Company Registration No. 06713791 (England and Wales)
HBA INNENAUSBAU LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
HBA INNENAUSBAU LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
HBA INNENAUSBAU LTD
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
€
€
€
€
Fixed assets
Intangible assets
3
2,479
3,470
Tangible assets
4
269,320
285,624
271,799
289,094
Current assets
Stocks
227,000
209,000
Debtors
5
319,755
323,158
Cash at bank and in hand
37,592
13,298
584,347
545,456
Creditors: amounts falling due within one year
6
(454,888)
(429,764)
Net current assets
129,459
115,692
Total assets less current liabilities
401,258
404,786
Creditors: amounts falling due after more than one year
7
(359,379)
(367,857)
Net assets
41,879
36,929
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
41,878
36,928
Total equity
41,879
36,929
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 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he
Director acknowledges his
responsibilities for complying with the requirements of the Act 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.
HBA INNENAUSBAU LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 November 2020
H Arens
Director
Company Registration No. 06713791
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
HBA Innenausbau Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ashford House, Grenadier Road, Exeter, Devon, EX1 3LH.
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
euros
, 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
Going concern
In light of the rapid spread of COVID-19 in early 2020, the director has considered the impact of this and still considers the company to be a going concern given the continued support by the director.
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.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Software
20% on cost
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.5
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:
Buildings
2% on cost
Plant and machinery
17% - 33% on cost
Fixtures, fittings & equipment
20% on cost
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
.
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.9
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.
1.10
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Stocks and Work in progress
Work in progress is valued at the lower of cost and net realisable value. No element of profit is included in the valuation of work in progress.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
6
6
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 6 -
3
Intangible fixed assets
Other
€
Cost
At 1 January 2019 and 31 December 2019
4,958
Amortisation and impairment
At 1 January 2019
1,488
Amortisation charged for the year
991
At 31 December 2019
2,479
Carrying amount
At 31 December 2019
2,479
At 31 December 2018
3,470
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
€
€
€
Cost
At 1 January 2019
251,999
66,469
318,468
Disposals
-
(6,970)
(6,970)
At 31 December 2019
251,999
59,499
311,498
Depreciation and impairment
At 1 January 2019
4,635
28,209
32,844
Depreciation charged in the year
3,272
13,031
16,303
Eliminated in respect of disposals
-
(6,969)
(6,969)
At 31 December 2019
7,907
34,271
42,178
Carrying amount
At 31 December 2019
244,092
25,228
269,320
At 31 December 2018
247,364
38,260
285,624
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
€
€
Trade debtors
46,369
80,386
Other debtors
265,731
237,272
312,100
317,658
2019
2018
Amounts falling due after more than one year:
€
€
Other debtors
7,655
5,500
Total debtors
319,755
323,158
6
Creditors: amounts falling due within one year
2019
2018
€
€
Bank loans
19,800
19,800
Trade creditors
349,008
184,272
Taxation and social security
6,767
14,360
Other creditors
79,313
211,332
454,888
429,764
7
Creditors: amounts falling due after more than one year
2019
2018
€
€
Bank loans and overdrafts
359,379
367,857
Included in creditors is a bank loan of €379,179 (2018: €387,657) which is secured on the land and buildings held by the company.
Creditors which fall due after five years are as follows:
2019
2018
€
€
Payable by instalments
257,289
277,089
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 8 -
8
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
€
€
18,019
34,652
9
Directors' transactions
Loans, repayable on demand,
have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
€
€
€
€
€
H Arens -
3.50
154,009
24,000
4,917
(28,064)
154,862
154,009
24,000
4,917
(28,064)
154,862
10
Events after the reporting date
The Covid-19 pandemic has led to a significant shut-down of both social and economic activity in the UK and in many other countries around the globe.
This is an unprecedented
global event and it is impossible to determine what the likely future impact will be on the company, the local and national economy or indeed, the wider global economy. The crisis gives rise to uncertainty in relation to the timing of future activity.
The company has not suffered any reduction in funds since the year end and no anticipated downturn is expected, therefore no adjustment is required in respect of the company's results to 31 December 2019.