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Unaudited Financial Statements |
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for the Period 1 January 2020 to 29 February 2020 |
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for |
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Hennicks Ltd |
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Unaudited Financial Statements |
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for the Period 1 January 2020 to 29 February 2020 |
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for |
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Hennicks Ltd |
Hennicks Ltd (Registered number: 10380330) |
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Contents of the Financial Statements |
for the Period 1 January 2020 to 29 February 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Certified Accountant's Report | 8 |
Hennicks Ltd |
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Company Information |
for the Period 1 January 2020 to 29 February 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANT: |
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Chartered Certified Accountant |
Registered Auditor |
Home Farm Barn |
Mill Green |
Burston |
Diss |
Norfolk |
IP22 5TJ |
Hennicks Ltd (Registered number: 10380330) |
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Balance Sheet |
29 February 2020 |
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29.2.20 | 31.12.19 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than
one year |
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NET ASSETS/(LIABILITIES) |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | 10 |
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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. |
Hennicks Ltd (Registered number: 10380330) |
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Balance Sheet - continued |
29 February 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Hennicks Ltd (Registered number: 10380330) |
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Notes to the Financial Statements |
for the Period 1 January 2020 to 29 February 2020 |
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1. | STATUTORY INFORMATION |
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Hennicks Ltd is a
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company's registered number and registered office address can be found on the Company |
Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding |
discounts, rebates, value added tax and other sales taxes. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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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 period end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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Hennicks Ltd (Registered number: 10380330) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2020 to 29 February 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Share based payments |
Goods and services received by the entity in exchange for shares are measured at the fair |
value of the goods and services. The cost is recognised when the goods and services are |
received and the amount is credited to the share premium account. Upon subsequent issue |
of shares the nominal value is transferred from the share premium account to share capital. |
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Going concern |
These accounts have been prepared on a going concern basis. The company continued to |
develop new products during the period and is in the process of obtaining the capital |
required to successfully launch the products in the marketplace. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was 1 (2019 - 1 ) . |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 31.12.19 |
£ | £ |
Trade debtors |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.20 | 31.12.19 |
£ | £ |
Trade creditors |
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Other creditors |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
29.2.20 | 31.12.19 |
£ | £ |
Other creditors |
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Long term creditors consists of accrued marketing costs payable in 2020. |
Hennicks Ltd (Registered number: 10380330) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2020 to 29 February 2020 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.20 | 31.12.19 |
value: | £ | £ |
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Ordinary | 0.01 | 93 | 100 |
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Ordinary B | 0.01 | 32 | 31 |
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Ordinary A | 0.01 | 14 | 8 |
139 | 139 |
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The following fully paid shares were allotted during the period at a premium as shown below: |
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2 Ordinary shares of 0.01 each at 9999.99 per share |
696 Ordinary A shares of 0.01 each at 64.6452 per share |
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698 £0.01 ordinary shares were bought back by the company at par during the period. |
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8. | RELATED PARTY DISCLOSURES |
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At the balance sheet date the company owed £Nil (2018 £10,000) to director N Briggs and |
£Nil (2019 £10,000) to director H Kay for amounts advanced to the company for set-up costs |
and working capital. On the 28th February 2020 the balances brought forward were |
converted to one £0.01 ordinary share for each of the two directors. |
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Also on the 28th February 2020 the company purchased 465 of its £0.01 ordinary shares |
from N Briggs at par and 233 of its £0.01 ordinary shares from H Kay at par. |
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9. | ULTIMATE CONTROLLING PARTY |
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No single party or combination of related parties has sufficient voting rights to control the |
company. |
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10. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
29.2.20 | 31.12.19 |
£ | £ |
Loss for the financial period | ( |
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New share capital subscribed | 65,000 | 14,500 |
Payments to acquire own shares | (7 | ) | - |
Net addition/(reduction) to shareholders' funds | 63,695 | (20,266 | ) |
Opening shareholders' funds | (57,009 | ) | (36,743 | ) |
Closing shareholders' funds | 6,686 | (57,009 | ) |
Hennicks Ltd (Registered number: 10380330) |
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Notes to the Financial Statements - continued |
for the Period 1 January 2020 to 29 February 2020 |
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11. | SHARE-BASED PAYMENT TRANSACTIONS |
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During 2017 the company received marketing services from a third party consultancy at a |
cost of £45,000 on extended credit terms which have been provided in exchange for a 7% |
holding in Ordinary A shares issued during 2018. The cost of the services to be paid for in |
cash was included in long term liabilities and the cost of the shares has been credited in |
equity reserves at £Nil (2019 £4,500) which is estimated to be the fair value of the extended |
credit. The total balance carried forward in equity for these share based payments at the |
balance sheet date is £13,500 (2019 £13,500). On the 28th February 2020 the outstanding |
credit balance of £45,000 was converted to 696 £0.01 ordinary A shares. |
Chartered Certified Accountant's Report to the Board of Directors |
on the Unaudited Financial Statements of |
Hennicks Ltd |
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The following reproduces the text of the report prepared for the directors in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act |
2006, the company is only required to file a Balance Sheet. Readers are cautioned that the |
Income Statement and certain other primary statements and the Report of the Directors are |
not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your |
approval the financial statements of Hennicks Ltd for the period ended 29 February 2020 which |
comprise the Income Statement, Balance Sheet and the related notes from the company's |
accounting records and from information and explanations you have given me. |
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As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the Board of Directors of Hennicks Ltd, as a body, in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of Hennicks Ltd and state those matters that I have agreed to state to the Board of Directors of Hennicks Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for my work or for this report. |
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It is your duty to ensure that Hennicks Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Hennicks Ltd. You consider that Hennicks Ltd is exempt from the statutory audit requirement for the period. |
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I have not been instructed to carry out an audit or a review of the financial statements of Hennicks Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Certified Accountant |
Registered Auditor |
Home Farm Barn |
Mill Green |
Burston |
Diss |
Norfolk |
IP22 5TJ |
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