COMPANY REGISTRATION NO. 02770746 (England and Wales)
HIGHADMIT PROJECTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
HIGHADMIT PROJECTS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
HIGHADMIT PROJECTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
354,185
494,904
Current assets
Stocks
11,500
10,652
Debtors
4
2,798,153
1,661,225
Cash at bank and in hand
903,609
1,783,522
3,713,262
3,455,399
Creditors: amounts falling due within one year
5
(1,170,078)
(1,436,609)
Net current assets
2,543,184
2,018,790
Total assets less current liabilities
2,897,369
2,513,694
Creditors: amounts falling due after more than one year
6
(139,317)
(164,917)
Provisions for liabilities
(14,513)
(14,513)
Net assets
2,743,539
2,334,264
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,743,439
2,334,164
Total equity
2,743,539
2,334,264
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 September 2020 and are signed on its behalf by:
Mr M Tuchli
Director
Company Registration No. 02770746
HIGHADMIT PROJECTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2018
100
1,210,587
1,210,687
Year ended 31 December 2018:
Profit and total comprehensive income for the year
-
1,343,270
1,343,270
Dividends
-
(219,693)
(219,693)
Balance at 31 December 2018
100
2,334,164
2,334,264
Year ended 31 December 2019:
Profit and total comprehensive income for the year
-
641,634
641,634
Dividends
-
(232,359)
(232,359)
Balance at 31 December 2019
100
2,743,439
2,743,539
HIGHADMIT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
Highadmit Projects Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Courthouse, Heol Y Gyfraith, Talbot Green, Pontyclun, CF72 8AJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
In response to the risks posed to the business by Covid-19, fortunately, we have been able to continue operating with minimal disruption and our order book remains strong. The business has taken a number of measures to ensure the safety of its staff and the security of its labour supply to ensure that it can continue to operate effectively through 2020 and beyond.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for
electrical installation
services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% straight line balance
Plant and machinery
15% reducing balance
Fixtures, fittings & equipment
15% reducing balance
Motor vehicles
15% reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
HIGHADMIT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any loss arising from impairment are recognised in the profit and loss account in other administration expenses.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
HIGHADMIT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
54
51
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2019
181,380
27,154
76,220
468,799
753,553
Additions
-
-
12,469
-
12,469
Disposals
-
-
-
(209,598)
(209,598)
At 31 December 2019
181,380
27,154
88,689
259,201
556,424
Depreciation and impairment
At 1 January 2019
3,628
23,026
43,064
188,931
258,649
Depreciation charged in the year
3,628
619
6,227
25,300
35,774
Eliminated in respect of disposals
-
-
-
(92,184)
(92,184)
At 31 December 2019
7,256
23,645
49,291
122,047
202,239
Carrying amount
At 31 December 2019
174,124
3,509
39,398
137,154
354,185
At 31 December 2018
177,752
4,128
33,156
279,868
494,904
HIGHADMIT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
3
Tangible fixed assets
(Continued)
- 6 -
Freehold land and buildings with a carrying amount of £174,124 (2018 - £177,752) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
59,572
61,234
Gross amounts owed by contract customers
1,882,536
1,586,894
Other debtors
837,600
7,223
Prepayments and accrued income
18,445
5,874
2,798,153
1,661,225
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
18,527
22,704
Obligations under finance leases
15,233
40,225
Trade creditors
785,299
748,959
Corporation tax
90,007
325,832
Other taxation and social security
173,883
199,661
Other creditors
73,479
85,578
Accruals and deferred income
13,650
13,650
1,170,078
1,436,609
6
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
116,866
130,424
Obligations under finance leases
22,451
34,493
139,317
164,917
Amounts included above which fall due after five years are as follows:
Payable by instalments
21,393
39,610
HIGHADMIT PROJECTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Mr John Griffiths.
The auditor was UHY Hacker Young.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
68,147
44,394
9
Related party transactions
Included within other debtors is £832,600 (2018: £nil) owed by MT Properties (South Wales) Limited, a company owned by Mekola Tuchli and Maia Tuchli.
10
Parent company
The company is ultimately controlled by Mekola Tuchli by virtue of his shareholding.
11
Directors' transactions
Dividends totalling £231,155 (2018 - £188,521) were paid in the year in respect of shares held by the company's directors.
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mekola Tuchli
-
7,623
62,482
(70,105)
-
7,623
62,482
(70,105)
-
2019-12-31
2019-01-01
false
15 September 2020
CCH Software
CCH Accounts Production 2020.200
No description of principal activity
This audit opinion is unqualified
Mr M Tuchli
Mrs M H Tuchli
Mr M Lewis
Mr N Tuchli
Mr D Wells
Mrs M H Tuchli
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