E.H. Crack & Sons Limited - Period Ending 2019-12-03
E.H. Crack & Sons Limited - Period Ending 2019-12-03
Registration number:
E.H. Crack & Sons Limited
for the Year Ended 3 December 2019
Company Information
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Directors |
P W Steer D P Crack |
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Company secretary |
D P Crack |
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Registered office |
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Accountants |
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(Registration number: 00526413)
Balance Sheet as at 3 December 2019
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Note |
2019 |
2018 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 3 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Notes to the Unaudited Financial Statements for the Year Ended 3 December 2019
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Notes to the Unaudited Financial Statements for the Year Ended 3 December 2019 (continued)
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2 |
Accounting policies (continued) |
Stocks
Stock represents the accumulated cost of the property development which is currently held for sale. Stock is valued at the lower of cost and net realisable value, after due regard for any impairment. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Stocks |
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2019 |
2018 |
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Land under development |
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Debtors |
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2019 |
2018 |
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Prepayments |
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Other debtors |
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- |
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Creditors |
Creditors: amounts falling due within one year
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2019 |
2018 |
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Due within one year |
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Accruals and deferred income |
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Notes to the Unaudited Financial Statements for the Year Ended 3 December 2019 (continued)
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Deferred tax and other provisions |
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Deferred tax |
Other provisions |
Total |
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At 4 December 2018 |
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Increase (decrease) in existing provisions |
( |
- |
( |
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Provisions used |
- |
( |
( |
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At 3 December 2019 |
- |
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The provision exists in respect of the remediation of the settling pond owned as part of the company's land held in stock. The Environmental Agency state that the work is mandatory. This provision is not covered by cash reserves but the company has access to sufficient additional shareholder loans to complete the work.
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Share capital |
Allotted, called up and fully paid shares
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2019 |
2018 |
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No. |
£ |
No. |
£ |
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4,500 |
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4,500 |