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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 FEBRUARY 2016 TO 31 JULY 2017 |
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H B DESIGN (CONTRACTS) LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 FEBRUARY 2016 TO 31 JULY 2017 |
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FOR |
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H B DESIGN (CONTRACTS) LTD |
H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
For The Period 1 February 2016 to 31 July 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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H B DESIGN (CONTRACTS) LTD |
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COMPANY INFORMATION |
For The Period 1 February 2016 to 31 July 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
No 3 Caroline Court |
13 Caroline Street |
St Pauls Square |
Birmingham |
West Midlands |
B3 1TR |
H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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BALANCE SHEET |
31 July 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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BALANCE SHEET - continued |
31 July 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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NOTES TO THE FINANCIAL STATEMENTS |
For The Period 1 February 2016 to 31 July 2017 |
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1. | STATUTORY INFORMATION |
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H B Design (Contracts) Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements for the year ended 31 July 2017 are the first financial statements that comply with FRS |
102 Section 1A "Small Entities". The transition date is 1 February 2016. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Short leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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Current and deferred tax. |
Current tax, including UK corporation tax, is provided at amounts expected to be paid or recovered using the tax |
rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a |
right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences |
between the company's taxable profits and it results as stated in the financial statements that arise from inclusion |
of gains and losses in tax assessments in periods different from those in which they are recognised in the |
financial statements. |
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Unrelieved tax losses and other deferred tax assets are only 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. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
reporting date and that are expended to apply to the reversal of the timing differences. |
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Where items recognised in other comprehensive income and equity are chargeable to or deductible for tax |
purposes, the resulting current or deferred tax expense or income is presented in the same component of |
comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. |
H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 February 2016 to 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Financial instruments |
(i) Cash and cash equivalents |
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Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with |
banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
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(ii) Financial assets and liabilities |
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All financial assets and liabilities are recognised when the company becomes party to the contractual provisions |
of the instrument. |
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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 company after deducting all its liabilities. |
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All financial assets and liabilities are initially measured at transaction price (including transaction costs), except |
for those financial assets classified as at fair value through the profit and loss account, which are initially |
measured at fair value unless the arrangement constitutes a financing transaction. If an arrangement constitutes |
a financing transaction, the financial asset or liability is measured at the present value of the future payments |
discounted at a market rate of interest for a similar debt instrument. |
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Financial assets and liabilities are only offset at the balance sheet date when, and only when there exists a |
legally enforceable right to set off the recognised amounts and the company intends either to settle on a net |
basis, or to realise the asset and settle the liability simultaneously. |
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Debt instruments that have no stated interest rate and are classified as payable or receivable within one year are |
initially measured at an undiscounted amount of the cash or other consideration expected to be paid or received, |
net of impairment. Other debt instruments not meeting these conditions are measured at fair value through the |
profit and loss account. |
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Commitments to make or receive loans which meet the conditions mentioned above are measured at cost less |
impairment. |
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Financial assets are derecognised when and only when the contractual rights to the cash flows for the financial |
asset expire or are settled, when the company transfers to another party substantially all the risks and rewards of |
ownership of the financial asset, or the company, despite having retained some, but not all, significant risks and |
rewards of ownership, has transferred control of the asset to another party. |
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Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled |
or expires. |
H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 February 2016 to 31 July 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet |
date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss. |
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For financial assets carried at amortised costs, the amount of an impairment is the difference between the asset's |
carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original |
effective interest rate. |
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For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's |
carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at |
the reporting date. |
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Where indicators exist for the decrease in impairment loss, and the decrease can be related objectively to an |
event occuring after the impairment was recognised, the prior impairment loss is tested to determine reversal. |
An impairment loss is reversed on an individual impaired financial asset to the extent that the revised |
recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment |
been recognised. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the period was
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4. | TANGIBLE FIXED ASSETS |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
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COST |
At 1 February 2016 |
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At 31 July 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for period |
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Eliminated on disposal |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 January 2016 |
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H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 February 2016 to 31 July 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 February 2016 |
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Additions |
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Disposals |
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At 31 July 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for period |
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Eliminated on disposal |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 January 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 February 2016 |
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Additions |
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Disposals | ( |
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At 31 July 2017 |
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DEPRECIATION |
At 1 February 2016 |
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Charge for period |
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Eliminated on disposal | ( |
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At 31 July 2017 |
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NET BOOK VALUE |
At 31 July 2017 |
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At 31 January 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 February 2016 to 31 July 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loan and overdraft |
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Hire purchase contracts (see note 8) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts (see note 8) |
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8. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2017 | 2016 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 6,813 | 23,523 |
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H B DESIGN (CONTRACTS) LTD (REGISTERED NUMBER: 03819966) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Period 1 February 2016 to 31 July 2017 |
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10. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 4,650 | 8,200 |
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Deferred |
tax |
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Balance at 1 February 2016 |
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Credit to Income Statement during period | ( |
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Balance at 31 July 2017 |
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All of the deferred tax provision relates to the existence of accelerated capital allowances at the year end. |
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11. | RELATED PARTY DISCLOSURES |
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No single individual had control of the company at the year end. |
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During the period the company made advances of £92,418 to R Berry and Mrs D Berry, directors. |
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12. | FIRST YEAR ADOPTION |
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This is the first year that the Company has presented its financial statements under the Financial Reporting |
Standard 102 Section 1A (FRS 102 Section 1A) issued by the Financial Reporting Council.The last financial |
statements under previous UK GAAP were for the year ended 31 January 2016 and the date of transition was |
therefore 1 February 2016. As a consequence of adopting FRS 102 Section 1A the directors do not consider the |
transitional adjustments to have had any material effect on the financial statements and therefore no transitional |
adjustments have been made to equity or the profit and loss. |