Table of contents
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Company information
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3
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Abridged balance sheet
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4
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Notes to the financial statements
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5
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2020 |
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2019 |
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Notes |
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£ |
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£ |
Fixed assets |
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Property, plant and equipment |
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1,073
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1,431
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4
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1,073
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1,431
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Current assets |
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Debtors |
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4,072
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8,700
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Cash and cash equivalents |
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86,131
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110,496
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90,202
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119,196
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Current liabilities |
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Creditors: Amounts falling due within one year |
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(17,165)
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(30,134)
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Corporation tax payable |
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(5,489)
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(14,501)
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(22,654)
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(44,635)
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Net current assets/(liabilities) |
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67,548
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74,561
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Total assets less current liabilities |
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68,621
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75,992
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Net assets/(liabilities) |
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68,621
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75,992
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Capital and reserves |
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Called up share capital |
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2
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2
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Retained earnings |
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68,619
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75,990
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Shareholders' funds |
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68,621
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75,992
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The notes on pages 7 to 12 are an integral part of these financial statements.
For the year ended 29 February 2020 the company was entitled to exemption from 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 Companies Act 2006.
The director acknowledges his responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 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" Section 1A.
The profit and loss account has not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small entities regime. All the members of the company have consented to the drawing up of the abridged balance sheet.
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These financial statements were approved by the Board of directors on 02 February 2021 and were signed on its behalf by:
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............................. |
(1) General Information
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Hazel Wood Railway Engineering Limited is a private company limited by shares, domiciled and incorporated in England and Wales. Its registered office is Suite 22 2nd Floor Winsor and Newton Building, Whitefriars Avenue, Harrow and Wealdstone, Middlesex, United Kingdom, HA3 5RN. |
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(2) Summary of significant accounting policies
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
a) Statement of compliance
These individual financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A and Companies Act 2006, as applicable to companies subject to the small companies' regime.
b) Basis of preparation
The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006. The presentation and functional currency of the company is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise.
c) 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 and of Value Added Tax. The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below.
Sale of goods
Sales of goods are recognised when the company has delivered the goods to the customer, no other significant obligation remains unfulfilled that may affect the customer's acceptance of the products and risks and rewards of ownership have transferred to them.
Rendering of services
Rendering of services Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered. When the outcome of a service contract cannot be estimated reliably the company only recognises revenue to the extent of the recoverable expenses recognised.
d) Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
Asset class and depreciation rate |
Land And Buildings |
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Plant and Machinery |
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Short Leasehold Properties |
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Investment Properties |
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Long Leasehold Properties |
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Commercial Vehicles |
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Fixtures and Fittings |
25% reducing balance |
Equipment |
25% reducing balance |
Motor Cars |
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An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss, and included in other operating income.
e) Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
f) Employee benefits
Payments to defined contribution retirement benefit plans are recognised as an expense when employees have rendered service entitling them to the contributions. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
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(3) Employees
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During the year, the average number of employees including directors was 2 (2019 : 2) |
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(4) Fixed assets
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Tangible £
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Totals £
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Cost
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As at 01 March 2019
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19,295
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19,295
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As at 29 February 2020
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19,295
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19,295
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Depreciation/Amortisation
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As at 01 March 2019
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17,864
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17,864
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For the year
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358
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358
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As at 29 February 2020
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18,222
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18,222
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Net book value
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As at 29 February 2020
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1,073
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1,073
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As at 28 February 2019
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1,431
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1,431
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(5) Ultimate controlling party
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The directors consider that Mr P Mervyn is the controlling party. |
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