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

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


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Hargrave Timber Limited
Unaudited financial statements
30 June 2020
Company Registration Number 04004113
Hargrave Timber Limited
Financial statements
year ended 30 June 2020
Contents
Page
Balance sheet 1
Notes to the financial statements 3
Hargrave Timber Limited
Balance sheet
30 June 2020
2019
Note
£
£
Current assets
Cash at bank and in hand
20,936
21,010
Creditors: amounts falling due within one year
5
( 2,883)
( 2,883)
--------
--------
Net current assets
18,053
18,127
--------
--------
Total assets less current liabilities
18,053
18,127
--------
--------
Hargrave Timber Limited
Balance sheet (continued)
30 June 2020
2019
Note
£
£
Capital and reserves
Called up share capital
1,500,000
1,500,000
Profit and loss account
( 1,481,947)
( 1,481,873)
------------
------------
Shareholders funds
18,053
18,127
------------
------------
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 2020 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 20 March 2021 , and are signed on behalf of the board by:
Mr N R Good
Director
Company registration number: 04004113
Hargrave Timber Limited
Notes to the financial statements
year ended 30 June 2020
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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2019: 0 ).
4. Tangible assets
Fixtures and fittings
Equipment
Total
Cost
At 1 July 2019 and 30 June 2020
10,227
6,825
17,052
--------
-------
--------
Depreciation
At 1 July 2019 and 30 June 2020
10,227
6,825
17,052
--------
-------
--------
Carrying amount
At 30 June 2020
--------
-------
--------
At 30 June 2019
--------
-------
--------
5. Creditors: amounts falling due within one year
2019
£
£
Trade creditors
2,883
2,883
-------
-------
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 and Wales. The address of the registered office is 5 Old Orchard, Barrowby, Grantham, NG32 1EJ.