Registration number:
Hayrish Limited
for the Year Ended 30 June 2021
Hayrish Limited
(Registration number: 02936069)
Statement of Financial Position as at 30 June 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
.........................................
Director
Hayrish Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and power, rents received, and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Hayrish Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Freehold buildings |
50 years |
Plant and machinery |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% reducing balance |
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Farm single payment scheme units |
10 years |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade debtors
Short term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and bank deposits.
Trade creditors
Short term creditors are measured at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Hayrish Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Employee benefits
Short-term employee benefits are recognised as an expense in the period which they are incurred.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 July 2020 |
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At 30 June 2021 |
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Amortisation |
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At 1 July 2020 |
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Amortisation charge |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Hayrish Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Tangible assets |
Land and buildings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Stocks |
2021 |
2020 |
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Work in progress |
- |
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Other inventories |
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Debtors |
2021 |
2020 |
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Prepayments |
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Other debtors |
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Hayrish Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
- |
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Accruals and deferred income |
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Other creditors |
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The bank loan is secured by a legal charge over land and buildings owned by the company and by a personal guarantee from the director, W G Walton.
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
At the year end the company owed the directors £532,612 (2020 - £705,635).