HAYES FENCING & SHEDS LTD
Registered number: 06810932
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 158,559 156,418
Current assets
Stocks 44,853 39,300
Debtors 4 13,662 5,914
Cash at bank and in hand 60,121 54,374
118,636 99,588
Creditors: amounts falling due within one year 5 (201,410) (140,306)
Net current liabilities (82,774) (40,718)
Total assets less current liabilities 75,785 115,700
Creditors: amounts falling due after more than one year 6 (16,258) (31,619)
Provisions for liabilities (23,681) (25,297)
Net assets 35,846 58,784
Capital and reserves
Called up share capital 4 4
Profit and loss account 35,842 58,780
Shareholders' funds 35,846 58,784
The director is 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 director acknowledges his 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.
L E Hayes
Director
Approved by the board on 17 October 2023
HAYES FENCING & SHEDS LTD
Notes to the Accounts
for the year ended 31 January 2023
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.
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.
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:
Land No depreciation being charged as it is
expected to appreciate in value
Computer equipment 25% straight line
Equipment 10% reducing balance
Motor vehicles 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 11
3 Tangible fixed assets
Land Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 33,922 139,003 109,703 282,628
Additions - 22,079 - 22,079
At 31 January 2023 33,922 161,082 109,703 304,707
Depreciation
At 1 February 2022 - 51,765 74,445 126,210
Charge for the year - 11,123 8,815 19,938
At 31 January 2023 - 62,888 83,260 146,148
Net book value
At 31 January 2023 33,922 98,194 26,443 158,559
At 31 January 2022 33,922 87,238 35,258 156,418
4 Debtors 2023 2022
£ £
Trade debtors 12,729 5,000
Other debtors 933 914
13,662 5,914
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 18,050 12,774
Obligations under finance lease and hire purchase contracts 8,141 8,852
Trade creditors 37,447 73,627
Corporation tax 38,349 11,075
Other taxes and social security costs 3,742 2,929
Other creditors 95,681 31,049
201,410 140,306
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 6,911 14,131
Obligations under finance lease and hire purchase contracts 9,347 17,488
16,258 31,619
7 Other information
HAYES FENCING & SHEDS LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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