Henry Reeves & Co Limited 31/10/2019 iXBRL

Henry Reeves & Co Limited 31/10/2019 iXBRL

HENRY REEVES & CO LIMITED - Company Information

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Company registration number: 11006696
Henry Reeves & Co Limited
Unaudited filleted financial statements
31 October 2019
Henry Reeves & Co Limited
Contents
Statement of financial position
Notes to the financial statements
Henry Reeves & Co Limited
Statement of financial position
31 October 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 4 549,648 566,376
Tangible assets 5 1,894 2,525
_______ _______
551,542 568,901
Current assets
Debtors 6 236,412 212,411
Cash at bank and in hand 90,438 123,204
_______ _______
326,850 335,615
Creditors: amounts falling due
within one year 7 ( 576,475) ( 731,770)
_______ _______
Net current liabilities ( 249,625) ( 396,155)
_______ _______
Total assets less current liabilities 301,917 172,746
_______ _______
Net assets 301,917 172,746
_______ _______
Capital and reserves
Called up share capital 8 1,010 1,010
Profit and loss account 300,907 171,736
_______ _______
Shareholders funds 301,917 172,746
_______ _______
For the year ending 31 October 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 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 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 13 October 2020 , and are signed on behalf of the board by:
Mr M Fanning Mr S Relf
Director Director
Company registration number: 11006696
Henry Reeves & Co Limited
Notes to the financial statements
Year ended 31 October 2019
1. General information
Henry Reeves & Co Limited (Company number 11006696 ) is a private company limited by shares, registered in England & Wales. The address of the registered office is 11 Albion Place, Maidstone, Kent, ME14 5DY.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
Turnover
Fee income represents revenue earned under a variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts, the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not yet billed to clients is included in Other debtors.
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.
Goodwill
Goodwill represents the cost of acquiring goodwill and client relationships. Intangible assets in excess of an appropriate base level are amortised over a period of 10 years. The period represents a reliable estimate of the estimated useful life of goodwill based on the length of typical client relationships.
Goodwill is reviewed for impairment in any period in which events or changes in circumstances indicate that the carrying value may not be fully recoverable.
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 - 10 % straight line
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:
Fittings fixtures and equipment - 25 % 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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2018: 13 ).
4. Intangible assets
Goodwill Total
£ £
Cost
At 1 November 2018 582,601 582,601
Additions 5,835 5,835
_______ _______
At 31 October 2019 588,436 588,436
_______ _______
Amortisation
At 1 November 2018 16,225 16,225
Charge for the year 22,563 22,563
_______ _______
At 31 October 2019 38,788 38,788
_______ _______
Carrying amount
At 31 October 2019 549,648 549,648
_______ _______
At 31 October 2018 566,376 566,376
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 November 2018 and 31 October 2019 2,791 2,791
_______ _______
Depreciation
At 1 November 2018 266 266
Charge for the year 631 631
_______ _______
At 31 October 2019 897 897
_______ _______
Carrying amount
At 31 October 2019 1,894 1,894
_______ _______
At 31 October 2018 2,525 2,525
_______ _______
6. Debtors
2019 2018
£ £
Trade debtors 153,835 136,770
Other debtors 82,577 75,641
_______ _______
236,412 212,411
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 9,508 12,260
Social security and other taxes 63,338 60,138
Other creditors 503,629 659,372
_______ _______
577,025 735,320
_______ _______
8. Called up share capital
Issued, called up and fully paid
2019 2018
No £ No £
Ordinary A shares of £ 1.00 each 600 600 600 600
Ordinary B shares of £ 1.00 each 400 400 400 400
Ordinary C shares of £ 1.00 each 10 10 10 10
_______ _______ _______ _______
1,010 1,010 1,010 1,010
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 21,788 21,788
Later than 1 year and not later than 5 years 57,639 79,425
_______ _______
79,427 101,213
_______ _______