Abbreviated Company Accounts - FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED

Abbreviated Company Accounts - FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED


Registered Number 03451621

FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED

Abbreviated Accounts

31 October 2015

FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED Registered Number 03451621

Abbreviated Balance Sheet as at 31 October 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 1,526,806 926,816
1,526,806 926,816
Current assets
Debtors 1,264,415 1,234,023
Cash at bank and in hand 2,007,279 932,048
3,271,694 2,166,071
Creditors: amounts falling due within one year (1,314,402) (655,368)
Net current assets (liabilities) 1,957,292 1,510,703
Total assets less current liabilities 3,484,098 2,437,519
Provisions for liabilities (149,096) (107,972)
Total net assets (liabilities) 3,335,002 2,329,547
Capital and reserves
Called up share capital 2 2
Profit and loss account 3,335,000 2,329,545
Shareholders' funds 3,335,002 2,329,547
  • For the year ending 31 October 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 29 July 2016

And signed on their behalf by:
Mr B D Hook, Director

FREEMAN & HOOK SCAFFOLDING CONTRACTORS LIMITED Registered Number 03451621

Notes to the Abbreviated Accounts for the period ended 31 October 2015

1Accounting Policies

Basis of measurement and preparation of accounts
Basis of accounting

The financial statements have been prepared under the historical cost convention, and in
accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year,
exclusive of Value Added Tax.

Fixed assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value,
over the useful economic life of that asset as follows:

Plant & Machinery - 16.67% straight line
Motor Vehicles - 25% reducing balance
Equipment - 25% reducing balance

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not
reversed at the balance sheet date where transactions or events have occurred at that date that
will result in an obligation to pay more, or a right to pay less or to receive more tax, with the
following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value
adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over
into replacement assets, only to the extent that, at the balance sheet date, there is a binding
agreement to dispose of the assets concerned. However, no provision is made where, on the
basis of all available evidence at the balance sheet date, it is more likely than not that the
taxable gain will be rolled over into replacement assets and charged to tax only where the
replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more
likely than not that there will be suitable taxable profits from which the future reversal of the
underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in
the periods in which timing differences reverse, based on tax rates and laws enacted or
substantively enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the
contractual arrangement, as either financial assets, financial liabilities or equity instruments. An
equity instrument is any contract that evidences a residual interest in the assets of the company
after deducting all of its liabilities.

RELATED PARTY TRANSACTIONS

The company was under the control of Mr A.C. Freeman and Mr B.D. Hook throughout the
current and previous financial years. Mr A.C. Freeman and Mr B.D. Hook are the directors and
each own 50% of the issued share capital of the company.
At the year end, Mr A.C. Freeman was owed £1,922 (2014 - £1,252) and Mr B.D. Hook was
owed £1,916 (2014 - £1,244) by the company. There was no interest charged on these amounts
and there were no fixed terms for repayment.

Included in debtors are amounts due from companies in which both Mr A.C. Freeman and Mr
B.D. Hook together hold a controlling interest.

Freeman and Hook Bricklaying Contractors Limited owed to the company £80,077 in 2015 and £80,077 in 2014.
Fernwood Developments (MK) Limited owed to the company £926,148 in 2015 and £926,148 in 2014.

2Tangible fixed assets
£
Cost
At 1 November 2014 1,649,978
Additions 1,029,117
Disposals (61,806)
Revaluations -
Transfers -
At 31 October 2015 2,617,289
Depreciation
At 1 November 2014 723,162
Charge for the year 429,127
On disposals (61,806)
At 31 October 2015 1,090,483
Net book values
At 31 October 2015 1,526,806
At 31 October 2014 926,816