Baker Humphreys Accountants Ltd - Filleted accounts

Baker Humphreys Accountants Ltd - Filleted accounts


Registered number
04682769
Baker Humphreys Accountants Ltd
Filleted Accounts
28 February 2022
Baker Humphreys Accountants Ltd
Registered number: 04682769
Balance Sheet
as at 28 February 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 2,880 3,285
Current assets
Debtors 4 194,455 245,017
Cash at bank and in hand 2,516 8,311
196,971 253,328
Creditors: amounts falling due within one year 5 (68,073) (89,163)
Net current assets 128,898 164,165
Total assets less current liabilities 131,778 167,450
Creditors: amounts falling due after more than one year 6 (100,813) (132,146)
Net assets 30,965 35,304
Capital and reserves
Called up share capital 120 120
Profit and loss account 30,845 35,184
Shareholders' funds 30,965 35,304
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Stephen Humphreys
Director
Approved by the board on 30 November 2022
Baker Humphreys Accountants Ltd
Notes to the Accounts
for the year ended 28 February 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% Reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2021 27,041
Additions 555
At 28 February 2022 27,596
Depreciation
At 1 March 2021 23,756
Charge for the year 960
At 28 February 2022 24,716
Net book value
At 28 February 2022 2,880
At 28 February 2021 3,285
4 Debtors 2022 2021
£ £
Trade debtors 23,086 40,481
Other debtors 171,369 204,536
194,455 245,017
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 43,250 43,250
Trade creditors 936 2,213
Taxation and social security costs 17,524 30,641
Other creditors 6,363 13,059
68,073 89,163
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 80,813 122,146
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,000 10,000
100,813 132,146
7 Other information
Baker Humphreys Accountants Ltd is a private company limited by shares and incorporated in England. Its registered office is:
SHMS House
20 Little Park Farm Road
Fareham
Hants
PO15 5TD
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