Jeff Hitchen Painters and Decorators Ltd 31/05/2020 iXBRL

Jeff Hitchen Painters and Decorators Ltd 31/05/2020 iXBRL

JEFF HITCHEN PAINTERS AND DECORATORS LIMITED - Company Information

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31/05/2020 2020-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-06-01 Sage Accounts Production 18.30 Update 2 - FRS xbrli:pure xbrli:shares iso4217:GBP 05340146 2019-06-01 2020-05-31 05340146 2020-05-31 05340146 2019-05-31 05340146 2018-06-01 2019-05-31 05340146 2019-05-31 05340146 2018-05-31 05340146 core:NetGoodwill 2019-06-01 2020-05-31 05340146 core:FurnitureFittingsToolsEquipment 2019-06-01 2020-05-31 05340146 core:MotorVehicles 2019-06-01 2020-05-31 05340146 bus:RegisteredOffice 2019-06-01 2020-05-31 05340146 bus:LeadAgentIfApplicable 2019-06-01 2020-05-31 05340146 bus:CompanySecretary1 2019-06-01 2020-05-31 05340146 bus:Director1 2019-06-01 2020-05-31 05340146 bus:Director2 2019-06-01 2020-05-31 05340146 core:NetGoodwill 2019-05-31 05340146 core:NetGoodwill 2020-05-31 05340146 core:FurnitureFittingsToolsEquipment 2019-05-31 05340146 core:MotorVehicles 2019-05-31 05340146 core:FurnitureFittingsToolsEquipment 2020-05-31 05340146 core:MotorVehicles 2020-05-31 05340146 core:WithinOneYear 2020-05-31 05340146 core:WithinOneYear 2019-05-31 05340146 core:ShareCapital 2020-05-31 05340146 core:ShareCapital 2019-05-31 05340146 core:RetainedEarningsAccumulatedLosses 2020-05-31 05340146 core:RetainedEarningsAccumulatedLosses 2019-05-31 05340146 core:NetGoodwill 2019-05-31 05340146 core:FurnitureFittingsToolsEquipment 2019-05-31 05340146 core:MotorVehicles 2019-05-31 05340146 bus:Director1 2019-05-31 05340146 bus:Director1 2020-05-31 05340146 bus:Director2 2019-05-31 05340146 bus:Director2 2020-05-31 05340146 bus:Director1 2018-05-31 05340146 bus:Director1 2019-05-31 05340146 bus:Director2 2018-05-31 05340146 bus:Director2 2019-05-31 05340146 bus:Director1 2018-06-01 2019-05-31 05340146 bus:Director2 2018-06-01 2019-05-31 05340146 bus:SmallEntities 2019-06-01 2020-05-31 05340146 bus:AuditExempt-NoAccountantsReport 2019-06-01 2020-05-31 05340146 bus:FullAccounts 2019-06-01 2020-05-31 05340146 bus:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 05340146 bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31
Company registration number: 05340146
Jeff Hitchen Painters and Decorators Ltd
Unaudited filleted financial statements
31 May 2020
Jeff Hitchen Painters and Decorators Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Jeff Hitchen Painters and Decorators Ltd
Directors and other information
Directors Jeff Hitchen
Paul Hitchen
Secretary Jonathan Round
Company number 05340146
Registered office 522 Bury Old Road
Prestwich
Manchester
M25 3DF
Accountants Thompsons Chartered Accountants
7 Princes Square
Harrogate
North Yorkshire
HG1 1ND
Jeff Hitchen Painters and Decorators Ltd
Statement of financial position
31 May 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 14,625 17,550
Tangible assets 6 6,007 8,010
_______ _______
20,632 25,560
Current assets
Debtors 7 5,098 14,078
Cash at bank and in hand 66,831 71,314
_______ _______
71,929 85,392
Creditors: amounts falling due
within one year 8 ( 90,117) ( 109,011)
_______ _______
Net current liabilities ( 18,188) ( 23,619)
_______ _______
Total assets less current liabilities 2,444 1,941
Provisions for liabilities ( 1,141) ( 1,522)
_______ _______
Net assets 1,303 419
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account 1,283 399
_______ _______
Shareholders funds 1,303 419
_______ _______
For the year ending 31 May 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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 February 2021 , and are signed on behalf of the board by:
Jeff Hitchen
Director
Company registration number: 05340146
Jeff Hitchen Painters and Decorators Ltd
Notes to the financial statements
Year ended 31 May 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 522 Bury Old Road, Prestwich, Manchester, M25 3DF.
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, 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.
Turnover
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 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.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2019: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2019 and 31 May 2020 58,500 58,500
_______ _______
Amortisation
At 1 June 2019 40,950 40,950
Charge for the year 2,925 2,925
_______ _______
At 31 May 2020 43,875 43,875
_______ _______
Carrying amount
At 31 May 2020 14,625 14,625
_______ _______
At 31 May 2019 17,550 17,550
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2019 and 31 May 2020 390 13,135 13,525
_______ _______ _______
Depreciation
At 1 June 2019 180 5,335 5,515
Charge for the year 53 1,950 2,003
_______ _______ _______
At 31 May 2020 233 7,285 7,518
_______ _______ _______
Carrying amount
At 31 May 2020 157 5,850 6,007
_______ _______ _______
At 31 May 2019 210 7,800 8,010
_______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 3,696 12,228
Other debtors 1,402 1,850
_______ _______
5,098 14,078
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 473 1,514
Corporation tax 7,138 4,358
Social security and other taxes 2,942 2,687
Other creditors 79,564 100,452
_______ _______
90,117 109,011
_______ _______
9. 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 Amounts repaid Balance o/standing
£ £ £ £
Jeff Hitchen ( 46,331) 10,646 - ( 35,685)
Paul Hitchen ( 46,331) 10,646 - ( 35,685)
_______ _______ _______ _______
( 92,662) 21,292 - ( 71,370)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Jeff Hitchen ( 44,953) 15,923 ( 17,301) ( 46,331)
Paul Hitchen ( 44,953) 15,923 ( 17,301) ( 46,331)
_______ _______ _______ _______
( 89,906) 31,846 ( 34,602) ( 92,662)
_______ _______ _______ _______