Hurley and Davies Limited
Hurley and Davies Limited
Registered number: 04570460
Unaudited Financial Statements
For The Year Ended 31 October 2017
oneaccountancy ltd
Hurley and Davies Limited
Unaudited Financial Statements
For The Year Ended 31 October 2017
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Hurley and Davies Limited
Balance Sheet
As at
31 October 2017
Balance Sheet
Registered number:
04570460
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 10 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 11 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 395,440 | 223,213 | |||
Page 1
Hurley and Davies Limited
Balance Sheet (continued)
As at
31 October 2017
Directors' responsibilities:
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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
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Hurley and Davies Limited
Notes to the Financial Statements
For The Year Ended 31 October 2017
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.
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 form the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover form the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Leasehold |
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| Fixtures & Fittings |
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1.4.
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, 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 taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2017 | 2016 | ||
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| Office and administration |
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Page 3
Hurley and Davies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2017
4.
Tangible Assets
| Land & Property | ||||
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| Freehold | Leasehold | Fixtures & Fittings | Total | |
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| Cost | ||||
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| Additions |
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| Disposals |
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| Depreciation | ||||
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| Provided during the period |
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| Disposals |
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| Net Book Value | ||||
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5.
Stocks
| 2017 | 2016 | ||
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| £ | £ | ||
| Stock - work in progress |
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6.
Debtors
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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7.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Page 4
Hurley and Davies Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2017
8.
Creditors: Amounts Falling Due After More Than One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Barclays property loan > 1 Year |
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9.
Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
| 2017 | 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts | 187,750 | - |
10.
Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
| 2017 | 2016 | ||
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| £ | £ | ||
| Deferred tax |
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12.
Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
| As at |
Amounts advanced | Amounts repaid | Amounts written off | As at |
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| £ | £ | £ | £ | £ | |
| Mr Luke Hurley |
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| Mr Andrew Davies |
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The above loan is unsecured, interest free and repayable on demand.
13.
Ultimate Controlling Party
The company's ultimate controlling party is the directors by virtue of their ownership of 100% of the issued share capital in the company.
14.
General Information
Hurley and Davies Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04570460 . The registered office is 206 High Street, Blackwood, Gwent, NP12 1AJ.
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