The Halcyon Centre Ltd 31/08/2020 iXBRL

The Halcyon Centre Ltd 31/08/2020 iXBRL

THE HALCYON CENTRE LIMITED - Company Information

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Company registration number: 07344522
The Halcyon Centre Ltd
Unaudited filleted financial statements
31 August 2020
The Halcyon Centre Ltd
Contents
Director and other information
Statement of financial position
Notes to the financial statements
The Halcyon Centre Ltd
Directors and other information
Director C Salisbury
Company number 07344522
Registered office 5 Underwood Street
London
N1 7LY
The Halcyon Centre Ltd
Statement of financial position
31 August 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 6,600 9,900
Tangible assets 6 10,254 8,891
_______ _______
16,854 18,791
Current assets
Debtors 7 153,790 165,350
Cash at bank and in hand 34,278 39,279
_______ _______
188,068 204,629
Creditors: amounts falling due
within one year 8 ( 28,981) ( 51,353)
_______ _______
Net current assets 159,087 153,276
_______ _______
Total assets less current liabilities 175,941 172,067
_______ _______
Net assets 175,941 172,067
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 9 175,940 172,066
_______ _______
Shareholders funds 175,941 172,067
_______ _______
For the year ending 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2021 , and are signed on behalf of the board by:
C Salisbury
Director
Company registration number: 07344522
The Halcyon Centre Ltd
Notes to the financial statements
Year ended 31 August 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - estimated useful economic life of 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2019 and 31 August 2020 33,000 33,000
_______ _______
Amortisation
At 1 September 2019 23,100 23,100
Charge for the year 3,300 3,300
_______ _______
At 31 August 2020 26,400 26,400
_______ _______
Carrying amount
At 31 August 2020 6,600 6,600
_______ _______
At 31 August 2019 9,900 9,900
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 September 2019 20,826 20,826
Additions 5,254 5,254
_______ _______
At 31 August 2020 26,080 26,080
_______ _______
Depreciation
At 1 September 2019 11,935 11,935
Charge for the year 3,891 3,891
_______ _______
At 31 August 2020 15,826 15,826
_______ _______
Carrying amount
At 31 August 2020 10,254 10,254
_______ _______
At 31 August 2019 8,891 8,891
_______ _______
7. Debtors
2020 2019
£ £
Trade debtors 8,904 12,950
Other debtors 144,886 152,400
_______ _______
153,790 165,350
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 755 3,894
Corporation tax 19,056 30,207
Social security and other taxes 7,070 15,152
Other creditors 2,100 2,100
_______ _______
28,981 51,353
_______ _______