HILLS (MEDWAY) LIMITED Filleted accounts for Companies House (small and micro)

HILLS (MEDWAY) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01305279

HILLS (MEDWAY) LIMITED

Filleted Unaudited Financial Statements

31 March 2020

HILLS (MEDWAY) LIMITED

Statement of Financial Position

31 March 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	6	47	1,143

Current assets

Stocks		10,850	10,850
Debtors	7	793	5,054
Cash at bank and in hand		31,281	31,281
		--------	--------
		42,924	47,185

Creditors: amounts falling due within one year	8	33,606	40,906
		--------	--------
Net current assets		9,318	6,279
		-------	-------
Total assets less current liabilities		9,365	7,422

Creditors: amounts falling due after more than one year	9	–	( 2,557)
		-------	-------
Net assets		9,365	9,979
		-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	9,265	9,879
	-------	-------
Shareholders funds	9,365	9,979
	-------	-------

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 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HILLS (MEDWAY) LIMITED

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 28 February 2021 , and are signed on behalf of the board by:

Mr W. P. Byrne
Director

Company registration number: 01305279

HILLS (MEDWAY) LIMITED

Notes to the Financial Statements

Year ended 31 March 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 Berkeley Coach House, Woods Hill, Limpley Stoke, BATH, WILTS, BA2 7FS, United Kingdom.

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.

Going concern

Management have considered the consequences of Covid-19 and other events and conditions ,and it has determined that they do create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. The impact of Covid-19 on future performance and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in the financial statements ,but management has determined that they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2018. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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:

Depreciation	-	15% reducing balance
Depreciation	-	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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2019: 3 ).

5. Dividends

	2020	2019
	£	£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )	300	–
	----	----

6. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2019 and 31 March 2020	529	5,000	5,529
	----	-------	-------
Depreciation
At 1 April 2019	386	4,000	4,386
Charge for the year	96	1,000	1,096
	----	-------	-------
At 31 March 2020	482	5,000	5,482
	----	-------	-------
Carrying amount
At 31 March 2020	47	–	47
	----	-------	-------
At 31 March 2019	143	1,000	1,143
	----	-------	-------

7. Debtors

	2020	2019
	£	£
Trade debtors	1	3,923
Other debtors	792	1,131
	----	-------
	793	5,054
	----	-------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	14,834
Corporation tax	193	–
Social security and other taxes	1,996	4,839
Other creditors 2 - desc in a/cs	1,612	1,145
Other creditors	29,805	20,088
	--------	--------
	33,606	40,906
	--------	--------

9. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Other creditors	–	( 2,557)
	----	-------

10. Director's advances, credits and guarantees

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

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr W. P. Byrne	( 10,831)	–	( 10,831)
	--------	----	--------

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr W. P. Byrne	( 7,831)	( 3,000)	( 10,831)
	-------	-------	--------

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2018.

No transitional adjustments were required in equity or profit or loss for the year.