J.H.Lidstone(Plastering) Limited 31/01/2020 iXBRL

J.H.Lidstone(Plastering) Limited 31/01/2020 iXBRL

J.H.LIDSTONE(PLASTERING)LIMITED - Company Information

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Company registration number: 00754671
J.H.Lidstone(Plastering) Limited
Unaudited filleted financial statements
31 January 2020
J.H.LIDSTONE(PLASTERING) LIMITED
Contents
Statement of financial position
Notes to the financial statements
J.H.LIDSTONE(PLASTERING) LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 53,172 61,536
_______ _______
53,172 61,536
Current assets
Stocks 1,721,968 508,849
Debtors 6 541,960 636,220
Cash at bank and in hand 667,326 837,567
_______ _______
2,931,254 1,982,636
Creditors: amounts falling due
within one year 7 ( 1,255,713) ( 293,288)
_______ _______
Net current assets 1,675,541 1,689,348
_______ _______
Total assets less current liabilities 1,728,713 1,750,884
Provisions for liabilities ( 7,667) ( 9,046)
_______ _______
Net assets 1,721,046 1,741,838
_______ _______
Capital and reserves
Called up share capital 2,255 2,255
Capital redemption reserve 8 745 745
Profit and loss account 8 1,718,046 1,738,838
_______ _______
Shareholders funds 1,721,046 1,741,838
_______ _______
For the year ending 31 January 2020 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 October 2020 , and are signed on behalf of the board by:
D S Lidstone
Director
Company registration number: 00754671
J.H.LIDSTONE(PLASTERING) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crozier Road, Mutley, Plymouth, Devon, PL4 7LN.
Principal activity
The principal activity of the trading company in the year under review was that of plastering and tiling contracts and minor works.
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.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. 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 is subsequently stated at cost less any accumulated depreciation and any accumulated 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 - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 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.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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 in finance costs 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 27 (2019: 27 ).
5. Tangible assets
Plant and machinery Motor vehicles Computer equipment Total
£ £ £ £
Cost
At 1 February 2019 111,611 98,845 24,943 235,399
Additions - - 8,716 8,716
_______ _______ _______ _______
At 31 January 2020 111,611 98,845 33,659 244,115
_______ _______ _______ _______
Depreciation
At 1 February 2019 101,838 52,589 19,436 173,863
Charge for the year 1,957 11,565 3,558 17,080
_______ _______ _______ _______
At 31 January 2020 103,795 64,154 22,994 190,943
_______ _______ _______ _______
Carrying amount
At 31 January 2020 7,816 34,691 10,665 53,172
_______ _______ _______ _______
At 31 January 2019 9,773 46,256 5,507 61,536
_______ _______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 536,232 613,271
Other debtors 5,728 22,949
_______ _______
541,960 636,220
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 83,134 22,708
Trade creditors 130,588 138,257
Amounts owed to group undertakings and undertakings in which the company has a participating interest 972,879 -
Accruals and deferred income 9,570 33,430
Social security and other taxes 52,543 98,865
Other creditors 6,999 28
_______ _______
1,255,713 293,288
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Other financial commitments
As at 31 January 2020 the company had non-cancellable commitments totalling £117 (2019: £584).