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Registration number: 09891796

Hygienic Finishes (South) Ltd

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 30 November 2017

 

Hygienic Finishes (South) Ltd

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Hygienic Finishes (South) Ltd

(Registration number: 09891796)
Balance Sheet
30 November 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

3,200

3,600

Tangible assets

5

39,988

23,573

 

43,188

27,173

Current assets

 

Debtors

6

97,628

115,168

Cash at bank and in hand

 

6,615

53,463

 

104,243

168,631

Creditors: Amounts falling due within one year

7

(93,073)

(155,709)

Net current assets

 

11,170

12,922

Net assets

 

54,358

40,095

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

54,357

40,094

Total equity

 

54,358

40,095

 

Hygienic Finishes (South) Ltd

(Registration number: 09891796)
Balance Sheet
30 November 2017

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 8 November 2018
 


 

G J Collingwood

Director

 

Hygienic Finishes (South) Ltd

Notes to the Financial Statements
Year Ended 30 November 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Unit 1 - 106 Rivermead Industrial Estate
Rivermead Drive
Westlea
Swindon
SN5 7EX

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% on the reducing balance

Office equipment

25% straight line

Motor vehicles

25% on the reducing balance

 

Hygienic Finishes (South) Ltd

Notes to the Financial Statements
Year Ended 30 November 2017

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Hygienic Finishes (South) Ltd

Notes to the Financial Statements
Year Ended 30 November 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2016 - 4).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2016

4,000

4,000

At 30 November 2017

4,000

4,000

Amortisation

At 1 December 2016

400

400

Amortisation charge

400

400

At 30 November 2017

800

800

Carrying amount

At 30 November 2017

3,200

3,200

At 30 November 2016

3,600

3,600

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

 

Hygienic Finishes (South) Ltd

Notes to the Financial Statements
Year Ended 30 November 2017

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2016

4,135

12,826

14,470

31,431

Additions

7,756

19,533

2,800

30,089

At 30 November 2017

11,891

32,359

17,270

61,520

Depreciation

At 1 December 2016

1,034

3,206

3,618

7,858

Charge for the period

2,972

7,289

3,413

13,674

At 30 November 2017

4,006

10,495

7,031

21,532

Carrying amount

At 30 November 2017

7,885

21,864

10,239

39,988

At 30 November 2016

3,101

9,620

10,852

23,573

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of freehold land and buildings .
 

6

Debtors

2017
£

2016
£

Trade debtors

66,148

94,558

Other debtors

31,480

20,610

Total current trade and other debtors

97,628

115,168

 

Hygienic Finishes (South) Ltd

Notes to the Financial Statements
Year Ended 30 November 2017

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

36,119

63,741

Taxation and social security

 

32,167

71,742

Other creditors

 

1,062

14,285

Corporation tax liability

 

23,725

5,941

 

93,073

155,709