HEATH CRAWFORD & FOSTER LIMITED 31/03/2019 iXBRL

HEATH CRAWFORD & FOSTER LIMITED 31/03/2019 iXBRL

HEATH CRAWFORD & FOSTER LIMITED - Company Information

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Company registration number: 02597595
HEATH CRAWFORD & FOSTER LIMITED
Unaudited filleted financial statements
31 March 2019
HEATH CRAWFORD & FOSTER LIMITED
Contents
Statement of financial position
Notes to the financial statements
HEATH CRAWFORD & FOSTER LIMITED
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 94,086 109,768
Tangible assets 6 87,634 52,124
_______ _______
181,720 161,892
Current assets
Debtors 7 658,873 865,409
Cash at bank 1,175,072 922,468
_________ _________
1,833,945 1,787,877
Creditors: amounts falling due
within one year 8 ( 1,228,922) ( 1,237,170)
_________ _________
Net current assets 605,023 550,707
_______ _______
Total assets less current liabilities 786,743 712,599
Creditors: amounts falling due
after more than one year 9 ( 56,171) ( 44,553)
Provisions for liabilities 10 ( 16,491) ( 9,710)
_______ _______
Net assets 714,081 658,336
_______ _______
Capital and reserves
Called up share capital 504 504
Profit and loss account 713,577 657,832
_______ _______
Shareholders funds 714,081 658,336
_______ _______
For the year ending 31 March 2019 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 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 August 2019 , and are signed on behalf of the board by:
Paul Weinberg
Director
Company registration number: 02597595
HEATH CRAWFORD & FOSTER LIMITED
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 501 Centennial Park, Centennial Park, Elstree, Hertfordshire, WD6 3FG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover represents commissions receivable during the year in respect of services supplied by the company and is attributable to its principal activity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are 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 and machinery - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Hire purchase and finance leases
Assets held under finance leases 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.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, amounts receivable or payable to related parties and other third parties. Debt instruments that are receivable or payable within one year, such as trade receivables and payables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2018: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2018 and 31 March 2019 301,934 301,934
_______ _______
Amortisation
At 1 April 2018 192,166 192,166
Charge for the year 15,682 15,682
_______ _______
At 31 March 2019 207,848 207,848
_______ _______
Carrying amount
At 31 March 2019 94,086 94,086
_______ _______
At 31 March 2018 109,768 109,768
_______ _______
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2018 110,960 110,960
Additions 92,419 92,419
Disposals ( 77,969) ( 77,969)
_______ _______
At 31 March 2019 125,410 125,410
_______ _______
Depreciation
At 1 April 2018 58,836 58,836
Charge for the year 18,236 18,236
Disposals ( 39,296) ( 39,296)
_______ _______
At 31 March 2019 37,776 37,776
_______ _______
Carrying amount
At 31 March 2019 87,634 87,634
_______ _______
At 31 March 2018 52,124 52,124
_______ _______
7. Debtors
2019 2018
£ £
Trade debtors 564,776 749,116
Amounts owed by group undertaking 585 585
Other debtors 93,512 115,708
_______ _______
658,873 865,409
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 986,373 1,082,074
Corporation tax 113,040 107,463
Social security and other taxes 16,549 19,191
Other creditors 112,960 28,442
_________ _________
1,228,922 1,237,170
_________ _________
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 56,171 44,553
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2018 9,710 9,710
Additions 6,781 6,781
_______ _______
At 31 March 2019 16,491 16,491
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2019 2018
£ £
Included in provisions (note 10) 16,491 9,710
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2019 2018
£ £
Accelerated capital allowances 16,491 9,710
_______ _______
12. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 8,579 9,084
Later than 1 year and not later than 5 years 7,560 16,139
_______ _______
16,139 25,223
_______ _______
13. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2019 2018
£ £
Paul Weinberg 55,000 55,000
Allan Cozens 1,500 1,500
_______ _______
56,500 56,500
_______ _______
The above directors had loans during the year on which interest was charged at 2.50% per annum.
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Balance owed by/(owed to)
2019 2018
£ £
Paul Weinberg 55,000 55,000
Allan Cozens 1,500 1,500
Paul Weinberg (1,109) (565)
Allan Cozens (597) (491)
_______ _______
At the balance sheet date, amount due from the parent undertaking, Heath Crawford & Foster (Holdings) Limited was £585 (31 March 2018 - £585).
15. Controlling party
The ultimate holding company is Heath Crawford & Foster (Holdings) Limited, a company registered in England.