Haus Werk Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC385987 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 May 2020

for

Haus Werk Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W J H Walters

C McBain

REGISTERED OFFICE:

61A Queen Street

Edinburgh

EH2 4NA

REGISTERED NUMBER:

SC385987 (Scotland)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

BANKERS:

Royal Bank of Scotland

Edinburgh St Andrew Square Branch

36 St Andrew Square

Edinburgh

EH2 2DA

FIXED ASSETS

Tangible assets

4

3,213

1,266

CURRENT ASSETS

Debtors

5

10,868

29,609

Cash at bank

55,454

4,406

66,322

34,015

CREDITORS

Amounts falling due within one year

6

56,015

64,038

NET CURRENT ASSETS/(LIABILITIES)

10,307

(30,023

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,520

(28,757

)

CAPITAL AND RESERVES

Called up share capital

9

165

100

Share premium

25,935

-

Retained earnings

(12,580

)

(28,857

)

SHAREHOLDERS' FUNDS

13,520

(28,757

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 October 2020 and were signed on its behalf by:

W J H Walters - Director

1.	STATUTORY INFORMATION

Haus Werk Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes. Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represent the value of services provided under contracts to the extent that there is a right to consideration and is recorded at fair value of the consideration received or receivable.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 25% per annum

Fixture and fittings 25% per annum

Computer equipment 33.33% per annum

Motor vehicles 25% per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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 year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Exception from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2019

4,815

233

-

6,717

11,765

Additions

-

-

3,720

-

3,720

At 31 May 2020

4,815

233

3,720

6,717

15,485

DEPRECIATION

At 1 June 2019

4,815

233

-

5,451

10,499

Charge for year

-

-

930

843

1,773

At 31 May 2020

4,815

233

930

6,294

12,272

NET BOOK VALUE

At 31 May 2020

-

-

2,790

423

3,213

At 31 May 2019

-

-

-

1,266

1,266

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

7,379

23,341

Other debtors

3,489

6,268

10,868

29,609

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade creditors

337

3,077

Taxation and social security

6,683

3,821

Other creditors

48,995

57,140

56,015

64,038

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.5.20

31.5.19

£

£

Within one year

3,660

930

Between one and five years

4,880

-

8,540

930

8.	DEFERRED TAX

£

Balance at 1 June 2019

(5,815

)

Provided during year

3,114

Balance at 31 May 2020

(2,701

)

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

10,000

Ordinary

£0.01

165

100

6,500 Ordinary shares of £0.01 each were allotted as fully paid at a premium of £3.99 per share during the year.

10.	RELATED PARTY DISCLOSURES

The Flat Company Limited

The directors are directors of this entity.

Movement in the year ended 31.5.20

Movement in the year ended 31.5.19

Balance receivable from/ (payable to) related party as at 31.5.20

Balance receivable from/ (payable to) related party as at 31.5.19

£

£

£

£

Inter Company Loan

6,689

(5,060)

(47,744)

(54,433)

Commission

(23,020)

(31,577)

-

-

Sales

106,317

85,771

2,766

12,049

Saltouns Limited

The directors, hold a combined majority stake.

Movement in the year ended 31.5.20

Movement in the year ended 31.5.19

Balance receivable from/ (payable to) related party as at 31.5.20

Balance receivable from/ (payable to) related party as at 31.5.19

£

£

£

£

Sales

29,673

38,171

1,228

10,460

Commission

(7,027)

(8,185)

-

-

The Flat Company (Lilla) Limited

The directors are directors of this entity.

Movement in the year ended 31.5.20

Movement in the year ended 31.5.19

Balance receivable from/ (payable to) related party as at 31.5.20

Balance receivable from/ (payable to) related party as at 31.5.19

£

£

£

£

Sales

90

-

-

-

11.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling interest.