRETZEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
HANSEL & PRETZEL LIMITED is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
1 Queens Parade, Brownlow Road, London, N11 2DN. The company's business address is 71 Ham Street, Ham Richmond, Surrey, TW10 7HW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and trade discounts
. Revenue is recognised at the point of sales.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation
.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the lease period
Plant and machinery
20% Straight line
Fixtures, fittings & equipment
20% Straight line
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Fixed asset investments
Interests in
its wholly owned
subsidiar
y is
initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investment
is
assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
HANSEL & PRETZEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks
Stocks are stated at the lower of cost and
net realisable value
. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HANSEL & PRETZEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease
.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
15
15
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2019
23,514
136,075
159,589
Additions
-
3,676
3,676
Disposals
-
(2,118)
(2,118)
At 31 March 2020
23,514
137,633
161,147
Depreciation and impairment
At 1 April 2019
17,662
113,408
131,070
Depreciation charged in the year
2,927
7,343
10,270
Eliminated in respect of disposals
-
(1,924)
(1,924)
At 31 March 2020
20,589
118,827
139,416
Carrying amount
At 31 March 2020
2,925
18,806
21,731
At 31 March 2019
5,852
22,667
28,519
HANSEL & PRETZEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Fixed asset investments
2020
2019
£
£
Investment in subsidiary
50,000
50,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 April 2019 & 31 March 2020
50,000
Carrying amount
At 31 March 2020
50,000
At 31 March 2019
50,000
5
Subsidiaries
Details of the company's subsidiaries at 31 March 2020 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Plumbing Etc. Limited
England & Wales
Plumbing -repairs and installation
ordinary
100.00
0
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Plumbing Etc. Limited
(190)
(5,884)
HANSEL & PRETZEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
-
645
Amounts owed by group undertakings
7,152
7,929
Director's current accounts
58,455
50,443
Other debtors (note 14)
82,105
82,296
147,712
141,313
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
18,379
8,058
Corporation tax
24,774
45,280
Other taxation and social security
5,387
4,349
Other creditors
12,132
21,108
60,672
78,795
8
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
-
4,443
Net obligations under hire purchase contracts are secured by fixed charges on the assets concerned. The loan was secured by a fixed and floating charge over the assets of the company.
9
Retirement benefit schemes
2020
2019
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
3,643
2,005
The company operates
two separate
defined contribution pension scheme
s
for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered funds.
10
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
HANSEL & PRETZEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 8 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
23,400
23,400
Between two and five years
59,400
70,800
In over five years
57,000
69,000
139,800
163,200
12
Controlling party
The company was controlled throughout the current and previous year by the directors by virtue of the fact that between them, they own the entire issued share capital of the company.
13
Directors' transactions
Dividends totalling £81,000 (2019 - £76,000) were paid in the year in respect of shares held by the company's directors.
The directors' current account was overdrawn during the year and interest on the overdrawn balance totalling £
691
(201
9
: £
599
) was paid to the company at HMRC's official rate of interest. The movement on these loans are as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' current account
2.50
50,443
88,321
691
(81,000)
58,455
14
Related party transactions
During the year, the company incurred costs totalling £
5,520
(201
9
: £
6,470
) with regard to plumbing repairs and installation services provided by Plumbing Etc. Limited.
O
ther debtors
(
note6) include £53,969 (2019: £52,969) due by Golem Property Limited, a company also controlled by the directors of this company.