Soils (HS) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03505422 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2020

FOR

SOILS (HS) LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

W Fifield

REGISTERED OFFICE:

54 Hillesley Road

Kingswood

Gloucestershire

GL12 8RU

REGISTERED NUMBER:

03505422 (England and Wales)

ACCOUNTANTS:

Randall & Payne LLP

Chartered Accountants

Chargrove House

Shurdington Road

Cheltenham

Gloucestershire

GL51 4GA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

514,373

440,847

514,373

440,847

CURRENT ASSETS

Stocks

45,760

56,786

Debtors

6

197,584

170,935

Cash at bank and in hand

192,347

140,382

435,691

368,103

CREDITORS

Amounts falling due within one year

7

290,168

276,126

NET CURRENT ASSETS

145,523

91,977

TOTAL ASSETS LESS CURRENT LIABILITIES

659,896

532,824

CREDITORS

Amounts falling due after more than one year

8

(77,807

)

(28,111

)

PROVISIONS FOR LIABILITIES

(97,731

)

(84,105

)

NET ASSETS

484,358

420,608

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Retained earnings

424,358

360,608

SHAREHOLDERS' FUNDS

484,358

420,608

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 May 2021 and were signed by:

W Fifield - Director

1.	STATUTORY INFORMATION

Soils (HS) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provision of section 1A "Small entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Income is recognised at the point of generating a sales invoice.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 1998, has been fully amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% on cost

Plant and machinery

-

20% on reducing balance, 15% on reducing balance and 10% on reducing balance

Fixtures and fittings

-

20% on cost and 15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance and 15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

COVID 19 has had an impact on the business, however the company has sufficient cash and reserves available to be able to continue as a going concern.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

5,000

AMORTISATION

At 1 September 2019

and 31 August 2020

5,000

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2019

3,000

590,982

5,803

Additions

-

77,107

-

Disposals

-

(30,000

)

-

At 31 August 2020

3,000

638,089

5,803

DEPRECIATION

At 1 September 2019

3,000

218,441

5,450

Charge for year

-

65,550

53

Eliminated on disposal

-

(11,309

)

-

At 31 August 2020

3,000

272,682

5,503

NET BOOK VALUE

At 31 August 2020

-

365,407

300

At 31 August 2019

-

372,541

353

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2019

184,111

12,037

795,933

Additions

140,500

2,589

220,196

Disposals

(47,250

)

-

(77,250

)

At 31 August 2020

277,361

14,626

938,879

DEPRECIATION

At 1 September 2019

120,475

7,720

355,086

Charge for year

52,406

1,561

119,570

Eliminated on disposal

(38,841

)

-

(50,150

)

At 31 August 2020

134,040

9,281

424,506

NET BOOK VALUE

At 31 August 2020

143,321

5,345

514,373

At 31 August 2019

63,636

4,317

440,847

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

105,091

155,171

Other debtors

83,155

8,360

Prepayments

9,338

7,404

197,584

170,935

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

1,568

-

Hire purchase contracts

24,950

54,673

Trade creditors

221,347

143,573

Corporation Tax

12,458

22,991

Social security and other taxes

4,783

3,985

Pension control

492

673

VAT

6,305

16,718

Other creditors

2,298

1,357

Directors' current accounts

10,205

23,050

Accrued expenses

5,762

9,106

290,168

276,126

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

39,659

-

Bank loans more 5 yrs non-inst

8,773

-

Hire purchase contracts

29,375

28,111

77,807

28,111

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

8,773

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

54,325

82,784

The Bank has fixed and floating charges over the Company's assets in respect of amounts owed to it by the Company.

Hire purchase assets are secured on the individual assets financed.

The directors have provided personal guarantees with respect to the Company's overdraft facility.

10.	OTHER FINANCIAL COMMITMENTS

The company had total commitments at the year end of £26,000 (2019 - £26,000).

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2020 and 31 August 2019:

2020

2019

£

£

W Fifield

Balance outstanding at start of year

(23,050

)

(7,053

)

Amounts advanced

54,840

46,915

Amounts repaid

(41,995

)

(62,912

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(10,205

)

(23,050

)

No interest is being charged on the loan to W Fifield and there are no set repayment terms.