Hargrave Timber Sales Limited Filleted accounts for Companies House (small and micro)

Hargrave Timber Sales Limited Filleted accounts for Companies House (small and micro)


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Hargrave Timber Sales Limited
Unaudited financial statements
30 June 2018
Company Registration Number 09662711
Hargrave Timber Sales Limited
Financial statements
year ended 30 June 2018
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 4
Hargrave Timber Sales Limited
Balance sheet
30 June 2018
2017
Note
£
£
£
Current assets
Debtors
4
38,845
32,465
Cash at bank and in hand
48,996
4,313
--------
--------
87,841
36,778
Creditors: amounts falling due within one year
5
( 28,614)
( 25,315)
--------
--------
Net current assets
59,227
11,463
--------
--------
Total assets less current liabilities
59,227
11,463
--------
--------
Net assets
59,227
11,463
--------
--------
Hargrave Timber Sales Limited
Balance sheet (continued)
30 June 2018
2017
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
59,127
11,363
--------
--------
Shareholders funds
59,227
11,463
--------
--------
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 profit and loss account and director's report have not been delivered.
For the year ending 30 June 2018 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 March 2019 , and are signed on behalf of the board by:
Mr N R Good
Director
Company registration number: 09662711
Hargrave Timber Sales Limited
Notes to the financial statements
year ended 30 June 2018
1. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
2. 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.
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
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
4. Debtors
2017
£
£
Trade debtors
37,975
31,427
Other debtors
870
1,038
--------
--------
38,845
32,465
--------
--------
5. Creditors: amounts falling due within one year
2017
£
£
Trade creditors
1,846
2,858
Corporation tax
26,518
22,207
Other creditors
250
250
--------
--------
28,614
25,315
--------
--------
6. Related party transactions
The company was under the control of Mr N R Good throughout the current and previous year. Mr N R Good is the managing director and majority shareholder.
7. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 2-6 North Parade, Grantham, Lincolnshire, NG31 8AN.