Statement of Consent to Prepare Abridged Financial Statements
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All of the members of HF Building Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 30 September 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
09974873
Unaudited Abridged Financial Statements
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McGILLS
Chartered accountant
Oakley House
Tetbury Road
Cirencester
Glos
GL7 1US
Abridged Financial Statements
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Period from 28 January 2016 to 30 September 2016
Abridged statement of financial position
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1
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Notes to the abridged financial statements
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3
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Abridged Statement of Financial Position
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30 September 2016
Fixed assets
Current assets
Debtors
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72,277
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Cash at bank and in hand
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54,463
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---------
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126,740
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Creditors: amounts falling due within one year
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125,569
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---------
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Net current assets
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1,171
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--------
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Total assets less current liabilities
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32,662
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Provisions
Taxation including deferred tax
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8,274
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--------
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Net assets
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24,388
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--------
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Capital and reserves
Called up share capital
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10
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Profit and loss account
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24,378
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--------
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Members funds
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24,388
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--------
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These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the period ending 30 September 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the period in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
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Abridged Statement of Financial Position (continued)
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30 September 2016
These abridged financial statements were approved by the
board of directors
and authorised for issue on
23 January 2017
, and are signed on behalf of the board by:
Mr H D Tetley
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Mr G Podolak
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Director
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Director
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Company registration number:
09974873
Notes to the Abridged Financial Statements
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Period from 28 January 2016 to 30 September 2016
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Harnhill Cottage, Harnhill, Cirencester, Gloucestershire, GL7 5PT, United Kingdom.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery
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-
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20% reducing balance
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Motor vehicles
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-
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25% reducing balance
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Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Staff costs
The average number of persons employed by the company during the period, including the directors, amounted to 4.
5.
Profit before taxation
Profit before taxation is stated after charging:
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Period from
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28 Jan 16 to
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30 Sep 16
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£
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Depreciation of tangible assets
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10,088
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--------
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6.
Tangible assets
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£
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Cost
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Additions
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41,579
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At 30 September 2016
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41,579
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Depreciation
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Charge for the period
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10,088
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At 30 September 2016
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10,088
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Carrying amount
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At 30 September 2016
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31,491
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7.
Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
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30 Sep 16
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Balance brought forward
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Advances/ (credits) to the directors
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Amounts repaid
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Balance outstanding
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£
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£
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£
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£
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Mr H D Tetley
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–
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5
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(
12,321)
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(
12,316)
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Mr G Podolak
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–
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5
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(
10,841)
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(
10,836)
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----
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----
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–
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10
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(23,162)
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(23,152)
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----
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----
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8.
Related party transactions
The company was under the control of
Mr G Podolak
and
Mr H D Tetley
throughout the current period. Mr G Podolak is a director and shareholder. Mr H D Tetley
is a director and shareholder. The director loan accounts are included in creditors and are interest free and repayable on demand.
9.
Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2014.
No transitional adjustments were required in equity or profit or loss for the period.