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Company registration number: 03570997
Higgins Proviso Ltd
Unaudited filleted financial statements
31 December 2021
Higgins Proviso Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Higgins Proviso Ltd
Directors and other information
Directors Gerard Higgins
Julia Higgins
Secretary Julia Higgins
Company number 03570997
Registered office Unit 2a Mountford
Oak Hill Road
Romford
RM4 1JL
Business address Unit 2a Moutford
Oak Hill Moad
Romford
RM4 1JL
Accountants Hill Allen (Wickford) Limited
Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Bankers TSB plc
PO Box 373
Leeds
LS14 9GQ
Higgins Proviso Ltd
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 5 15,937 444
_______ _______
15,937 444
Current assets
Stocks 275 380
Debtors 6 43,049 14,665
Cash at bank and in hand 90,155 76,773
_______ _______
133,479 91,818
Creditors: amounts falling due
within one year 7 ( 35,697) ( 18,882)
_______ _______
Net current assets 97,782 72,936
_______ _______
Total assets less current liabilities 113,719 73,380
_______ _______
Net assets 113,719 73,380
_______ _______
Capital and reserves
Called up share capital 199 199
Profit and loss account 113,520 73,181
_______ _______
Shareholders funds 113,719 73,380
_______ _______
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 Section 1A of 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 August 2022 , and are signed on behalf of the board by:
Gerard Higgins Julia Higgins
Director Director
Company registration number: 03570997
Higgins Proviso Ltd
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 2a Mountford, Oak Hill Road, Romford, RM4 1JL.
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 in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.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 for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably
.
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 are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2021 25,516 15,297 40,813
Additions - 21,250 21,250
Disposals - ( 15,297) ( 15,297)
_______ _______ _______
At 31 December 2021 25,516 21,250 46,766
_______ _______ _______
Depreciation
At 1 January 2021 25,516 14,853 40,369
Charge for the year - 5,313 5,313
Disposals - ( 14,853) ( 14,853)
_______ _______ _______
At 31 December 2021 25,516 5,313 30,829
_______ _______ _______
Carrying amount
At 31 December 2021 - 15,937 15,937
_______ _______ _______
At 31 December 2020 - 444 444
_______ _______ _______
6. Debtors
2021 2020
£ £
Trade debtors 41,928 14,364
Other debtors 1,121 301
_______ _______
43,049 14,665
_______ _______
7. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 352 1,320
Trade creditors 977 787
Corporation tax 6,594 -
Social security and other taxes 18,330 8,035
Other creditors 9,444 8,740
_______ _______
35,697 18,882
_______ _______
8. Controlling party
The company is controlled by the directors G Higgins and J Higgins by reason of their combined shareholding.