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COMPANY REGISTRATION NUMBER: 09974873
HF Building Limited
Filleted Unaudited Financial Statements
30 September 2017
HF Building Limited
Statement of Financial Position
30 September 2017
2017
2016
Note
£
£
£
Fixed assets
Tangible assets
5
24,512
31,491
Current assets
Stocks
5,000
Debtors
6
22,548
72,277
Cash at bank and in hand
115,720
54,463
---------
---------
143,268
126,740
Creditors: amounts falling due within one year
7
95,059
125,569
---------
---------
Net current assets
48,209
1,171
--------
--------
Total assets less current liabilities
72,721
32,662
Provisions
Taxation including deferred tax
4,902
8,274
--------
--------
Net assets
67,819
24,388
--------
--------
Capital and reserves
Called up share capital
10
10
Profit and loss account
67,809
24,378
--------
--------
Shareholders funds
67,819
24,388
--------
--------
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 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 comprehensive income has not been delivered.
For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HF Building Limited
Statement of Financial Position (continued)
30 September 2017
These financial statements were approved by the board of directors and authorised for issue on 19 May 2018 , and are signed on behalf of the board by:
Mr H D Tetley
Mr G S Podolak
Director
Director
Company registration number: 09974873
HF Building Limited
Notes to the Financial Statements
Year ended 30 September 2017
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Harnhill Cottage, Harnhill, Cirencester, Gloucestershire, GL7 5PT, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2016: 4 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 October 2016
6,140
35,439
41,579
Additions
13,724
13,724
Disposals
( 12,914)
( 12,914)
--------
--------
--------
At 30 September 2017
6,950
35,439
42,389
--------
--------
--------
Depreciation
At 1 October 2016
1,228
8,860
10,088
Charge for the year
1,144
6,645
7,789
--------
--------
--------
At 30 September 2017
2,372
15,505
17,877
--------
--------
--------
Carrying amount
At 30 September 2017
4,578
19,934
24,512
--------
--------
--------
At 30 September 2016
4,912
26,579
31,491
--------
--------
--------
6. Debtors
2017
2016
£
£
Trade debtors
10,707
69,000
Other debtors
11,841
3,277
--------
--------
22,548
72,277
--------
--------
7. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
40,293
23,433
Corporation tax
21,107
4,921
Social security and other taxes
8,325
Other creditors
33,659
88,890
--------
---------
95,059
125,569
--------
---------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr H D Tetley
( 23,152)
2,808
( 20,344)
--------
-------
--------
2016
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr H D Tetley
( 10,920)
( 12,232)
( 23,152)
--------
--------
--------