Registered number
06504658
Hart Materials Limited
Unaudited Filleted Accounts
31 May 2022
Hart Materials Limited
Registered number: 06504658
Balance Sheet
as at 31 May 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 3 58,333 70,000
Tangible assets 4 - 312
58,333 70,312
Current assets
Stocks 8,561 5,525
Debtors 5 160,177 87,051
Cash at bank and in hand 52,357 266,831
221,095 359,407
Creditors: amounts falling due within one year 6 (61,348) (198,233)
Net current assets 159,747 161,174
Net assets 218,080 231,486
Capital and reserves
Called up share capital 100 100
Profit and loss account 217,980 231,386
Shareholders' funds 218,080 231,486
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C R Rouse
Director
Approved by the board on 26 August 2022
Hart Materials Limited
Notes to the Accounts
for the period from 1 April 2021 to 31 May 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property 1% on cost
Fixtures and fittings 25% on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 0 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2021 200,000
At 31 May 2022 200,000
Amortisation
At 1 April 2021 130,000
Provided during the period 11,667
At 31 May 2022 141,667
Net book value
At 31 May 2022 58,333
At 31 March 2021 70,000
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 3,908
Disposals (3,908)
At 31 May 2022 -
Depreciation
At 1 April 2021 3,596
On disposals (3,596)
At 31 May 2022 -
Net book value
At 31 May 2022 -
At 31 March 2021 312
5 Debtors 2022 2021
£ £
Trade debtors 69,521 86,379
Amounts owed by group undertakings and undertakings in which the company has a participating interest 90,276 -
Other debtors 380 672
160,177 87,051
6 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 52,343 93,044
Taxation and social security costs 9,005 21,794
Other creditors - 204
Directors' current accounts 81,691
Accrued expenses 1,500
61,348 198,233
7 Other information
Hart Materials Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 20 Tame Valley Business Centre
Magnus
Tamworth
Staffordshire
B77 5BY
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