Company registration number 00595583 (England and Wales)
HALL BROS. (LIFTING GEAR) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
HALL BROS. (LIFTING GEAR) LIMITED
COMPANY INFORMATION
Director
S M Reynolds
Secretary
L J Orford
Company number
00595583
Registered office
Unit 15 - Olds Close
Tolpits Lane
Watford
Herts
WD18 8RU
Accountants
Harwood Hutton Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
HALL BROS. (LIFTING GEAR) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
HALL BROS. (LIFTING GEAR) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
96,321
97,631
Current assets
Stocks
14,000
18,905
Debtors
4
58,177
58,160
Cash at bank and in hand
19,735
62,088
91,912
139,153
Creditors: amounts falling due within one year
5
(81,525)
(68,787)
Net current assets
10,387
70,366
Total assets less current liabilities
106,708
167,997
Creditors: amounts falling due after more than one year
6
(46,667)
Net assets
106,708
121,330
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
106,608
121,230
Total equity
106,708
121,330
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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 and signed by the director and authorised for issue on 9 August 2022
S M Reynolds
Director
Company Registration No. 00595583
HALL BROS. (LIFTING GEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Hall Bros. (Lifting Gear) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Unit 15 - Olds Close, Tolpits Lane, Watford, Herts, WD18 8RU.
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 a
mounts
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
Turnover
Turnover
is measured at the fair value of the consideration received or receivable for the sale of goods and the rendering of services in the normal course of business, and is shown net of discounts and VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Land and buildings long leasehold
Straight line over the period of the lease
Plant and machinery
20% on reducing balance
Fixtures, fittings & equipment
20% on 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
.
1.4
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.
HALL BROS. (LIFTING GEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5
(2021 - 5).
HALL BROS. (LIFTING GEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021 and 31 March 2022
117,316
53,049
170,365
Depreciation and impairment
At 1 April 2021
21,546
51,188
72,734
Depreciation charged in the year
939
371
1,310
At 31 March 2022
22,485
51,559
74,044
Carrying amount
At 31 March 2022
94,831
1,490
96,321
At 31 March 2021
95,770
1,861
97,631
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
54,550
56,438
Other debtors
3,627
1,722
58,177
58,160
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
3,333
Trade creditors
45,531
42,592
Taxation and social security
15,457
18,160
Other creditors
20,537
4,702
81,525
68,787
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans
46,667
HALL BROS. (LIFTING GEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100