Taylor Hill & Bond (Land & New Homes) Ltd
Taylor Hill & Bond (Land & New Homes) Ltd
Registered number: 11221664
Unaudited Financial Statements
For The Year Ended
30 April 2020
Taylor Hill & Bond (Land & New Homes) Ltd
Unaudited Financial Statements
For The Year Ended
30 April 2020
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Taylor Hill & Bond (Land & New Homes) Ltd
Balance Sheet
As at
30 April 2020
Balance Sheet
Registered number:
11221664
For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
2020 | 2019 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Debtors | 3 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
( |
( |
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NET CURRENT ASSETS (LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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( |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES | |||||
Called up share capital | 5 |
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Profit and Loss Account |
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( |
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SHAREHOLDERS' FUNDS | 9,845 | (3,423) | |||
Page 1
Taylor Hill & Bond (Land & New Homes) Ltd
Balance Sheet (continued)
As at
30 April 2020
Directors' responsibilities:
-
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 Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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|
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Taylor Hill & Bond (Land & New Homes) Ltd
Notes to the Financial Statements
For The Year Ended
30 April 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
Since the year end, the company has been adversely affected by the Covid-19 pandemic. Demand for real estate agents has reduced due to local lockdown restrictions. Due to the rapid and ongoing nature of Covid-19, the directors are uncertain as to the company's ability to continue as a going concern for the foreseeable future. The directors have agreed to continue to support the company for working capital requirements in the short term.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4.
Leasing and Hire Purchase Contracts
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
The rent amount included within the accounts is attached to no specific commitment and is now paid on a rolling monthly basis.
1.5.
Taxation
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
1.6.
Pensions
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 3
Taylor Hill & Bond (Land & New Homes) Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2020
1.7.
Government Grant
Government grants are accounted for under the accruals method and on the revenue basis.
Government grants relating to revenue must be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
A grant that becomes 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 shall be recognised in income in the period in which it becomes receivable.
The government grant received under the furlough scheme resulting from Covid-19 has been recognised on an accruals basis to the period which it relates and disclosed as separate grant income in the profit and loss.
1.8.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
1.9.
Trade debtors and Trade creditors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
1.10.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2019: 2)
3.
Debtors
2020 | 2019 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Amounts owed by group undertakings | 10,180 | - | |
Other debtors | 8,699 | 467 | |
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Page 4
Taylor Hill & Bond (Land & New Homes) Ltd
Notes to the Financial Statements (continued)
For The Year Ended
30 April 2020
4.
Creditors: Amounts Falling Due Within One Year
2020 | 2019 | ||
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£ | £ | ||
Trade creditors |
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Amounts owed by group undertakings | 17,514 | - | |
Other creditors | 451 | 900 | |
Taxation and social security | 21,471 | - | |
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6.
Other Commitments
The operating lease payments are for the rental of the company's offices and are incurred on a rolling monthly basis.
7.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at
|
Amounts advanced | Amounts repaid | Amounts written off | As at
|
|
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£ | £ | £ | £ | £ | |
Mr Andrew Furnell |
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- |
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Mr Simon Woodhams |
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- |
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The above loan is unsecured, interest free and repayable on demand.
8.
General Information
Taylor Hill & Bond (Land & New Homes) Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
11221664
. The registered office is 9 Shore Road, Warsash, Southampton, Hampshire, SO31 9FS.
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