PAUL HUGH PLUMBING AND HEATING LIMITED - Filleted accounts

PAUL HUGH PLUMBING AND HEATING LIMITED - Filleted accounts

PAUL HUGH PLUMBING & HEATING LIMITED - Company Information

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Registered number: 07244028
PAUL HUGH PLUMBING AND HEATING LIMITED
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 MAY 2018
PAUL HUGH PLUMBING AND HEATING LIMITED
REGISTERED NUMBER: 07244028
BALANCE SHEET
as at 31 May 2018
Notes 2018 2017
£ £
FIXED ASSETS
Intangible assets 3 2,000 3,000
Tangible assets 4 639 752
2,639 3,752
CURRENT ASSETS
Debtors 5 369 236
Cash at bank and in hand 4,567 1,781
4,936 2,017
CREDITORS: amounts falling due within one year 6 (5,703) (4,206)
NET CURRENT LIABILITIES (767) (2,189)
NET ASSETS 1,872 1,563
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and loss account 1,772 1,463
SHAREHOLDERS' FUNDS 1,872 1,563
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Paul Hugh
Director
Approved by the board on 29 June 2018
PAUL HUGH PLUMBING AND HEATING LIMITED
NOTES TO THE ACCOUNTS
for the year ended 31 May 2018
1 ACCOUNTING POLICIES
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 20% reducing balance
Computer Equipment 33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 EMPLOYEES 2018 2017
Number Number
Average number of persons employed by the company 2 2
3 INTANGIBLE FIXED ASSETS £
Goodwill:
Cost
At 1 June 2017 10,000
At 31 May 2018 10,000
Amortisation
At 1 June 2017 7,000
Provided during the year 1,000
At 31 May 2018 8,000
Net book value
At 31 May 2018 2,000
At 31 May 2017 3,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 TANGIBLE FIXED ASSETS
Fixtures and fittings Computer equipment Total
£ £ £
Cost
At 1 June 2017 967 550 1,517
Additions 104 - 104
At 31 May 2018 1,071 550 1,621
Depreciation
At 1 June 2017 572 193 765
Charge for the year 98 119 217
At 31 May 2018 670 312 982
Net book value
At 31 May 2018 401 238 639
At 31 May 2017 395 357 752
5 DEBTORS 2018 2017
£ £
Other debtors 369 236
6 CREDITORS: amounts falling due within one year 2018 2017
£ £
Corporation tax 1,975 584
Other creditors 3,728 3,622
5,703 4,206
7 RELATED PARTY TRANSACTIONS
At the balance sheet date £2,990 (2017: £2,578) was due from the company to Mr P Hugh, the director. The amount is unsecured, interest free and has no fixed repayment date.
8 CONTROLLING PARTY
The company was controlled by Mr Paul Hugh, a director and the majority shareholder.
9 OTHER INFORMATION
Paul Hugh Plumbing And Heating Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Faraday Court
First Avenue
Burton on Trent
Staffordshire
DE14 2WX
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