Hobson Smith (Construction) Limited


Acorah Software Products - Accounts Production10.1.046false1 June 201831 May 201931 May 201902807994Mr Thomas HobsonMr Anthony SmithMr Thomas 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Hobson Smith (Construction) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2019
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Balance Sheet
Registered number: 02807994
2019 2018
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 29,153 27,192
29,153 27,192
CURRENT ASSETS
Stocks 4 116,824 87,216
Debtors 5 274,252 532,696
Cash at bank and in hand 247,045 132,433
638,121 752,345
Creditors: Amounts Falling Due Within One Year 6 (455,589) (650,888)
NET CURRENT ASSETS (LIABILITIES) 182,532 101,457
TOTAL ASSETS LESS CURRENT LIABILITIES 211,685 128,649
Creditors: Amounts Falling Due After More Than One Year 7 - (3,174)
PROVISIONS FOR LIABILITIES
Deferred Taxation - (4,360)
NET ASSETS 211,685 121,115
CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Profit and Loss Account 201,685 111,115
SHAREHOLDERS' FUNDS 211,685 121,115
Page 1
For the year ending 31 May 2019 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 in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
  • The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Thomas Hobson
16/10/2019

The notes on pages 3 to 6 form part of these financial statements.
Page 2
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20%RB
Fixtures & Fittings 10%SL
Computer Equipment 20%SL
1.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 28
3. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2018 79,126 18,898 1,475 99,499
Additions 8,692 - 800 9,492
As at 31 May 2019 87,818 18,898 2,275 108,991
Depreciation
As at 1 June 2018 52,437 18,898 972 72,307
Provided during the period 7,076 - 455 7,531
As at 31 May 2019 59,513 18,898 1,427 79,838
Net Book Value
As at 31 May 2019 28,305 - 848 29,153
As at 1 June 2018 26,689 - 503 27,192
Page 4
4. Stocks
2019 2018
£ £
Stock - materials 5,000 5,000
Stock - work in progress 111,824 82,216
116,824 87,216
5. Debtors
2019 2018
£ £
Due within one year
Trade debtors 228,325 494,096
Prepayments and accrued income 250 250
Other debtors 45,677 38,350
274,252 532,696
6. Creditors: Amounts Falling Due Within One Year
2019 2018
£ £
Net obligations under finance lease and hire purchase contracts - 872
Trade creditors 387,517 597,992
Corporation tax 19,749 12,090
Other taxes and social security 15,959 17,012
VAT 80,504 7,052
Other creditors (50,000) 10
Accruals and deferred income 1,860 1,860
Directors' loan accounts - 14,000
455,589 650,888
7. Creditors: Amounts Falling Due After More Than One Year
2019 2018
£ £
Net obligations under finance lease and hire purchase contracts - 3,174
- 3,174
Page 5
8. Obligations Under Finance Leases and Hire Purchase
2019 2018
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year - 872
Between one and five years - 3,174
- 4,046
- 4,046
9. Share Capital
2019 2018
Allotted, Called up and fully paid 10,000 10,000
10. General Information
Hobson Smith (Construction) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02807994. The registered office is Unit 4, Portrack Grange Close, Stockton On Tees, Cleveland, TS18 2PU.
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