Company No:
Contents
DIRECTORS | Mr S J Higgins |
Miss N N E R Wolter | |
Mrs S E Wolter | |
Miss T S V Wolter |
REGISTERED OFFICE | 11 Manchester Square |
London | |
W1U 3PW | |
England | |
United Kingdom |
COMPANY NUMBER | 07002732 (England and Wales) |
The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 28 February 2022.
GOING CONCERN
The directors are satisfied that the Company has sufficient financial support available to be able to trade for a period of at least one year from the date of approval of these financial statements and therefore the financial statements have been prepared on a going concern basis.
DIRECTORS
The directors who held office during the period were as follows:
|
(Resigned 04 October 2021) |
|
|
|
(Resigned 22 September 2021) |
|
|
|
|
|
Approved by the Board of Directors and signed on its behalf by:
Miss T S V Wolter
Director |
Mrs S E Wolter
Director |
Year ended 28.02.2022 |
Period from 01.09.2019 to 28.02.2021 |
|||
£ | £ | |||
Turnover |
|
|
||
Cost of sales | (
|
(
|
||
Gross profit |
|
|
||
Administrative expenses | (
|
(
|
||
Other operating income |
|
|
||
Operating loss | (
|
(
|
||
Interest receivable and similar income |
|
|
||
Interest payable and similar expenses | (
|
(
|
||
Other finance costs | (
|
(
|
||
Loss before taxation | (
|
(
|
||
Tax on loss |
|
|
||
Loss for the financial year/period | (
|
(
|
Note | 28.02.2022 | 28.02.2021 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
222,204 | 264,448 | |||
Current assets | ||||
Stocks | 5 |
|
|
|
Debtors | 6 |
|
|
|
Cash at bank and in hand |
|
|
||
320,750 | 358,290 | |||
Creditors | ||||
Amounts falling due within one year | 7 | (
|
(
|
|
Net current liabilities | (555,536) | (784,467) | ||
Total assets less current liabilities | (333,332) | (520,019) | ||
Creditors | ||||
Amounts falling due after more than one year | 8 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Share premium account |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' deficit | (
|
(
|
Directors' responsibilities:
The financial statements of HardlyEver Limited (registered number:
Miss T S V Wolter
Director |
Mrs S E Wolter
Director |
Called-up share capital | Share premium account | Profit and loss account | Total | ||||
£ | £ | £ | £ | ||||
At 01 September 2019 |
|
|
(
|
(
|
|||
Loss for the financial period |
|
|
(
|
(
|
|||
Total comprehensive loss |
|
|
(
|
(
|
|||
Issue of share capital |
|
|
|
|
|||
At 28 February 2021 |
|
|
(
|
(
|
|||
At 01 March 2021 |
|
|
(
|
(
|
|||
Loss for the financial year |
|
|
(
|
(
|
|||
Total comprehensive loss |
|
|
(
|
(
|
|||
Issue of share capital |
|
|
|
|
|||
At 28 February 2022 |
|
|
(
|
(
|
|||
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.
HardlyEver Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is 11 Manchester Square, London, W1U 3PW.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The ability of the Company to continue as a going concern has been assessed by the directors. The considerable increase in costs had a significant negative impact on the retail sector in which the Company operates. The Company has undertaken various measures to minimise this impact on the business by reducing costs and outgoings, furloughing staff where necessary, and making use of available grants. The Company has also undertaken cost saving measures where possible, and continues to streamline the business.
The directors are satisfied that the Company has sufficient financial support available to be able to trade for a period of at least one year from the date of approval of these financial statements and therefore the financial statements have been prepared on a going concern basis.
Defined contribution schemes
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.
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax in respect of timing differences are recognised to the extent that they are regarded as being, more likely than not, recoverable in the short to medium term, and are not discounted.
The comparative figures cover the period from 1 September 2019 to 28 February 2021.
Grants received are recognised and accounted for when the company has entitlement to the funds, the amount can be quantified and receipt is probable, in line with the policy for incoming resources. Any conditions attached to the grant must be satisfied or reasonably expected to be satisfied at the time of recognition of the grant.
Expenditure on research and development is written off in the period which it is incurred.
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:
Website costs |
|
Depreciation
Depreciation is charged so as to write off the cost of the assets, less their residual value, over their estimated useful economic lives, as follows:
Office equipment |
|
Computer equipment |
|
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.
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.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Financial instruments are impaired when an indication of impairment has become evident.
Year ended 28.02.2022 |
Period from 01.09.2019 to 28.02.2021 |
||
Number | Number | ||
The average number of persons employed by the company during the period was |
|
|
Website costs | Total | ||
£ | £ | ||
Cost | |||
At 01 March 2021 |
|
|
|
At 28 February 2022 |
|
|
|
Accumulated amortisation | |||
At 01 March 2021 |
|
|
|
Charge for the financial year |
|
|
|
At 28 February 2022 |
|
|
|
Net book value | |||
At 28 February 2022 |
|
|
|
At 28 February 2021 |
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £137,423 (2021 - £158,114).
Office equipment | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 March 2021 |
|
|
|
||
Additions |
|
|
|
||
At 28 February 2022 |
|
|
|
||
Accumulated depreciation | |||||
At 01 March 2021 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 28 February 2022 |
|
|
|
||
Net book value | |||||
At 28 February 2022 |
|
|
|
||
At 28 February 2021 |
|
|
|
28.02.2022 | 28.02.2021 | ||
£ | £ | ||
Stocks |
|
|
28.02.2022 | 28.02.2021 | ||
£ | £ | ||
Trade debtors |
|
|
|
Amounts owed by directors |
|
|
|
Prepayments |
|
|
|
Other taxation and social security |
|
|
|
Other debtors |
|
|
|
|
|
28.02.2022 | 28.02.2021 | ||
£ | £ | ||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Other taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
28.02.2022 | 28.02.2021 | ||
£ | £ | ||
Bank loans |
|
|
The company is party to a working capital cash advance facility which is denominated in Sterling and attracts interest at a rate of 10%. This facility was fully repaid during the year, and the amount owed under this facility at the year end is £Nil (2021 - £61,226).
The company is party to a Flexi-Loan with Iwoca which is denominated in Sterling and attracts interest at a rate of 4.35%. This is a form of short-term financing and the balance owed is always due within one year. This was fully repaid during the year, and the amount owed at the year end is £Nil (2021 - £1,092). The loan is guaranteed by one of the directors.
During the year the company had a Bounce Back Loan of £50,000 with HSBC. The loan is denominated in Sterling with an interest rate of 2.5% and repayments are due in 60 equal monthly instalments of £887 beginning in August 2021 and ending in July 2026. The first twelve months of interest are covered by a Business Interruption Payment (BIP). The loan is not secured by the company as it is guaranteed by the government as part of the Bounce Back Loan Scheme. At the year end, the amount of the loan due within one year is £10,341 (2021 - £5,517), and the amount of the loan due after more than one year is £34,841 (2021- £44,483).
Bank overdrafts
At 28 February 2022 the secured bank overdrafts of the company amount to £6,025 (2021 - £3,794).
Transactions with the entity's directors
28.02.2022 | 28.02.2021 | ||
£ | £ | ||
Amounts owed to Mrs S E Wolter | (169,385) | (73,785) | |
Amounts owed from Miss T S V Wolter | 0 | 45,020 | |
Amounts owed from Miss N N E R Wolter | 0 | 21,225 |
At the balance sheet date, options to acquire 65,300 (2021- 65,300) ordinary shares of £0.0001 had been granted and remained unexercised.