P Higgins & Sons Limited Accounts

P HIGGINS & SONS LIMITED - Company Information






P Higgins & Sons Limited

	Company No. 08999858
		Information for Filing with The Registrar
		30 April 2020

at	30 April 2020
Company No.		08999858	Notes	2020	2019
				£	£
Fixed assets

	Tangible assets		4	13,966	12,820


				13,966	12,820
Current assets

	Debtors		5	76,107	70,570

	Cash at bank and in hand			2,075	603
				78,182	71,173
Creditors: Amount falling due within one year			6	(88,395)	(78,743)
Net current liabilities				(10,213)	(7,570)
Total assets less current liabilities				3,753	5,250
Creditors: Amounts falling due after more than one year			7	(969)	(2,649)
Provisions for liabilities
	Deferred taxation		8	(2,654)	(2,436)

Net assets				130	165

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		9	30	65

Total equity				130	165



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 27 January 2021
And signed on its behalf by:
L.C. Higgins
Director
27 January 2021

for the year ended 30 April 2020

General information

Its registered number is: 08999858

Its registered office is:

Ebenezer House

5a Poole Road

Bournemouth

Dorset

BH2 5QJ

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2020			2019
			Number			Number
		The average monthly number of employees (including directors) during the year was:	3	4	3	2

4	Tangible fixed assets
			Plant and machinery	Total
			£	£
		Cost or revaluation
		At 1 May 2019	29,116	29,116
		Additions	5,801	5,801



		At 30 April 2020	34,917	34,917
		Depreciation
		At 1 May 2019	16,296	16,296
		Charge for the year	4,655	4,655



		At 30 April 2020	20,951	20,951
		Net book values
		At 30 April 2020	13,966	13,966
		At 30 April 2019	12,820	12,820

5	Debtors
			2020	2019
			£	£
		Trade debtors	-	4,348

		Corporation tax recoverable	5,602	7,094


		Loans to directors	67,237	56,828
		Other debtors	2,300	2,300
		Prepayments and accrued income	968	-
			76,107	70,570

6	Creditors:
		amounts falling due within one year
			2020	2019
			£	£

		Bank loans and overdrafts	6,404	3,526


		Trade creditors	122	79

		Corporation tax	23,453	18,036
		Other taxes and social security	5,891	1,725

		Other creditors	2,638	4,500
		Accruals and deferred income	49,887	50,877
			88,395	78,743

7	Creditors:
		amounts falling due after more than one year
			2020	2019
			£	£

		Bank loans and overdrafts	969	-




		Other creditors	-	2,649

			969	2,649

8	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 May 2019	2,436	2,436
		Charge to the profit and loss account for the period	218	218

		At 30 April 2020	2,654	2,654



			2020	2019
			£	£
		Accelerated capital allowances	2,654	2,436



			2,654	2,436

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

10	Dividends
			2020	2019
			£	£
		Dividends for the period:
		Dividends paid in the period	49,600	25,750

			49,600	25,750

		Dividends by type:

		Equity dividends	49,600	25,750
			49,600	25,750

11	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 May 2019	Advanced	Repaid	At 30 April 2020
				£	£	£	£
		L.C. Higgins	Director's loan account	28,414	34,129	(28,925)	33,618
		P.J. Higgins	Director's loan account	28,414	34,130	(28,925)	33,619






































				56,828	68,259	(57,850)	67,237