Soils (HS) Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03505422 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

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

390,199

325,189

390,199

325,189

CURRENT ASSETS

Stocks

62,272

37,500

Debtors

6

165,631

188,473

Cash at bank and in hand

128,322

146,985

356,225

372,958

CREDITORS

Amounts falling due within one year

7

237,408

234,591

NET CURRENT ASSETS

118,817

138,367

TOTAL ASSETS LESS CURRENT LIABILITIES

509,016

463,556

CREDITORS

Amounts falling due after more than one year

8

(97,824

)

(153,709

)

PROVISIONS FOR LIABILITIES

(74,138

)

(65,038

)

NET ASSETS

337,054

244,809

CAPITAL AND RESERVES

Called up share capital

60,000

60,000

Retained earnings

277,054

184,809

SHAREHOLDERS' FUNDS

337,054

244,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 17 May 2018 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.

These financial statements are the first financial statements that comply with FRS 102 Section 1A. The

date of transition is 1 September 2016 . The transition to FRS 102 Section 1A small entities has

resulted in no material changes in accounting policies nor material adjustments on transition.

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 Income Statement,

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

These accounts have been prepared on the Going Concern basis. This is because there are no

material uncertainties that may cast significant doubt about the company's ability to continue as a

Going Concern. The Director has continued to support the business and there are no indications that

the bank will withdraw the overdraft.

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 5 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

5,000

AMORTISATION

At 1 September 2016

and 31 August 2017

5,000

NET BOOK VALUE

At 31 August 2017

-

At 31 August 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2016

3,000

314,792

5,803

Additions

-

155,697

-

Disposals

-

(45,263

)

-

At 31 August 2017

3,000

425,226

5,803

DEPRECIATION

At 1 September 2016

3,000

118,656

5,228

Charge for year

-

52,561

86

Eliminated on disposal

-

(35,519

)

-

At 31 August 2017

3,000

135,698

5,314

NET BOOK VALUE

At 31 August 2017

-

289,528

489

At 31 August 2016

-

196,136

575

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2016

178,350

8,295

510,240

Additions

3,000

1,738

160,435

Disposals

-

-

(45,263

)

At 31 August 2017

181,350

10,033

625,412

DEPRECIATION

At 1 September 2016

53,561

4,606

185,051

Charge for year

31,947

1,087

85,681

Eliminated on disposal

-

-

(35,519

)

At 31 August 2017

85,508

5,693

235,213

NET BOOK VALUE

At 31 August 2017

95,842

4,340

390,199

At 31 August 2016

124,789

3,689

325,189

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

161,443

175,173

Other debtors

-

7,747

Prepayments

4,188

5,553

165,631

188,473

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

79,084

82,172

Trade creditors

72,810

90,902

Corporation Tax

19,124

511

Social security and other taxes

2,880

2,785

Net Wages

(108

)

(103

)

Pension control

129

129

VAT

17,941

22,542

Other creditors

3,136

2,542

Directors' current accounts

31,056

31,191

Accrued expenses

11,356

1,920

237,408

234,591

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Directors' loan account

-

25,000

Hire purchase contracts

97,824

128,709

97,824

153,709

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

176,908

210,881

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

by the Company.

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

10.	CONTINGENT LIABILITIES

The company had total guarantees contingencies and commitments at the year end of £26,000 (2016

£25,493).

11.	RELATED PARTY DISCLOSURES

The amount owed to the director at the balance sheet date was £31,056 (2016 £31,191).

There is no interest charged on this balance and the loan is repayable upon demand.