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Unaudited Financial Statements |
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for the Year Ended 30th June 2020 |
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for |
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The Hilo Roof Company Limited |
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Unaudited Financial Statements |
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for the Year Ended 30th June 2020 |
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for |
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The Hilo Roof Company Limited |
The Hilo Roof Company Limited (Registered number: 08104434) |
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Contents of the Financial Statements |
for the year ended 30th June 2020 |
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Page |
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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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The Hilo Roof Company Limited |
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Company Information |
for the year ended 30th June 2020 |
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DIRECTOR: |
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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 Certified Accountants |
Black Bull House |
353-355 Station Road |
Bamber Bridge |
Preston |
Lancashire |
PR5 6EE |
The Hilo Roof Company Limited (Registered number: 08104434) |
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Balance Sheet |
30th June 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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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 LIABILITIES | ( |
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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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NET (LIABILITIES)/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 director acknowledges his 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. |
The Hilo Roof Company Limited (Registered number: 08104434) |
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Balance Sheet - continued |
30th June 2020 |
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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 director and authorised for issue on
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The Hilo Roof Company Limited (Registered number: 08104434) |
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Notes to the Financial Statements |
for the year ended 30th June 2020 |
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1. | STATUTORY INFORMATION |
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The Hilo Roof Company Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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Intangible assets |
Patents, licences and development costs are being amortised evenly over their estimated useful life of ten years. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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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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Taxation |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only 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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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. |
The Hilo Roof Company Limited (Registered number: 08104434) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern |
In March 2020, the UK entered into a nationwide lockdown as a result of the global pandemic COVID-19. All companies have experienced trading difficulties as a result. However, at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources and the availability of financial support to continue in operational existence for the foreseeable future. |
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At the balance sheet date, the company's liabilities exceeded its assets. |
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The company has received assurance from the director that they will continue to give financial support to the company for the twelve months from the date of signing these financial accounts. |
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Should the financial support mentioned above not be forthcoming, the going concern basis used in the preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. |
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On the above basis, the director considers it appropriate to prepare the accounts on a going concern basis. |
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The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |
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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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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1st July 2019 |
and 30th June 2020 |
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AMORTISATION |
At 1st July 2019 |
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Charge for year |
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At 30th June 2020 |
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NET BOOK VALUE |
At 30th June 2020 |
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At 30th June 2019 |
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The Hilo Roof Company Limited (Registered number: 08104434) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2019 |
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Additions |
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At 30th June 2020 |
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DEPRECIATION |
At 1st July 2019 |
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Charge for year |
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At 30th June 2020 |
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NET BOOK VALUE |
At 30th June 2020 |
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At 30th June 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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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 |
2020 | 2019 |
£ | £ |
Bank loans |
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Other creditors |
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9. | LEASING AGREEMENTS |
The company has rent commitments of £14,520 per annum which expires on 17th April 2021. |
The Hilo Roof Company Limited (Registered number: 08104434) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Bank loan | 17,093 | 23,093 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30th June 2020 and 30th June 2019: |
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2020 | 2019 |
£ | £ |
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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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The directors loan balance outstanding at the balance sheet date is repayable within nine months. |
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12. | ULTIMATE CONTROLLING PARTY |
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During the year under review the company was under the ultimate control of Mr W Pendlebury and Mr M Pendlebury who own 100% of the issued share capital. |