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

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


2falsefalsefalsefalsefalsefalsefalsefalsefalsetruefalsefalsefalsefalsefalsefalseNo description of principal activity2019-07-01Sage Accounts Production Advanced 2020 - FRS102_2019xbrli:purexbrli:sharesiso4217:GBP096627112019-07-012020-06-30096627112020-06-30096627112018-07-012019-06-30096627112019-06-3009662711bus:Director12019-07-012020-06-3009662711core:WithinOneYear2020-06-3009662711core:WithinOneYear2019-06-3009662711core:ShareCapital2020-06-3009662711core:ShareCapital2019-06-3009662711core:RetainedEarningsAccumulatedLosses2020-06-3009662711core:RetainedEarningsAccumulatedLosses2019-06-3009662711bus:SmallEntities2019-07-012020-06-3009662711bus:AuditExemptWithAccountantsReport2019-07-012020-06-3009662711bus:FullAccounts2019-07-012020-06-3009662711bus:SmallCompaniesRegimeForAccounts2019-07-012020-06-3009662711bus:PrivateLimitedCompanyLtd2019-07-012020-06-30
Hargrave Timber Sales Limited
Unaudited financial statements
30 June 2020
Company Registration Number 09662711
Hargrave Timber Sales Limited
Financial statements
year ended 30 June 2020
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 5
Hargrave Timber Sales Limited
Balance sheet
30 June 2020
2019
Note
£
£
£
£
Current assets
Debtors
4
13,742
33,743
Cash at bank and in hand
6,536
40,374
--------
--------
20,278
74,117
Creditors: amounts falling due within one year
5
( 17,747)
( 30,390)
--------
--------
Net current assets
2,531
43,727
-------
--------
Total assets less current liabilities
2,531
43,727
-------
--------
Net assets
2,531
43,727
-------
--------
Hargrave Timber Sales Limited
Balance sheet (continued)
30 June 2020
2019
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,431
43,627
-------
--------
Shareholders funds
2,531
43,727
-------
--------
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: 09662711
Hargrave Timber Sales 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.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
4. Debtors
2019
£
£
Trade debtors
12,310
31,111
Other debtors
1,432
2,632
--------
--------
13,742
33,743
--------
--------
5. Creditors: amounts falling due within one year
2019
£
£
Trade creditors
5,658
2,211
Corporation tax
10,720
27,477
Social security and other taxes
819
427
Other creditors
550
275
--------
--------
17,747
30,390
--------
--------
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. The address of the registered office is 5 Old Barrowby, Grantham, Lincolnshire, NG32 1EJ.