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COMPANY REGISTRATION NUMBER: 00584585
Hellard Building Contractors Limited
Filleted Unaudited Financial Statements
31 December 2023
Hellard Building Contractors Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Hellard Building Contractors Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Hellard Building Contractors Limited
Year ended 31 December 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 Hellard Building Contractors Limited for the year ended 31 December 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
23 September 2024
Hellard Building Contractors Limited
Statement of Financial Position
31 December 2023
2023
2022
(restated)
Note
£
£
Fixed assets
Tangible assets
5
129,803
151,858
Investments
6
5,300
---------
---------
129,803
157,158
Current assets
Stocks
1,027
2,500
Debtors
7
192,066
82,408
Cash at bank and in hand
92,751
209,157
---------
---------
285,844
294,065
Creditors: amounts falling due within one year
8
188,123
176,424
---------
---------
Net current assets
97,721
117,641
---------
---------
Total assets less current liabilities
227,524
274,799
Provisions
8,654
8,654
---------
---------
Net assets
218,870
266,145
---------
---------
Capital and reserves
Called up share capital
1,020
1,020
Revaluation reserve
94,809
93,609
Profit and loss account
123,041
171,516
---------
---------
Shareholders funds
218,870
266,145
---------
---------
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 31 December 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 .
Hellard Building Contractors Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr P D Hellard
Director
Company registration number: 00584585
Hellard Building Contractors Limited
Notes to the Financial Statements
Year ended 31 December 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 Bathway, Chewton Mendip, Radstock, Somerset, BA3 4NS.
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 is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property
-
2% straight line
Plant and machinery
-
20% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 6 ).
5. Tangible assets
Freehold land and property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023 (as restated)
139,331
94,122
104,605
5,741
343,799
Additions
5,001
5,001
Disposals
( 52,475)
( 38,670)
( 3,802)
( 94,947)
Revaluations
1,200
1,200
---------
--------
---------
-------
---------
At 31 December 2023
140,531
46,648
65,935
1,939
255,053
---------
--------
---------
-------
---------
Depreciation
At 1 January 2023
39,331
74,855
73,255
4,500
191,941
Charge for the year
1,200
9,413
4,957
485
16,055
Disposals
( 51,801)
( 27,149)
( 3,796)
( 82,746)
---------
--------
---------
-------
---------
At 31 December 2023
40,531
32,467
51,063
1,189
125,250
---------
--------
---------
-------
---------
Carrying amount
At 31 December 2023
100,000
14,181
14,872
750
129,803
---------
--------
---------
-------
---------
At 31 December 2022
100,000
19,267
31,350
1,241
151,858
---------
--------
---------
-------
---------
Tangible assets held at valuation
Included in tangible assets is freehold land and property that the company trades from. The freehold land and property was professionally valued by Killens Chartered Surveyors and Property Agents on 6 December 2023 at £100,000. The basis of the valuation is open market value.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold land and property
£
At 31 December 2023
Aggregate cost
33,595
Aggregate depreciation
(6,262)
--------
Carrying value
27,333
--------
At 31 December 2022
Aggregate cost
33,595
Aggregate depreciation
(6,067)
--------
Carrying value
27,528
--------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2023 as restated
5,300
Revaluations
( 5,300)
-------
At 31 December 2023
-------
Impairment
At 1 January 2023 as restated and 31 December 2023
-------
Carrying amount
At 31 December 2023
-------
At 31 December 2022
5,300
-------
7. Debtors
2023
2022
(restated)
£
£
Trade debtors
181,543
78,922
Other debtors
10,523
3,486
---------
--------
192,066
82,408
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
(restated)
£
£
Trade creditors
11,554
37,128
Corporation tax
8,254
13,640
Social security and other taxes
5,591
3,549
Other creditors
162,724
122,107
---------
---------
188,123
176,424
---------
---------
9. Prior period errors
The directors valuation of the land and property was previously overstated. The comparative figures have been restated to reflect the correct valuation in fixed assets, and the revaluation reserve, deferred tax provision and depreciation charge have been adjusted accordingly.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr & Mrs P Hellard
( 118,907)
( 35,952)
( 154,859)
---------
--------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr & Mrs P Hellard
( 118,955)
48
( 118,907)
---------
----
---------
This loan is interest free and repayable on demand.