Henstaff Construction Limited Filleted accounts for Companies House (small and micro)
Henstaff Construction Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
03361493
|
|
|
|
|
|
|
|
|
Financial Statements |
Year ended 30 April 2019
|
CONTENTS |
PAGE |
|
Officers and Professional Advisers |
1 |
|
Statement of Financial Position |
2 |
|
Notes to the Financial Statements |
4 |
|
|
|
Officers and Professional Advisers |
|
The board of directors |
|
|
|
|
|
Company secretary |
|
|
Registered office |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accountants |
|
|
Chartered Certified Accountants |
|
|
Axis 15, Axis Court |
|
|
Mallard Way |
|
|
Riverside Business Park |
|
|
Swansea |
|
|
SA7 0AJ |
|
|
|
|
Statement of Financial Position |
|
2019 |
2018 |
|
|
Note |
£ |
£ |
FIXED ASSETS
|
Tangible assets |
5 |
|
|
CURRENT ASSETS
|
Stocks |
6 |
– |
|
|
Debtors |
7 |
|
|
|
Cash at bank and in hand |
|
|
|
|
----------- |
----------- |
||
|
|
|
||
|
CREDITORS: amounts falling due within one year |
8 |
|
|
|
----------- |
----------- |
||
|
NET CURRENT ASSETS |
|
|
|
|
--------- |
--------- |
||
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
|
--------- |
--------- |
||
|
NET ASSETS |
|
|
|
|
--------- |
--------- |
||
CAPITAL AND RESERVES
|
Called up share capital |
9 |
|
|
|
Profit and loss account |
|
|
|
|
--------- |
--------- |
||
|
SHAREHOLDERS FUNDS |
|
|
|
|
--------- |
--------- |
||
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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
.
|
|
|
Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
21 August 2019
, and are signed on behalf of the board by:
Director
Company registration number:
03361493
|
|
|
Notes to the Financial Statements |
Year ended 30 April 2019
1.
GENERAL INFORMATION
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 April 2019. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows:
The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. Accounting for construction contracts Recognition of turnover and profit is based on judgements made in respect of the ultimate profitability of a contract. Such judgements are arrived at through the use of estimates in relation to costs and value of work performed to date and to be performed in bringing contracts to completion, including satisfaction of maintenance responsibilities. These estimates are made by reference to recovery of pre-contract costs, surveys of progress against the construction programme, changes in work scope, the contractual terms under which the work is being performed including the recoverability of any unagreed income from variations on the likely outcome of discussions on claims, costs incurred and external certification of the work performed. The company has the appropriate control procedures to ensure all estimates are determined on a consistent basis and subject to appropriate review and authorization.
Revenue recognition
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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Operating leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Tangible assets
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:
|
Property Improvements |
- |
|
|
|
Fixtures & Fittings |
- |
|
|
|
Motor Vehicles |
- |
|
|
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
19
(2018:
17
).
5.
TANGIBLE ASSETS
|
Land and buildings |
Property improvements |
Fixtures and fittings |
Motor vehicles |
Total |
|
|
£ |
£ |
£ |
£ |
£ |
|
|
Cost |
|||||
|
At 1 May 2018 |
|
|
|
|
|
|
Additions |
– |
– |
|
– |
|
|
--------- |
-------- |
-------- |
-------- |
--------- |
|
|
At 30 April 2019 |
|
|
|
|
|
|
--------- |
-------- |
-------- |
-------- |
--------- |
|
|
Depreciation |
|||||
|
At 1 May 2018 |
– |
|
|
|
|
|
Charge for the year |
– |
|
|
|
|
|
--------- |
-------- |
-------- |
-------- |
--------- |
|
|
At 30 April 2019 |
– |
|
|
|
|
|
--------- |
-------- |
-------- |
-------- |
--------- |
|
|
Carrying amount |
|||||
|
At 30 April 2019 |
|
|
|
|
|
|
--------- |
-------- |
-------- |
-------- |
--------- |
|
|
At 30 April 2018 |
|
|
|
|
138,558
|
|
--------- |
-------- |
-------- |
-------- |
--------- |
|
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows: The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area. The comparable amounts determined according to the historical cost convention are as follows:
| 2019 | 2018 | ||
| £ | £ | ||
| Investment Property | 111,781 | 111,781 | |
| Property Improvements | 14,725 | 14,725 | |
| --------- | --------- | ||
| 126,506 | 126,506 | ||
| --------- | --------- | ||
The cost or valuation of land and buildings comprises:
| 2019 | ||
| £ | ||
| Cost | 141,781 | |
| Property Improvements | 14,725 | |
| Valuation 2017 | (30,000) | |
| --------- | ||
| 126,506 | ||
6.
STOCKS
|
2019 |
2018 |
|
|
£ |
£ |
|
|
Work in progress |
– |
|
|
---- |
--------- |
|
7.
DEBTORS
|
2019 |
2018 |
|
|
£ |
£ |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
--------- |
--------- |
|
|
|
|
|
|
--------- |
--------- |
|
8.
CREDITORS:
amounts falling due within one year
|
2019 |
2018 |
|
|
£ |
£ |
|
|
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Corporation tax |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
--------- |
----------- |
|
|
|
|
|
|
--------- |
----------- |
|
No interest has been charged in relation to amounts owed to the group company.
9.
CALLED UP SHARE CAPITAL
Issued, called up and fully paid
|
2019 |
2018 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2.00 |
|
2.00 |
|
---- |
----- |
---- |
----- |
|
10.
OTHER FINANCIAL COMMITMENTS
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £Nil (2018 - £10,602).
11.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
Included in other debtors is an amount owing to the company by the directors of £45,000 (2018 - £75,000) No interest has been charged on the loan during the period
12.
RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies.
13.
PARENT UNDERTAKINGS
The ultimate parent company is Henstaff Holdings Limited, a company registered in Great Britain.