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Logo On Report
Registered Number: 05677364
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2023

for

RICHARD HAILS ENGINEERING LIMITED

Directors Patricia Hails
Jonathan Hails
Registered Number 05677364
Registered Office 21 The Vision Centre
5 Eastern Way
Bury St Edmunds
IP32 7AB
Accountants Quove Accounting Ltd
The Vision Centre
5 Eastern Way
Bury St Edmunds
IP32 7AB
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 January 2023.
Principal activities
The principal activity of the company during the financial year was of the maintenance of motor vehicles.
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :</p><ul><li>select suitable accounting policies and then apply them consistently</li><li>make judgements and accounting estimates that are reasonable and prudent</li><li>state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and</li><li>prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.</li></ul><p>The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.</p><p>The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions</p>
Directors
The directors who served the company throughout the year were as follows:
Patricia Hails
Jonathan Hails

This report was approved by the board and signed on its behalf by:


----------------------------------
Jonathan Hails
Director

Date approved: 28 September 2023
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 1,500    2,000 
Tangible fixed assets 4 69,222    82,462 
70,722    84,462 
Current assets      
Stocks 5 48,557    36,501 
Debtors 6 133,890    132,477 
Cash at bank and in hand 222,670    207,707 
405,117    376,685 
Creditors: amount falling due within one year 7 (160,201)   (195,067)
Net current assets 244,916    181,618 
 
Total assets less current liabilities 315,638    266,080 
Net assets 315,638    266,080 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 315,538    265,980 
Shareholder's funds 315,638    266,080 
 


For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 September 2023 and were signed on its behalf by:


-------------------------------
Jonathan Hails
Director
3
General Information
Richard Hails Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 05677364, registration address 21 The Vision Centre , 5 Eastern Way , Bury St Edmunds , IP32 7AB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 10 Years Straight Line
Plant and Machinery 25% Reducing Balance
2.

Average number of employees


Average number of employees during the year was 9 (2022 : 9).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 February 2022 10,000    10,000 
Additions  
Disposals  
At 31 January 2023 10,000    10,000 
Amortisation
At 01 February 2022 8,000    8,000 
Charge for year 500    500 
On disposals  
At 31 January 2023 8,500    8,500 
Net book values
At 31 January 2023 1,500    1,500 
At 31 January 2022 2,000    2,000 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 February 2022 118,059    172,547    290,606 
Additions   17,796    17,796 
Disposals    
At 31 January 2023 118,059    190,343    308,402 
Depreciation
At 01 February 2022 81,039    127,105    208,144 
Charge for year 11,806    19,230    31,036 
On disposals    
At 31 January 2023 92,845    146,335    239,180 
Net book values
Closing balance as at 31 January 2023 25,214    44,008    69,222 
Opening balance as at 01 February 2022 37,020    45,442    82,462 


5.

Stocks

2023
£
  2022
£
Stocks 48,557    36,501 
48,557    36,501 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 127,215    127,956 
Prepayments & Accrued Income 4,800    4,521 
Other Debtors 1,875   
133,890    132,477 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 29,192    44,447 
Corporation Tax 32,439    32,604 
PAYE & Social Security   2,428 
Accrued Expenses 4,000    2,400 
Other Creditors 654    2,243 
Directors' Current Accounts 74,634    92,568 
VAT 19,282    18,377 
160,201    195,067 

8.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
Patricia Hails(74,634)(92,568)

An amount is due to the director on an interest free basis
4