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COMPANY REGISTRATION NUMBER: 08967677
HD Develop & Build Limited
Filleted Unaudited Financial Statements
31 March 2023
HD Develop & Build Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
HD Develop & Build Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
18,200
28,387
Current assets
Debtors
6
80,492
71,077
Cash at bank and in hand
16,124
38,893
--------
---------
96,616
109,970
Creditors: amounts falling due within one year
7
101,958
79,350
---------
---------
Net current (liabilities)/assets
( 5,342)
30,620
--------
--------
Total assets less current liabilities
12,858
59,007
Creditors: amounts falling due after more than one year
8
12,047
19,490
--------
--------
Net assets
811
39,517
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
810
39,516
----
--------
Shareholder funds
811
39,517
----
--------
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 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HD Develop & Build Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 12 March 2024 , and are signed on behalf of the board by:
H Apps
Director
Company registration number: 08967677
HD Develop & Build Limited
Notes to the Financial Statements
Year ended 31 March 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 25 Stockett Lane, Coxheath, Maidstone, Kent, ME17 4PT.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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. 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.
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:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
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.
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.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2022
37,857
18,360
56,217
Additions
610
610
--------
--------
----
--------
At 31 March 2023
37,857
18,360
610
56,827
--------
--------
----
--------
Depreciation
At 1 April 2022
13,142
14,688
27,830
Charge for the year
7,100
3,672
25
10,797
--------
--------
----
--------
At 31 March 2023
20,242
18,360
25
38,627
--------
--------
----
--------
Carrying amount
At 31 March 2023
17,615
585
18,200
--------
--------
----
--------
At 31 March 2022
24,715
3,672
28,387
--------
--------
----
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,648
18,802
Other debtors
73,844
52,275
--------
--------
80,492
71,077
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,692
27,578
Trade creditors
35,529
18,612
Corporation tax
1,720
1,820
Other creditors
32,017
31,340
---------
--------
101,958
79,350
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,047
17,607
Other creditors
1,883
--------
--------
12,047
19,490
--------
--------
9. Director's advances, credits and guarantees
At the year end the company owed the director £17,131 (2022: £20,444).