Company registration number 06985777 (England and Wales)
HADFIELD SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HADFIELD SERVICES LIMITED
COMPANY INFORMATION
Directors
M C Hadfield
D E Wilson
(Appointed 16 June 2023)
S P Thomas
(Appointed 16 June 2023)
Company number
06985777
Registered office
Unit 20
Northside Business Park
Hawkins Lane
Burton-On-Trent
DE14 1DB
Accountants
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
HADFIELD SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HADFIELD SERVICES LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF HADFIELD SERVICES LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Hadfield Services Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.
This report is made solely to the board of directors of Hadfield Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Hadfield Services Limited and state those matters that we have agreed to state to the board of directors of Hadfield Services Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hadfield Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Hadfield Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hadfield Services Limited. You consider that Hadfield Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Hadfield Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
20 December 2023
HADFIELD SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,581
2,055
Current assets
Stocks
139,194
-
Debtors
4
131,625
125,345
Cash at bank and in hand
128,201
449
399,020
125,794
Creditors: amounts falling due within one year
5
(431,451)
(217,355)
Net current liabilities
(32,431)
(91,561)
Total assets less current liabilities
(29,850)
(89,506)
Creditors: amounts falling due after more than one year
6
(76,790)
(114,708)
Provisions for liabilities
(645)
Net liabilities
(107,285)
(204,214)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
(108,285)
(205,214)
Total equity
(107,285)
(204,214)
HADFIELD SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 20 December 2023 and are signed on its behalf by:
D E Wilson
Director
Company registration number 06985777 (England and Wales)
HADFIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Hadfield Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 20, Northside Business Park, Hawkins Lane, Burton-On-Trent, DE14 1DB.
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 amounts 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
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Fixtures and fittings
15% reducing balance
Computer equipment
15% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
HADFIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
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 cost and replacement 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.
1.6
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
1.7
Employee benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
18
HADFIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 April 2022
10,020
2,948
12,968
Additions
940
940
Disposals
(9,449)
(9,449)
At 31 March 2023
571
3,888
4,459
Depreciation and impairment
At 1 April 2022
9,723
1,190
10,913
Depreciation charged in the year
45
369
414
Eliminated in respect of disposals
(9,449)
(9,449)
At 31 March 2023
319
1,559
1,878
Carrying amount
At 31 March 2023
252
2,329
2,581
At 31 March 2022
297
1,758
2,055
4
Debtors
as restated
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
127,665
57,558
Other debtors
3,960
67,787
131,625
125,345
5
Creditors: amounts falling due within one year
as restated
2023
2022
£
£
Loans and borrowings
51,874
69,610
Trade creditors
334,676
136,786
Taxation and social security
36,723
10,959
Other creditors
8,178
-
431,451
217,355
HADFIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and borrowings
76,790
114,708
76,790
114,708
7
Called up share capital
as restated
as restated
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
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:
2023
2022
£
£
35,488
9
Directors' transactions
as restated
Description
% Rate
Opening balance
Closing balance
£
£
Interest free loan repayable on demand
-
900
900
900
900
HADFIELD SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Prior period adjustment
Reconciliation of changes in equity
31 March
2022
£
Adjustments to prior year
Eliminate unrecoverable debtors
(138,233)
Reinstate trade creditors
(63,506)
VAT corrections
(27,052)
Recongise Corporation Tax Debtor
66,887
Share Capital Correction
900
Total adjustments
(161,004)
Equity as previously reported
(43,210)
Equity as adjusted
(204,214)
Analysis of the effect upon equity
Share capital
900
Profit and loss reserves
(161,904)
(161,004)
Notes to reconciliation
The 2022 accounts have been restated to correct the share capital, eliminate unrecoverable debtor and creditor balances along with recognising corporation tax refunds which had previously not been recognised.