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Harold Wood Funeral Services Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL
Unaudited Financial Statements
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Accountant's Report
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 April 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
01/08/2024
Clouders (Audit & Accounts) Ltd
Chartered Certified Accountants
Charter House
103-105 Leigh Road
Leigh-on-Sea
Essex
SS9 1JL
Page 1
Page 2
Balance Sheet
Registered number: 01229189
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,092,265 607,473
2,092,265 607,473
CURRENT ASSETS
Stocks 5 32,099 36,653
Debtors 6 90,344 74,048
Cash at bank and in hand 334,417 363,434
456,860 474,135
Creditors: Amounts Falling Due Within One Year 7 (206,604 ) (425,364 )
NET CURRENT ASSETS (LIABILITIES) 250,256 48,771
TOTAL ASSETS LESS CURRENT LIABILITIES 2,342,521 656,244
Creditors: Amounts Falling Due After More Than One Year 8 (228,043 ) (253,740 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (253,845 ) (38,451 )
NET ASSETS 1,860,633 364,053
CAPITAL AND RESERVES
Called up share capital 9 60 60
Share premium account 7,345 7,345
Capital redemption reserve 40 40
Fair Value Reserve 11 1,023,252 -
Profit and Loss Account 829,936 356,608
SHAREHOLDERS' FUNDS 1,860,633 364,053
Page 2
Page 3
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
P T Coyte
Director
C P Lawrence
Director
01/08/2024
The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Harold Wood Funeral Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01229189 . The registered office is 45 New North Road, Hainault, Ilford, Essex, IG6 2UE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold in accordance with the property
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance and 10% on cost
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2023: 14)
14 14
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost or Valuation
As at 1 May 2023 657,067 239,862 536,448 1,433,377
Additions - 3,461 - 3,461
Revaluation 1,237,933 - - 1,237,933
As at 30 April 2024 1,895,000 243,323 536,448 2,674,771
Depreciation
As at 1 May 2023 297,528 200,801 327,575 825,904
Provided during the period - 11,854 42,276 54,130
On revaluations (297,528 ) - - (297,528 )
As at 30 April 2024 - 212,655 369,851 582,506
...CONTINUED
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Net Book Value
As at 30 April 2024 1,895,000 30,668 166,597 2,092,265
As at 1 May 2023 359,539 39,061 208,873 607,473
Cost or valuation as at 30 April 2024 represented by:
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
At cost - 243,323 536,448 779,771
At valuation 1,895,000 - - 1,895,000
1,895,000 243,323 536,448 2,674,771
The freehold properties were valued on an open market basis by qualified external property consultants on 12th April 2024. 
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold
£
Cost 657,067
5. Stocks
2024 2023
£ £
Stock 32,099 36,653
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 80,263 65,480
Prepayments and accrued income 9,046 8,568
Other debtors 1,035 -
90,344 74,048
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 68,406 38,814
Bank loans and overdrafts 27,932 26,287
Corporation tax 92,077 79,037
Other taxes and social security 3,737 8,803
Other creditors 1,113 2,134
Accruals and deferred income 11,339 6,941
Directors' loan accounts 2,000 263,348
206,604 425,364
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 228,043 253,740
228,043 253,740
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 104,106 136,408
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 60 60
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 54,000 48,000
54,000 48,000
Page 7
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11. Reserves
Fair Value Reserve
£
Transfer to profit and loss 1,023,252
As at 30 April 2024 1,023,252
12. Related Party Transactions
During the year the company paid for services totalling £2,000 (2023 £1,500). The services were provided by a spouse of a director of the company.
13. Ultimate Controlling Party
The company is controlled by the directors.
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