Hall Macadam Ltd Filleted accounts for Companies House (small and micro)

7 false false false false false false false false false true false false false false false false No description of principal activity 2019-04-01 Sage Accounts Production Advanced 2020 - FRS102_2019 250,000 160,000 45,000 205,000 45,000 90,000 xbrli:pure xbrli:shares iso4217:GBP 04310020 2019-04-01 2020-03-31 04310020 2020-03-31 04310020 2019-03-31 04310020 2018-04-01 2019-03-31 04310020 2019-03-31 04310020 core:NetGoodwill 2019-04-01 2020-03-31 04310020 core:LandBuildings core:OwnedOrFreeholdAssets 2019-04-01 2020-03-31 04310020 core:PlantMachinery 2019-04-01 2020-03-31 04310020 core:MotorVehicles 2019-04-01 2020-03-31 04310020 bus:Director1 2019-04-01 2020-03-31 04310020 bus:Director2 2019-04-01 2020-03-31 04310020 core:NetGoodwill 2019-03-31 04310020 core:NetGoodwill 2020-03-31 04310020 core:LandBuildings core:OwnedOrFreeholdAssets 2019-03-31 04310020 core:PlantMachinery 2019-03-31 04310020 core:MotorVehicles 2019-03-31 04310020 core:LandBuildings core:OwnedOrFreeholdAssets 2020-03-31 04310020 core:LandBuildings core:LongLeaseholdAssets 2020-03-31 04310020 core:PlantMachinery 2020-03-31 04310020 core:MotorVehicles 2020-03-31 04310020 core:LandBuildings core:LongLeaseholdAssets 2019-04-01 2020-03-31 04310020 core:WithinOneYear 2020-03-31 04310020 core:WithinOneYear 2019-03-31 04310020 core:ShareCapital 2020-03-31 04310020 core:ShareCapital 2019-03-31 04310020 core:RetainedEarningsAccumulatedLosses 2020-03-31 04310020 core:RetainedEarningsAccumulatedLosses 2019-03-31 04310020 core:NetGoodwill 2019-03-31 04310020 core:LandBuildings core:OwnedOrFreeholdAssets 2019-03-31 04310020 core:PlantMachinery 2019-03-31 04310020 core:MotorVehicles 2019-03-31 04310020 bus:SmallEntities 2019-04-01 2020-03-31 04310020 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 04310020 bus:FullAccounts 2019-04-01 2020-03-31 04310020 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 04310020 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 04310020 core:OfficeEquipment 2019-04-01 2020-03-31 04310020 core:OfficeEquipment 2019-03-31 04310020 core:OfficeEquipment 2020-03-31

COMPANY REGISTRATION NUMBER: 04310020

HALL MACADAM LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2020

HALL MACADAM LTD

STATEMENT OF FINANCIAL POSITION

31 March 2020

	2020	2019
Note	£	£

FIXED ASSETS

Intangible assets	5	45,000	90,000
Tangible assets	6	410,828	172,816
		-----------	-----------
		455,828	262,816

CURRENT ASSETS

Stocks		21,040	11,500
Debtors	7	278,869	186,112
Cash at bank and in hand		456,968	653,182
		-----------	-----------
		756,877	850,794

CREDITORS: amounts falling due within one year	8	496,946	505,409
		-----------	-----------
NET CURRENT ASSETS		259,931	345,385
		-----------	-----------
TOTAL ASSETS LESS CURRENT LIABILITIES		715,759	608,201

PROVISIONS	32,835	32,835
	-----------	-----------
NET ASSETS	682,924	575,366
	-----------	-----------

HALL MACADAM LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2020

	2020	2019
Note	£	£

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	682,824	575,266
	-----------	-----------
SHAREHOLDERS FUNDS	682,924	575,366
	-----------	-----------

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.

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 were approved by the board of directors and authorised for issue on 23 February 2021 , and are signed on behalf of the board by:

Mr S Hall	Mr J Hall
Director	Director

Company registration number: 04310020

HALL MACADAM LTD

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 Crossgates, Langworth Road, Scothern, Lincolnshire, LN2 2UP.

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

Subsequent to the year-end, the UK has experienced a pandemic of the coronavirus. The potential effects to the company and its future prospects cannot be fully quantified but the directors remain committed to the protection of the business. This is being regularly reviewed by the directors. In addition the directors are mindful of the significant ongoing support being offered by the Government. Accordingly the financial statements have been prepared on a going concern basis.

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. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements There are no judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which have a significant effect on the amounts recognised in the financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation charges The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. These are reviewed periodically by the Directors to ensure that they reflect both external and internal factors.

Revenue recognition

The turnover shown in the statement of comprehensive income represents the value of all work done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.

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.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

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

Goodwill arising in connection with the acquisition of a business in 2014, is being amortised over its estimated useful economic life of four years from 1 April 2017.

	Goodwill	-	18% 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 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:

Freehold property	-	25% reducing balance
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	15% reducing balance

The investment property is not being depreciated.

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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognized only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognized at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognized at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortized cost. Other financial instruments, including derivatives, are recognized at fair value, with any subsequent changes to fair value recognized in profit or loss.

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 7 (2019: 7 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2019 and 31 March 2020	250,000
	-----------
Amortisation
At 1 April 2019	160,000
Charge for the year	45,000
	-----------
At 31 March 2020	205,000
	-----------
Carrying amount
At 31 March 2020	45,000
	-----------
At 31 March 2019	90,000
	-----------

6. Tangible assets

	Freehold property	Investment property	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2019	9,148	–	155,444	120,057	2,110	286,759
Additions	1,462	263,768	13,765	–	470	279,465
Disposals	–	–	( 13,250)	–	–	( 13,250)
	---------	-----------	-----------	-----------	--------	-----------
At 31 Mar 2020	10,610	263,768	155,959	120,057	2,580	552,974
	---------	-----------	-----------	-----------	--------	-----------
Depreciation
At 1 Apr 2019	5,289	–	47,419	60,681	554	113,943
Charge for the year	965	–	17,236	14,844	271	33,316
Disposals	–	–	( 5,113)	–	–	( 5,113)
	---------	-----------	-----------	-----------	--------	-----------
At 31 Mar 2020	6,254	–	59,542	75,525	825	142,146
	---------	-----------	-----------	-----------	--------	-----------
Carrying amount
At 31 Mar 2020	4,356	263,768	96,417	44,532	1,755	410,828
	---------	-----------	-----------	-----------	--------	-----------
At 31 Mar 2019	3,859	–	108,025	59,376	1,556	172,816
	---------	-----------	-----------	-----------	--------	-----------

7. Debtors

	2020	2019
	£	£
Trade debtors	260,361	170,400
Other debtors	18,508	15,712
	-----------	-----------
	278,869	186,112
	-----------	-----------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	51,486	85,098
Corporation tax	71,514	58,181
Social security and other taxes	34,859	19,210
Other creditors	339,087	342,920
	-----------	-----------
	496,946	505,409
	-----------	-----------