Hobson Smith (Construction) Limited


Acorah Software Products - Accounts Production11.10.004false1 June 201931 May 202031 May 202002807994Mr Thomas HobsonMr Joseph BradleyMr. Thomas HobsonMr Thomas 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Hobson Smith (Construction) Limited
Unaudited Financial Statements
For The Year Ended 31 May 2020
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Balance Sheet
Registered number: 02807994
2020 2019
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 35,577 29,153
35,577 29,153
CURRENT ASSETS
Stocks 4 4,000 116,824
Debtors 5 149,233 274,252
Cash at bank and in hand 177,079 247,045
330,312 638,121
Creditors: Amounts Falling Due Within One Year 6 (306,952) (455,589)
NET CURRENT ASSETS (LIABILITIES) 23,360 182,532
TOTAL ASSETS LESS CURRENT LIABILITIES 58,937 211,685
NET ASSETS 58,937 211,685
CAPITAL AND RESERVES
Called up share capital 8 5,000 10,000
Other reserves (146,000) -
Profit and Loss Account 199,937 201,685
SHAREHOLDERS' FUNDS 58,937 211,685
Page 1
For the year ending 31 May 2020 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
Director
12/11/2020
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: 24 (2019: 28)
24 28
3. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2019 87,818 18,898 2,275 108,991
Additions 15,000 - 675 15,675
As at 31 May 2020 102,818 18,898 2,950 124,666
Depreciation
As at 1 June 2019 59,513 18,898 1,427 79,838
Provided during the period 8,661 - 590 9,251
As at 31 May 2020 68,174 18,898 2,017 89,089
Net Book Value
As at 31 May 2020 34,644 - 933 35,577
As at 1 June 2019 28,305 - 848 29,153
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4. Stocks
2020 2019
£ £
Stock - materials 4,000 5,000
Stock - work in progress - 111,824
4,000 116,824
5. Debtors
2020 2019
£ £
Due within one year
Trade debtors 94,571 228,325
Prepayments and accrued income - 250
Other debtors 54,662 45,677
149,233 274,252
6. Creditors: Amounts Falling Due Within One Year
2020 2019
£ £
Trade creditors 209,189 387,517
Corporation tax 3,720 19,749
Other taxes and social security 20,761 15,959
VAT 52,044 80,504
Other creditors - (50,000)
Other creditors (1) 10,000 -
Accruals and deferred income 1,238 1,860
Directors' loan accounts 10,000 -
306,952 455,589
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7. Obligations Under Finance Leases and Hire Purchase
2020 2019
£ £
The maturity of these amounts is as follows:
Amounts Payable:
Within one year - -
Between one and five years - -
- -
- -
8. Share Capital
2020 2019
Allotted, Called up and fully paid 5,000 10,000
9. 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 3, Portrack Grange Close, Stockton On Tees, Cleveland, TS18 2PU.
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