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COMPANY REGISTRATION NUMBER: 01436238
T H Heath (Contracts) Ltd
Filleted Unaudited Financial Statements
30 April 2023
T H Heath (Contracts) Ltd
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
5
630,175
567,178
Current Assets
Debtors
6
266,994
191,885
Cash at bank and in hand
99,896
87,874
-----------
-----------
366,890
279,759
Creditors: amounts falling due within one year
7
259,572
235,870
-----------
-----------
Net Current Assets
107,318
43,889
-----------
-----------
Total Assets Less Current Liabilities
737,493
611,067
Creditors: amounts falling due after more than one year
8
24,941
37,125
Provisions
Taxation including deferred tax
145,029
130,635
-----------
-----------
Net Assets
567,523
443,307
-----------
-----------
Capital and Reserves
Called up share capital
100
100
Profit and loss account
567,423
443,207
-----------
-----------
Shareholders Funds
567,523
443,307
-----------
-----------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 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 .
T H Heath (Contracts) Ltd
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2023 , and are signed on behalf of the board by:
Mr A Heath
Director
Company registration number: 01436238
T H Heath (Contracts) Ltd
Notes to the Financial Statements
Year Ended 30 April 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is School Farm, Staunton Harold, Ashby de la Zouch, Leicestershire, LE65 1RW.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover represents sales of work done net of Value added Tax.Turnover is recognised when work done is completed.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Buildings & Mess Room
-
10% straight line
Plant & Machinery
-
20% straight line
Fixtures & Fittings
-
10% straight line
Motor Vehicles
-
20% straight line
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.
Financial Instruments
Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Debtors and creditors receivable / payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account. The company has only financial assets and financial liabilities of a kind that qualify as a basic financial instruments. Basic financial instruments are recognised initially at transaction value and subsequently measured at their settlement value.
Defined Contribution Plans
The company operates a defined contribution pension scheme.Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 12 ).
5. Tangible Assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2022
73,297
123,252
17,200
890,605
1,104,354
Additions
10,970
9,742
659
159,453
180,824
Disposals
( 51,000)
( 51,000)
---------
-----------
---------
-----------
--------------
At 30 April 2023
84,267
132,994
17,859
999,058
1,234,178
---------
-----------
---------
-----------
--------------
Depreciation
At 1 May 2022
28,660
107,427
11,408
389,681
537,176
Charge for the year
5,548
9,836
1,058
81,085
97,527
Disposals
( 30,700)
( 30,700)
---------
-----------
---------
-----------
--------------
At 30 April 2023
34,208
117,263
12,466
440,066
604,003
---------
-----------
---------
-----------
--------------
Carrying amount
At 30 April 2023
50,059
15,731
5,393
558,992
630,175
---------
-----------
---------
-----------
--------------
At 30 April 2022
44,637
15,825
5,792
500,924
567,178
---------
-----------
---------
-----------
--------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2023
258,207
-----------
At 30 April 2022
184,950
-----------
6. Debtors
2023
2022
£
£
Trade debtors
240,692
166,582
Other debtors
26,302
25,303
-----------
-----------
266,994
191,885
-----------
-----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
72,489
66,342
Corporation tax
23,031
10,655
Social security and other taxes
56,827
24,558
Other creditors
107,225
134,315
-----------
-----------
259,572
235,870
-----------
-----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
24,941
37,125
---------
---------
Finance leases or hire purchase instalments due after more than one year £24,941(2022 £37,125).
9. Related Party Transactions
The company was under the control of the directors throughout the current and previous year.