Hurley and Davies Limited Filleted accounts for Companies House (small and micro)

HURLEY AND DAVIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04570460

Hurley and Davies Limited

Filleted Unaudited Financial Statements

31 October 2020

Hurley and Davies Limited

Statement of Financial Position

31 October 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	395,279	289,014

Current assets

Stocks		15,000	10,000
Debtors	7	142,823	228,779
Cash at bank and in hand		188,430	303,292
		---------	---------
		346,253	542,071

Creditors: amounts falling due within one year	8	176,723	281,209
		---------	---------
Net current assets		169,530	260,862
		---------	---------
Total assets less current liabilities		564,809	549,876

Creditors: amounts falling due after more than one year	9	178,672	137,235

Provisions	2,718	3,753
	---------	---------
Net assets	383,419	408,888
	---------	---------

Capital and reserves

Called up share capital	22	22
Profit and loss account	383,397	408,866
	---------	---------
Shareholders funds	383,419	408,888
	---------	---------

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 comprehensive income has not been delivered.

For the year ending 31 October 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 .

Hurley and Davies Limited

Statement of Financial Position (continued)

31 October 2020

These financial statements were approved by the board of directors and authorised for issue on 14 April 2021 , and are signed on behalf of the board by:

Mr L Hurley

Director

Company registration number: 04570460

Hurley and Davies Limited

Notes to the Financial Statements

Year ended 31 October 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 206 High Street, Blackwood, Gwent, NP121AJ.

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.

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:

Long leasehold property	-	Over the life of the lease
Fixtures and fittings	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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.

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 16 (2019: 17 ).

5. Tangible assets

	Freehold property	Long leasehold property	Fixtures and fittings	Total
	£	£	£	£
Cost
At 1 November 2019	260,969	47,061	59,251	367,281
Additions	120,000	–	7,334	127,334
	---------	--------	--------	---------
At 31 October 2020	380,969	47,061	66,585	494,615
	---------	--------	--------	---------
Depreciation
At 1 November 2019	–	38,772	39,495	78,267
Charge for the year	–	8,289	12,780	21,069
	---------	--------	--------	---------
At 31 October 2020	–	47,061	52,275	99,336
	---------	--------	--------	---------
Carrying amount
At 31 October 2020	380,969	–	14,310	395,279
	---------	--------	--------	---------
At 31 October 2019	260,969	8,289	19,756	289,014
	---------	--------	--------	---------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2019 and 31 October 2020	75,000
	--------
Impairment
At 1 November 2019 and 31 October 2020	75,000
	--------

Carrying amount
At 31 October 2020	–
	--------
At 31 October 2019	–
	--------

The investment in Lloyd Evans & Co Limited has been written down to nil, due to the dissolution of the company on 22 October 2019.

7. Debtors

	2020	2019
	£	£
Trade debtors	127,840	213,243
Other debtors	14,983	15,536
	---------	---------
	142,823	228,779
	---------	---------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	17,650	17,650
Trade creditors	41,569	37,875
Corporation tax	37,553	60,185
Social security and other taxes	65,951	142,428
Other creditors	1,020	2,520
Company credit card	647	174
Other creditors	12,333	20,377
	---------	---------
	176,723	281,209
	---------	---------

Included in other creditors are the following loans from Directors £112 (2019:£210).

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

	2020	2019
	£	£
Bank loans and overdrafts	178,672	137,235
	---------	---------

10. Directors' advances, credits and guarantees

There were no advances, credits or guarantees made towards Directors during the year.

11. Related party transactions

The company was controlled by it's Directors, Mr Luke Hurley & Mr Andrew Davies throughout the current and previous financial year.