Hampsey Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 06214833

Hampsey Limited

Filleted Unaudited Abridged Financial Statements

31 July 2018

Hampsey Limited

Abridged Financial Statements

Year Ended 31 July 2018

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 6

Hampsey Limited

Abridged Statement of Financial Position

31 July 2018

	2018	2017
Note	£	£

Fixed Assets

Tangible assets	5	1,050,113	428,488

Current Assets

Debtors	2,197,193	657,092
Cash at bank and in hand	833,092	1,118,272
	------------	------------
	3,030,285	1,775,364

Creditors: amounts falling due within one year	3,001,359	1,417,446
	------------	------------
Net Current Assets	28,926	357,918
	------------	---------
Total Assets Less Current Liabilities	1,079,039	786,406

Creditors: amounts falling due after more than one year	429,867	100,834

Provisions

Taxation including deferred tax	112,736	76,371
	------------	---------
Net Assets	536,436	609,201
	------------	---------

Capital and Reserves

Called up share capital	6	1,002	1,002
Profit and loss account		535,434	608,199
		---------	---------
Shareholders Funds		536,436	609,201
		---------	---------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 July 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 abridged 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Hampsey Limited

Abridged Statement of Financial Position (continued)

31 July 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 29 April 2019 , and are signed on behalf of the board by:

Mr G J A Hampsey

Director

Company registration number: 06214833

Hampsey Limited

Notes to the Abridged Financial Statements

Year Ended 31 July 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 Dunston Innovation Centre, Dunston Road, Chesterfield, Derbyshire, S41 8NG.

2. Statement of compliance

These abridged 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.

Revenue recognition

When the outcome of individual construction contracts can be estimated reliably, contract revenue and contract costs are recognised as revenue and expenses respectively be reference to the stage of completion at the reporting date.Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Provision is made for all known or expected losses on individual contracts once such losses are foreseen. Revenue in respect of variations to contracts are recognised when it is probably they will be agreed by the customer. Revenue in respect of claims is recognised when negotiations have reached an advanced stage such that it is probably that the customer will accept the claim and the probably amount can be measured reliably. Profit for the year includes the benefit of claims settled in the year on contracts completed in previous years.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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	-	3 - 10 years straight line
Motor vehicles	-	4 years straight line

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged 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 abridged 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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2017: 4 ).

5. Tangible assets

	£
Cost
At 1 August 2017	521,917
Additions	734,997
	------------
At 31 July 2018	1,256,914
	------------
Depreciation
At 1 August 2017	93,429
Charge for the year	113,372
	------------
At 31 July 2018	206,801
	------------
Carrying amount
At 31 July 2018	1,050,113
	------------
At 31 July 2017	428,488
	------------

6. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
A Ordinary shares of £ 1 each	501	501.00	501	501.00
B Ordinary shares of £ 1 each	501	501.00	501	501.00
	-------	----------	-------	----------
	1,002	1,002.00	1,002	1,002.00
	-------	----------	-------	----------

7. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	12,491	6,657
Later than 1 year and not later than 5 years	8,996	–
	--------	-------
	21,487	6,657
	--------	-------