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Financial Statements for the Year Ended 30 April 2020 |
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George Hanson (Building Contractors) |
Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 April 2020 |
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for |
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George Hanson (Building Contractors) |
Limited |
George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2020 |
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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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George Hanson (Building Contractors) |
Limited |
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Company Information |
for the Year Ended 30 April 2020 |
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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 |
76 Dumbarton Road |
Clydebank |
Glasgow |
G81 1UG |
George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Balance Sheet |
30 April 2020 |
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30.4.20 | 30.4.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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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 | 9 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET 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 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. |
George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Balance Sheet - continued |
30 April 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 Board of Directors and authorised for issue on
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George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2020 |
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1. | STATUTORY INFORMATION |
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George Hanson (Building Contractors) 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 |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Freehold property | - |
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Plant and machinery | - |
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Motor vehicles | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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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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George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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2. | ACCOUNTING POLICIES - continued |
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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss 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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Investment properties are included in the balance sheet at fair value in accordance with FRS 102 (Section 1A) and are not depreciated. |
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Long term contract work in progress is shown at net cost after deducting foreseeable losses and payments on account. Turnover on long term contracts is determined on the basis of sales invoices raised representing measured work on contracts. Operating profit includes attributable profit on long term contracts complete and amounts recoverable on contracts incomplete,the latter also being included under debtors due within one year. |
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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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George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2019 |
and 30 April 2020 |
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AMORTISATION |
At 1 May 2019 |
and 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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5. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Motor |
property | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2019 |
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Additions |
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Disposals |
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At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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Eliminated on disposal |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
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COST |
At 1 May 2019 |
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Transfer to ownership | (60,000 | ) | (10,600 | ) | (70,600 | ) |
At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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Transfer to ownership | (21,245 | ) | (16,144 | ) | (37,389 | ) |
At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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Fair value at 30 April 2020 is represented by: |
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£ |
Valuation in 2019 | 390,000 |
Cost | 1,236,344 |
1,626,344 |
George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30.4.20 | 30.4.19 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.4.20 | 30.4.19 |
£ | £ |
Bank loans |
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The bank hold a bond and floating charge for all monies due in respect of the business bank accounts. |
The bank loan is secured on development properties included in stock and also personal guarantees provided by the directors. |
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11. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £100,000 (2019 - £105,000) were paid to the directors . |
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Other creditors includes £89,200 due to the directors. |
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The bank loan is secured by personal guarantees from the directors. |
George Hanson (Building Contractors) |
Limited (Registered number: SC122471) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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12. | ULTIMATE CONTROLLING PARTY |
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The Directors, George and Davina Hanson, are the ultimate controlling parties by virtue of their combined shareholding of 100%. |