Company registration number:
09729251
Heavy House Limited
Unaudited filleted financial statements
29 August 2019
Heavy House Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Heavy House Limited
Directors and other information
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Director
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Mr Sidney Vieljans
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Company number
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09729251
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Registered office
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7-7c Snuff Street
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Devizes
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Wiltshire
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SN10 1DU
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Accountants
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David Weise & Associates (UK) Limited
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7-7c Snuff Street
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Devizes
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Wiltshire
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SN10 1DU
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Heavy House Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Heavy House Limited
Period ended 29 August 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heavy House Limited for the period ended 29 August 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
David Weise & Associates (UK) Limited
Chartered Accountants and Business Advisors
7-7c Snuff Street
Devizes
Wiltshire
SN10 1DU
Heavy House Limited
Statement of financial position
29 August 2019
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29/08/19
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30/08/18
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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2,995
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1,147
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_______
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_______
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2,995
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1,147
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Current assets
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Debtors
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6
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24,721
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38,499
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Cash at bank and in hand
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31,109
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20,491
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55,830
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58,990
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Creditors: amounts falling due
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within one year
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7
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(
4,887)
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(
16,381)
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_______
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_______
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Net current assets
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50,943
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42,609
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Total assets less current liabilities
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53,938
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43,756
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Provisions for liabilities
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(
569)
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(
206)
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_______
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Net assets
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53,369
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43,550
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_______
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Capital and reserves
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Called up share capital
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500
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500
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Profit and loss account
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52,869
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43,050
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_______
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Shareholders funds
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53,369
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43,550
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_______
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_______
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For the period ending 29 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
28 October 2020
, and are signed on behalf of the board by:
Mr Sidney Vieljans
Director
Company registration number:
09729251
Heavy House Limited
Notes to the financial statements
Period ended 29 August 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7-7c Snuff Street, Devizes, Wiltshire, SN10 1DU.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is recorded at the fair value at the date of revaluation less any subseqeunt accumulated depreciation and subsequent accumulated impairment losses.
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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Fittings fixtures and equipment
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25 %
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straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
1
(2018:
1
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5.
Tangible assets
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Fixtures, fittings and equipment
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Total
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£
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£
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Cost
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At 31 August 2018
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1,530
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1,530
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Additions
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2,974
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2,974
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_______
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At 29 August 2019
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4,504
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4,504
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Depreciation
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At 31 August 2018
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383
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383
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Charge for the year
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1,126
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1,126
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_______
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At 29 August 2019
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1,509
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1,509
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Carrying amount
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At 29 August 2019
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2,995
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2,995
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_______
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_______
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At 30 August 2018
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1,147
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1,147
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_______
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_______
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6.
Debtors
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29/08/19
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30/08/18
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£
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£
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Trade debtors
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16,729
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28,067
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Other debtors
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7,992
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10,432
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_______
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_______
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24,721
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38,499
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_______
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_______
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7.
Creditors: amounts falling due within one year
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29/08/19
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30/08/18
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£
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£
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Bank loans and overdrafts
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33
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40
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Trade creditors
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1,494
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-
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Corporation tax
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2,060
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12,167
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Other creditors
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1,300
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4,174
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_______
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_______
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4,887
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16,381
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_______
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