Harry Marsh (Engineers) Limited Filleted accounts for Companies House (small and micro)

HARRY MARSH (ENGINEERS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01066685

Harry Marsh (Engineers) Limited

Filleted Unaudited Financial Statements

5 April 2020

Harry Marsh (Engineers) Limited

Statement of Financial Position

5 April 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		124,477	200,929

Current assets

Stocks		32,581	29,721
Debtors	6	2,062,592	994,530
Cash at bank and in hand		405,473	930,917
		------------	------------
		2,500,646	1,955,168

Creditors: amounts falling due within one year	7	1,199,872		807,067
		------------		------------
Net current assets			1,300,774	1,148,101
			------------	------------
Total assets less current liabilities			1,425,251	1,349,030
			------------	------------

Capital and reserves

Called up share capital	4,000	4,000
Profit and loss account	1,421,251	1,345,030
	------------	------------
Shareholders funds	1,425,251	1,349,030
	------------	------------

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 Section 1A of 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.

For the year ending 5 April 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 .

Harry Marsh (Engineers) Limited

Statement of Financial Position (continued)

5 April 2020

These financial statements were approved by the board of directors and authorised for issue on 14 September 2020 , and are signed on behalf of the board by:

Mr S Coady
Director

Company registration number: 01066685

Harry Marsh (Engineers) Limited

Notes to the Financial Statements

Year ended 5 April 2020

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is The Parade, Hendon, Sunderland, Tyne & Wear, SR2 8NT.

2. Statement of compliance

These 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, 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.

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 .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on material timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 as a finance cost 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	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 6 April 2019	976,527	182,195	277,264	1,435,986
Additions	15,000	893	–	15,893
Disposals	( 911,207)	( 174,931)	( 91,300)	( 1,177,438)
	---------	---------	---------	------------
At 5 April 2020	80,320	8,157	185,964	274,441
	---------	---------	---------	------------
Depreciation
At 6 April 2019	890,505	171,381	173,171	1,235,057
Charge for the year	9,862	1,154	23,449	34,465
Disposals	( 869,496)	( 169,059)	( 81,003)	( 1,119,558)
	---------	---------	---------	------------
At 5 April 2020	30,871	3,476	115,617	149,964
	---------	---------	---------	------------
Carrying amount
At 5 April 2020	49,449	4,681	70,347	124,477
	---------	---------	---------	------------
At 5 April 2019	86,022	10,814	104,093	200,929
	---------	---------	---------	------------

6. Debtors

	2020	2019
	£	£
Trade debtors	1,924,246	971,913
Other debtors	138,346	22,617
	------------	---------
	2,062,592	994,530
	------------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,090,713	758,121
Social security and other taxes	35,771	18,953
Other creditors - desc in a/cs	1,732	–
Other creditors	71,656	29,993
	------------	---------
	1,199,872	807,067
	------------	---------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Coady	–	( 50,500)	( 50,500)
	----	--------	--------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr S Coady	( 412)	412	–
	----	----	----