Company Registration No. 03819966 (England and Wales)
HB Design (Contracts) Limited
Unaudited accounts
for the year ended 31 July 2022
HB Design (Contracts) Limited
Unaudited accounts
Contents
HB Design (Contracts) Limited
Statement of financial position
as at 31 July 2022
Tangible assets
32,155
32,431
Inventories
140,299
57,500
Cash at bank and in hand
3,024
40,436
Creditors: amounts falling due within one year
(378,878)
(193,069)
Net current assets
1,688
141,909
Total assets less current liabilities
33,843
174,340
Creditors: amounts falling due after more than one year
(29,167)
(158,525)
Provisions for liabilities
Deferred tax
(2,526)
(2,941)
Called up share capital
120
120
Profit and loss account
2,030
12,754
Shareholders' funds
2,150
12,874
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 July 2023 and were signed on its behalf by
R Berry
Director
Company Registration No. 03819966
HB Design (Contracts) Limited
Notes to the Accounts
for the year ended 31 July 2022
HB Design (Contracts) Limited is a private company, limited by shares, registered in England and Wales, registration number 03819966. The registered office is Building 23, First Avenue, Pensnett Trading Estate, Kingswinford, West Midlands, DY6 7TX, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on cost
Other tangible fixed assets
33.3% on cost
Stocks are valued at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Current or deferred tax assets and liabilities are not discounted.
HB Design (Contracts) Limited
Notes to the Accounts
for the year ended 31 July 2022
Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2021
22,038
48,026
75,793
19,611
165,468
Additions
-
5,624
1,500
1,704
8,828
Disposals
(22,038)
-
-
-
(22,038)
At 31 July 2022
-
53,650
77,293
21,315
152,258
At 1 August 2021
22,038
41,346
50,181
19,472
133,037
Charge for the year
-
1,846
6,778
480
9,104
On disposals
(22,038)
-
-
-
(22,038)
At 31 July 2022
-
43,192
56,959
19,952
120,103
At 31 July 2022
-
10,458
20,334
1,363
32,155
At 31 July 2021
-
6,680
25,612
139
32,431
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Amounts falling due within one year
Trade debtors
191,490
57,258
Accrued income and prepayments
9,779
8,764
Other debtors
35,974
171,020
HB Design (Contracts) Limited
Notes to the Accounts
for the year ended 31 July 2022
6
Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
95,074
4,696
Obligations under finance leases and hire purchase contracts
-
2,535
Trade creditors
86,712
81,685
Taxes and social security
142,038
89,933
Other creditors
25,741
6,545
Loans from directors
20,551
-
Bank loans and overdrafts of £95,074 (2021 £104,761) and hire purchase contracts of £nil (2021 £10,994) are secured by fixed and floating charges over the company's assets.
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Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
-
8,459
Other creditors
29,167
50,001
8
Operating lease commitments
2022
2021
At 31 July 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
81,500
44,000
Later than one year and not later than five years
173,000
67,000
Later than five years
168,750
-
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Average number of employees
During the year the average number of employees was 15 (2021: 7).