M.Hasson and Sons Limited 30/06/2018 iXBRL

M.Hasson and Sons Limited 30/06/2018 iXBRL

M.HASSON AND SONS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: NI011784
M.HASSON AND SONS LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 June 2018
M.Hasson and Sons Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
M.Hasson and Sons Limited
Directors and other information
Directors Patrick Hasson
James Hasson
Charles Hasson
Michael Hasson
Gerald Hasson
Secretary Patrick Hasson
Company number NI011784
Registered office 17 Glebe Road
Rasharkin
Ballymena
Co Antrim
BT44 8SS
Accountants PFS & Partners
16 Main Street
Limavady
Co Derry
BT49 0EU
Bankers Bank of Ireland
Market Street
Magherafelt
Co Derry
BT45 6EE
Solicitors Thomas Taggart & Sons
27 Church Street
Ballymoney
Co Antrim
BT53 6HS
M.Hasson and Sons Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of M.Hasson and Sons Limited
Year ended 30 June 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.Hasson and Sons Limited for the year ended 30 June 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of M.Hasson and Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of M.Hasson and Sons Limited and state those matters that we have agreed to state to the board of directors of M.Hasson and Sons Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.Hasson and Sons Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that M.Hasson and Sons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of M.Hasson and Sons Limited. You consider that M.Hasson and Sons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of M.Hasson and Sons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFS & Partners
Chartered Certified Accountants
16 Main Street
Limavady
Co Derry
BT49 0EU
15 March 2019
M.Hasson and Sons Limited
Statement of financial position
30 June 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 1,217,241 1,380,790
________ ________
1,217,241 1,380,790
Current assets
Stocks 160,215 154,618
Debtors 6 1,624,043 919,286
Cash at bank and in hand 71,189 6,834
________ ________
1,855,447 1,080,738
Creditors: amounts falling due
within one year 7 ( 1,149,568) ( 624,246)
________ ________
Net current assets 705,879 456,492
________ ________
Total assets less current liabilities 1,923,120 1,837,282
Creditors: amounts falling due
after more than one year 8 ( 323,000) ( 2,974)
Provisions for liabilities ( 48,228) ( 84,096)
________ ________
Net assets 1,551,892 1,750,212
________ ________
Capital and reserves
Called up share capital 150,000 150,000
Profit and loss account 1,401,892 1,600,212
________ ________
Shareholders funds 1,551,892 1,750,212
________ ________
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.
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.
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.
These financial statements were approved by the board of directors and authorised for issue on 15 March 2019 , and are signed on behalf of the board by:
Patrick Hasson
Director
Company registration number: NI011784
M.Hasson and Sons Limited
Statement of changes in equity
Year ended 30 June 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 July 2016 150,000 1,539,679 1,689,679
(Loss)/profit for the year 98,033 98,033
________ ________ ________
Total comprehensive income for the year - 98,033 98,033
Dividends paid and payable ( 37,500) ( 37,500)
________ ________ ________
Total investments by and distributions to owners - ( 37,500) ( 37,500)
________ ________ ________
At 30 June 2017 and 1 July 2017 150,000 1,600,212 1,750,212
(Loss)/profit for the year ( 160,820) ( 160,820)
________ ________ ________
Total comprehensive income for the year - ( 160,820) ( 160,820)
Dividends paid and payable ( 37,500) ( 37,500)
________ ________ ________
Total investments by and distributions to owners - ( 37,500) ( 37,500)
________ ________ ________
At 30 June 2018 150,000 1,401,892 1,551,892
________ ________ ________
M.Hasson and Sons Limited
Notes to the financial statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 17 Glebe Road, Rasharkin, Ballymena, Co Antrim, BT44 8SS.
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 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.
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.
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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Freehold property - 4 % reducing balance
Plant and machinery - 10 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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 or 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. 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 in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 38 (2017: 30 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 July 2017 1,285,103 1,092,523 34,814 2,412,440
Additions - (75,275) 2,721 (72,554)
________ ________ ________ ________
At 30 June 2018 1,285,103 1,017,248 37,535 2,339,886
________ ________ ________ ________
Depreciation
At 1 July 2017 605,123 415,249 11,278 1,031,650
Charge for the year 27,199 60,077 3,719 90,995
________ ________ ________ ________
At 30 June 2018 632,322 475,326 14,997 1,122,645
________ ________ ________ ________
Carrying amount
At 30 June 2018 652,781 541,922 22,538 1,217,241
________ ________ ________ ________
At 30 June 2017 679,980 677,274 23,536 1,380,790
________ ________ ________ ________
6. Debtors
2018 2017
£ £
Trade debtors 1,618,358 753,437
Other debtors 5,685 165,849
________ ________
1,624,043 919,286
________ ________
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 58,126 250,575
Trade creditors 856,124 191,811
Social security and other taxes 178,203 21,498
Other creditors 57,115 160,362
________ ________
1,149,568 624,246
________ ________
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 323,000 2,974
________ ________
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Patrick Hasson ( 23,154) 9,213 ( 13,941)
________ ________ ________
2017
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Patrick Hasson ( 33,183) 10,029 ( 23,154)
________ ________ ________
10. Controlling party
The directors have the controlling interest in the company by virtue of their shareholdings.