AR Hefford Limited Filleted accounts for Companies House (small and micro)

AR HEFFORD LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06107445

AR HEFFORD LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2018

AR HEFFORD LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Intangible assets	5	9,000	10,000
Tangible assets	6	8,102	10,113
		---------	---------
		17,102	20,113

Current assets

Stocks	2,900	2,450
Cash at bank and in hand	5,725	6,973
	--------	--------
	8,625	9,423

Creditors: amounts falling due within one year	7	25,655		28,900
		---------		---------
Net current liabilities			17,030		19,477
			---------		---------
Total assets less current liabilities			72		636
			-----		-----
Net assets			72		636
			-----		-----

Capital and reserves

Called up share capital	2	2
Profit and loss account	70	634
	-----	-----
Shareholders funds	72	636
	-----	-----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

AR HEFFORD LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2018

These financial statements were approved by the board of directors and authorised for issue on 29 November 2018 , and are signed on behalf of the board by:

Mr A R Hefford
Director

Company registration number: 06107445

AR HEFFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Lakeland Business Park, Lamplugh Road, Cockermouth, CA13 0QT, Cumbria.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.

Corporation tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Amortisation

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

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

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

Plant & machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 March 2017 and 28 February 2018	20,000
	---------
Amortisation
At 1 March 2017	10,000
Charge for the year	1,000
	---------
At 28 February 2018	11,000
	---------
Carrying amount
At 28 February 2018	9,000
	---------
At 28 February 2017	10,000
	---------

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 March 2017 and 28 February 2018	1,110	17,554	18,664
	--------	---------	---------
Depreciation
At 1 March 2017	871	7,680	8,551
Charge for the year	36	1,975	2,011
	--------	---------	---------
At 28 February 2018	907	9,655	10,562
	--------	---------	---------
Carrying amount
At 28 February 2018	203	7,899	8,102
	--------	---------	---------
At 28 February 2017	239	9,874	10,113
	--------	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Social security and other taxes	1,757	837
Other creditors	23,898	28,063
	---------	---------
	25,655	28,900
	---------	---------