Hill 38 Ltd |
Notes to the Accounts |
for the period from 16 February 2022 to 28 February 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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2 |
Employees |
2023 |
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Number |
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Average number of persons employed by the company |
2 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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Additions |
122,565 |
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At 28 February 2023 |
122,565 |
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Depreciation |
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At 28 February 2023 |
- |
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Net book value |
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At 28 February 2023 |
122,565 |
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4 |
Debtors |
2023 |
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£ |
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Trade debtors |
725 |
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Other debtors |
21 |
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746 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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£ |
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Other creditors |
158,734 |
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6 |
Related party transactions |
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Included within other creditors is the amount of £155,096 owed to the director. This amount is undated, unsecured, interest free and repayable upon demand. |
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7 |
Going Concern |
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These accounts have been prepared on a going concern basis. The director has confirmed that he will continue to provide financial support to the company until such time as it's position improves. |
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8 |
Other information |
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Hill 38 Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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1 The Briars |
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Waterberry Drive |
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Waterlooville |
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Hampshire |
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PO7 7YH |