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COMPANY REGISTRATION NUMBER: 02661356
Heywood & Partners Surveyors Limited
Filleted Unaudited Financial Statements
Year ended
30 November 2023
Heywood & Partners Surveyors Limited
Financial Statements
Year ended 30 November 2023
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Accounting policies
4 to 5
Notes to the financial statements
6 to 7
Heywood & Partners Surveyors Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Heywood & Partners Surveyors Limited
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Heywood & Partners Surveyors Limited for the year ended 30 November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
PORTER GARLAND Chartered accountants
Communication House Victoria Avenue Camberley Surrey GU15 3HX
28 May 2024
Heywood & Partners Surveyors Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
28,190
22,823
Current assets
Debtors
5
257,018
166,446
Cash at bank and in hand
565,319
727,293
---------
---------
822,337
893,739
Creditors: amounts falling due within one year
6
512,406
552,288
---------
---------
Net current assets
309,931
341,451
---------
---------
Total assets less current liabilities
338,121
364,274
Creditors: amounts falling due after more than one year
7
15,433
25,433
Provisions
7,047
5,706
---------
---------
Net assets
315,641
333,135
---------
---------
Capital and reserves
Called up share capital
250
250
Profit and loss account
315,391
332,885
---------
---------
Shareholders funds
315,641
333,135
---------
---------
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 comprehensive income has not been delivered.
For the year ending 30 November 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 .
Heywood & Partners Surveyors Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 May 2024 , and are signed on behalf of the board by:
Mr M Frenkel
Director
Company registration number: 02661356
Heywood & Partners Surveyors Limited
Accounting Policies
Year ended 30 November 2023
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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the profit and loss account. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the profit and loss account.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.
Revenue recognition
Turnover comprises the value of sales (net of VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Turnover is recognised by reference to the invoice date as this is the point at which the risks and rewards pass to the customer.
Taxation
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:
Equipment
-
25% 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.
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. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Heywood & Partners Surveyors Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Communication House, Victoria Avenue, Camberley, Surrey, GU15 3HX.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 29 (2022: 24 ).
4. Tangible assets
Equipment
£
Cost
At 1 December 2022
30,433
Additions
17,303
--------
At 30 November 2023
47,736
--------
Depreciation
At 1 December 2022
7,610
Charge for the year
11,936
--------
At 30 November 2023
19,546
--------
Carrying amount
At 30 November 2023
28,190
--------
At 30 November 2022
22,823
--------
5. Debtors
2023
2022
£
£
Trade debtors
205,182
132,231
Other debtors
51,836
34,215
---------
---------
257,018
166,446
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
8,400
5,637
Social security and other taxes
368,889
347,390
Other creditors
125,117
189,261
---------
---------
512,406
552,288
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,433
25,433
--------
--------
8. Other financial commitments
The company had total guarantees and commitments at the year end of £72,256 (2022: £113,336).
9. Directors' advances, credits and guarantees
The directors loan accounts are not disclosed as permitted under Section 1A of FRS 102.