Baker Humphreys Accountants Ltd - Filleted accounts

Baker Humphreys Accountants Ltd - Filleted accounts


Registered number
04682769
Baker Humphreys Accountants Ltd
Filleted Accounts
28 February 2023
Baker Humphreys Accountants Ltd
Registered number: 04682769
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,160 2,880
Current assets
Debtors 4 210,009 194,671
Cash at bank and in hand 8,462 2,516
218,471 197,187
Creditors: amounts falling due within one year 5 (90,991) (68,109)
Net current assets 127,480 129,078
Total assets less current liabilities 129,640 131,958
Creditors: amounts falling due after more than one year 6 (58,367) (100,813)
Net assets 71,273 31,145
Capital and reserves
Called up share capital 120 120
Profit and loss account 71,153 31,025
Shareholders' funds 71,273 31,145
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 28 November 2023
Baker Humphreys Accountants Ltd
Notes to the Accounts
for the year ended 28 February 2023
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 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 27,596
At 28 February 2023 27,596
Depreciation
At 1 March 2022 24,716
Charge for the year 720
At 28 February 2023 25,436
Net book value
At 28 February 2023 2,160
At 28 February 2022 2,880
4 Debtors 2023 2022
£ £
Trade debtors 30,668 23,302
Other debtors 179,341 171,369
210,009 194,671
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 41,896 43,250
Trade creditors 366 936
Taxation and social security costs 34,709 17,560
Other creditors 14,020 6,363
90,991 68,109
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 38,367 80,813
Amounts owed to group undertakings and undertakings in which the company has a participating interest 20,000 20,000
58,367 100,813
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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