P H Hardwill Limited Filleted accounts for Companies House (small and micro)

P H Hardwill Limited Filleted accounts for Companies House (small and micro)


falsefalsefalsefalsefalsefalsefalsefalsefalsetruefalsefalsefalsefalsefalsefalsefalseNo description of principal activity2017-07-01Sage Accounts Production Advanced 2018 - FRSxbrli:purexbrli:sharesiso4217:GBP026845372017-07-012018-06-30026845372018-06-30026845372017-06-30026845372016-07-012017-06-30026845372017-06-3002684537core:PlantMachinery2017-07-012018-06-3002684537core:FurnitureFittings2017-07-012018-06-3002684537core:MotorVehicles2017-07-012018-06-3002684537bus:Director12017-07-012018-06-3002684537core:PlantMachinery2017-06-3002684537core:FurnitureFittings2017-06-3002684537core:MotorVehicles2017-06-3002684537core:PlantMachinery2018-06-3002684537core:FurnitureFittings2018-06-3002684537core:MotorVehicles2018-06-3002684537core:WithinOneYear2018-06-3002684537core:WithinOneYear2017-06-3002684537core:AfterOneYear2018-06-3002684537core:ShareCapital2018-06-3002684537core:ShareCapital2017-06-3002684537core:RetainedEarningsAccumulatedLosses2018-06-3002684537core:RetainedEarningsAccumulatedLosses2017-06-3002684537core:BetweenOneFiveYears2018-06-3002684537core:BetweenOneFiveYears2017-06-3002684537core:MoreThanFiveYears2017-06-3002684537core:PlantMachinery2017-06-3002684537core:FurnitureFittings2017-06-3002684537core:MotorVehicles2017-06-3002684537bus:SmallEntities2017-07-012018-06-3002684537bus:AuditExemptWithAccountantsReport2017-07-012018-06-3002684537bus:FullAccounts2017-07-012018-06-3002684537bus:SmallCompaniesRegimeForAccounts2017-07-012018-06-3002684537bus:PrivateLimitedCompanyLtd2017-07-012018-06-30
COMPANY REGISTRATION NUMBER: 02684537
P H Hardwill Limited
Filleted Unaudited Financial Statements
30 June 2018
P H Hardwill Limited
Statement of Financial Position
30 June 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
556,320
500,311
Current assets
Stocks
209,053
184,092
Debtors
6
1,065,301
753,524
Cash at bank and in hand
300,864
856,370
-----------
-----------
1,575,218
1,793,986
Creditors: amounts falling due within one year
7
532,187
716,470
-----------
-----------
Net current assets
1,043,031
1,077,516
-----------
-----------
Total assets less current liabilities
1,599,351
1,577,827
Creditors: amounts falling due after more than one year
8
17,513
Provisions
Taxation including deferred tax
103,263
92,409
-----------
-----------
Net assets
1,478,575
1,485,418
-----------
-----------
P H Hardwill Limited
Statement of Financial Position (continued)
30 June 2018
2018
2017
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,478,475
1,485,318
-----------
-----------
Shareholders funds
1,478,575
1,485,418
-----------
-----------
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 statement of comprehensive income has not been delivered.
For the year ending 30 June 2018 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 of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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 28 November 2018 , and are signed on behalf of the board by:
P J Hardwill
Director
Company registration number: 02684537
P H Hardwill Limited
Notes to the Financial Statements
Year ended 30 June 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hurst Works, Blackdown, Beaminster, Dorset.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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
The turnover shown in the profit and loss account represents amounts invoiced, exclusive of Value Added Tax and inclusive of work in progress.
Taxation
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.
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:
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2017: 24 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2017
512,864
14,507
893,371
1,420,742
Additions
33,686
699
188,877
223,262
Disposals
( 8,859)
( 83,350)
( 92,209)
--------
-------
--------
-----------
At 30 June 2018
537,691
15,206
998,898
1,551,795
--------
-------
--------
-----------
Depreciation
At 1 July 2017
337,248
10,170
573,013
920,431
Charge for the year
48,242
1,164
107,695
157,101
Disposals
( 7,933)
( 74,124)
( 82,057)
--------
-------
--------
-----------
At 30 June 2018
377,557
11,334
606,584
995,475
--------
-------
--------
-----------
Carrying amount
At 30 June 2018
160,134
3,872
392,314
556,320
--------
-------
--------
-----------
At 30 June 2017
175,616
4,337
320,358
500,311
--------
-------
--------
-----------
6. Debtors
2018
2017
£
£
Trade debtors
674,731
427,179
Other debtors
390,570
326,345
-----------
--------
1,065,301
753,524
-----------
--------
7. Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
388,334
420,662
Corporation tax
83,208
Social security and other taxes
36,641
69,678
Other creditors
107,212
142,922
--------
--------
532,187
716,470
--------
--------
8. Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
17,513
-------
----
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
20,000
20,000
Later than 1 year and not later than 5 years
75,833
80,000
Later than 5 years
15,833
-------
--------
95,833
115,833
-------
--------