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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2018 |
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for |
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DAVID HENDY FUNERAL SERVICES LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2018 |
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for |
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DAVID HENDY FUNERAL SERVICES LIMITED |
DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Contents of the Financial Statements |
for the year ended 31 May 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 9 |
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DAVID HENDY FUNERAL SERVICES LIMITED |
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Company Information |
for the year ended 31 May 2018 |
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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 |
Woodlands Court |
Truro Business Park |
Truro |
Cornwall |
TR4 9NH |
DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Balance Sheet |
31 May 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Balance Sheet - continued |
31 May 2018 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Notes to the Financial Statements |
for the year ended 31 May 2018 |
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1. | STATUTORY INFORMATION |
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David Hendy Funeral Services Limited is a
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and Wales. The 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 are prepared in sterling which is the functional currency of the company. |
Monetary amounts in these financial statements are rounded to the nearest pound sterling. |
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Going concern |
The directors, after making enquiries and having considered the company's business, its financial |
plans and the facilities available to finance the business, has a reasonable expectation that the |
company has adequate resources to continue in operational existence for the foreseeable future. |
Accordingly, the going concern basis is adopted in preparing the financial statements. |
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Turnover |
Turnover represents the total invoice value of sales made during the period. Revenue is recognised as |
the services are performed. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised |
evenly over its estimated useful life of ten years. |
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Tangible fixed assets |
Tangible assets are initially measured at cost. Such costs include costs directly attributable to making |
the asset capable of operating as intended. Subsequent to initial recognition, tangible assets are stated |
at cost less accumulated depreciation and accumulated impairment. |
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Tangible assets are depreciated as follows: |
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Improvements to property - Straight line over 20 years |
Fixtures and fittings - 25% straight line |
Motor vehicles - 20% straight line |
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DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
Impairment of fixed assets |
At each reporting end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any |
such indication exists, the recoverable amount of the asset is estimated in order to determine the |
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of |
an individual asset, the company estimates the recoverable amount of the cash-generating unit to |
which the asset belongs. |
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The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing |
value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
discount rate that reflects current market assessments of the time value of money and the risks |
specific to the asset for which the estimates of future cash flows have not been adjusted. |
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If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying |
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable |
amount. An impairment loss is recognised immediately in profit or loss. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset |
(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the |
increased carrying amount does not exceed the carrying amount that would have been determined had |
no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of |
an impairment loss is recognised immediately in profit or loss. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and |
Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments. |
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Financial assets and liabilities are recognised in the company's statement of financial position when |
the company becomes party to the contractual provisions of the instrument. |
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Financial assets and liabilities are classified into specified categories. The classification depends on |
the nature and purpose of the financial asset or liability and is determined at the time of recognition. |
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Basic financial assets, which include trade and other receivables, including staff loans and cash and |
bank balances, are initially measured at transaction price including transaction costs and are |
subsequently carried at amortised cost using the effective interest method, unless the arrangement |
constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. |
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Basic financial liabilities, which include trade and other payables are initially measured at transaction |
price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest. |
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Financial liabilities are derecognised when, and only when, the company's obligations are discharged, |
cancelled, or expire. |
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DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax |
assets are recognised when tax paid exceeds the tax payable. |
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Current and deferred tax is charged or credited to the profit or loss, except when it relates to items |
charged or credited to other comprehensive income or equity, when the tax follows the transaction or |
event it relates to and is also charged or credited to other comprehensive income, or equity. |
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Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are |
offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends |
either to settle on the net basis or to realise the asset and settle the liability simultaneously. |
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Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive |
income because it excludes items of income or expense that are taxable or deductible in other periods. |
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively |
enacted by the reporting period. |
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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 have occurred at that date that will result in an |
obligation to pay more, or a right to pay less or to receive more, tax. |
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Deferred tax assets are recognised only to the extent that the directors consider that it is more likely |
than not that there will be suitable taxable profits from which the future reversal of the underlying timing |
differences can be deducted. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the |
periods in which timing differences reverse, based on tax rates and laws enacted or substantively |
enacted at the balance sheet date. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets |
and depreciated over the shorter of the lease term and their useful lives. Obligations under such |
agreements are included in creditors net of the finance charge allocated to future periods. The finance |
element of the rental payment is charged to the profit and loss account so as to produce constant |
periodic rates of charge on the net obligations outstanding in each period. |
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Rentals paid under operating leases are charged to the profit and loss account on a straight line basis |
over the period of the lease. |
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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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2017 |
and 31 May 2018 |
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AMORTISATION |
At 1 June 2017 |
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Amortisation for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2017 |
and 31 May 2018 |
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DEPRECIATION |
At 1 June 2017 |
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Charge for year |
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At 31 May 2018 |
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NET BOOK VALUE |
At 31 May 2018 |
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At 31 May 2017 |
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Included within the above are assets held under hire purchase contracts as follows: |
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2018 | 2017 |
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Net Book
Value |
Depreciation
Charge |
Net Book
Value |
Depreciation
Charge |
£ | £ | £ | £ |
Motor Vehicles | 61,316 | 25,087 | 86,403 | 25,087 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Hire purchase contracts | 35,300 | 56,856 |
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The hire purchase contracts and finance leases are secured over the assets to which they relate. |
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11. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 3,270 | 7,472 |
DAVID HENDY FUNERAL SERVICES LIMITED (REGISTERED NUMBER: 04776539) |
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Notes to the Financial Statements - continued |
for the year ended 31 May 2018 |
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11. | PROVISIONS FOR LIABILITIES - continued |
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Deferred |
tax |
£ |
Balance at 1 June 2017 |
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Timing differences | (4,202 | ) |
Balance at 31 May 2018 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 100 | 2 |
(2017 - 2 ) |
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A Redeemable | £1 | 1 | 1 |
101 | 3 |
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All ordinary shares issued are non-redeemable and rank pari passu. |
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The "A" redeemable share entitles the holder in priority over payment of dividend or return of capital to |
ordinary shares. The redeemable shares do not carry any voting rights and is redeemable at par at the |
option of the company. |
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On 3 April 2018, 98 ordinary shares with aggregate nominal value of £98, were allocated for cash at |
£98 each. |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 May 2018 and |
31 May 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest at the official rate of 2.5% per annum has been charged on the loan to the directors. |
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14. | RELATED PARTY DISCLOSURES |
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At the year end the company owed the directors, D & L J Hendy, £Nil (2017: £34,554) as disclosed |
within Creditors: Amounts falling due within one year. |