HAYES FENCING & SHEDS LTD
Registered number: 06810932
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 142,128 158,559
Current assets
Stocks 18,980 44,853
Debtors 4 6,790 13,662
Cash at bank and in hand 56,654 60,121
82,424 118,636
Creditors: amounts falling due within one year 5 (203,002) (201,410)
Net current liabilities (120,578) (82,774)
Total assets less current liabilities 21,550 75,785
Creditors: amounts falling due after more than one year 6 (495) (16,258)
Provisions for liabilities (20,559) (23,681)
Net assets 496 35,846
Capital and reserves
Called up share capital 4 4
Profit and loss account 492 35,842
Shareholders' funds 496 35,846
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L E Hayes
Director
Approved by the board on 10 October 2024
HAYES FENCING & SHEDS LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land No depreciation being charged as it is
expected to appreciate in value
Computer equipment 25% straight line
Equipment 10% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 10
3 Tangible fixed assets
Land Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 33,922 161,082 109,703 304,707
At 31 January 2024 33,922 161,082 109,703 304,707
Depreciation
At 1 February 2023 - 62,888 83,260 146,148
Charge for the year - 9,819 6,612 16,431
At 31 January 2024 - 72,707 89,872 162,579
Net book value
At 31 January 2024 33,922 88,375 19,831 142,128
At 31 January 2023 33,922 98,194 26,443 158,559
4 Debtors 2024 2023
£ £
Trade debtors 5,874 12,729
Other debtors 916 933
6,790 13,662
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,911 18,050
Obligations under finance lease and hire purchase contracts 5,937 8,141
Trade creditors 50,183 37,447
Corporation tax 26,017 38,349
Other taxes and social security costs 14,494 3,742
Other creditors 99,460 95,681
203,002 201,410
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 6,911
Obligations under finance lease and hire purchase contracts 495 9,347
495 16,258
7 Other information
HAYES FENCING & SHEDS LTD is a private company limited by shares and incorporated in England. Its registered office is:
105 Redbrook Road
Barnsley
South Yorkshire
S75 2RG
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