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Logo On Report
Registered Number: 05677364
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 January 2024

for

RICHARD HAILS ENGINEERING LIMITED

Directors Patricia Hails
Jonathan Hails
Registered Number 05677364
Registered Office 3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
Accountants Quove Accounting Ltd
3 Brickfields Business Park
Old Stowmarket Road, Woolpit
Bury St Edmunds
IP30 9QS
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 January 2024.
Principal activities
The principal activity of the company during the financial year was of the maintenance of motor vehicles.
Directors
The directors who served the company throughout the year were as follows:
Patricia Hails
Jonathan Hails
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to :
-    select suitable accounting policies and then apply them consistently
-    make judgements and accounting estimates that are reasonable and prudent
-    state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
-    prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Jonathan Hails
Director

Date approved: 07 October 2024
2
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Intangible fixed assets 3 1,000    1,500 
Tangible fixed assets 4 64,075    69,222 
65,075    70,722 
Current assets      
Stocks 5 81,661    48,557 
Debtors 6 146,605    133,890 
Cash at bank and in hand 172,214    222,670 
400,480    405,117 
Creditors: amount falling due within one year 7 (134,941)   (160,201)
Net current assets 265,539    244,916 
 
Total assets less current liabilities 330,614    315,638 
Net assets 330,614    315,638 
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account 330,514    315,538 
Shareholders' funds 330,614    315,638 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 07 October 2024 and were signed on its behalf by:


-------------------------------
Jonathan Hails
Director
3
General Information
Richard Hails Engineering Limited is a private company, limited by shares, registered in England and Wales, registration number 05677364, registration address 3 Brickfields Business Park, Old Stowmarket Road, Woolpit, Bury St Edmunds , IP30 9QS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Preference dividends
Where preference shares are classed as liabilities rather than equity any preference dividends paid are included in interest payable and similar charges within the income statement.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees


Average number of employees during the year was 9 (2023 : 9).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 February 2023 10,000    10,000 
Additions  
Disposals  
At 31 January 2024 10,000    10,000 
Amortisation
At 01 February 2023 8,500    8,500 
Charge for year 500    500 
On disposals  
At 31 January 2024 9,000    9,000 
Net book values
At 31 January 2024 1,000    1,000 
At 31 January 2023 1,500    1,500 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Improvements to property   Total
  £   £   £
At 01 February 2023 190,343    118,059    308,402 
Additions 21,748    1,500    23,248 
Disposals    
At 31 January 2024 212,091    119,559    331,650 
Depreciation
At 01 February 2023 146,335    92,845    239,180 
Charge for year 16,439    11,956    28,395 
On disposals    
At 31 January 2024 162,774    104,801    267,575 
Net book values
Closing balance as at 31 January 2024 49,317    14,758    64,075 
Opening balance as at 01 February 2023 44,008    25,214    69,222 


5.

Stocks

2024
£
  2023
£
Stocks 81,661    48,557 
81,661    48,557 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 139,049    127,215 
Prepayments & Accrued Income 7,556    4,800 
Other Debtors   1,875 
146,605    133,890 

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 48,506    29,192 
Corporation Tax 28,177    32,439 
PAYE & Social Security 4,395   
Accrued Expenses 4,000    4,000 
Other Creditors 4,886    654 
Directors' Current Accounts 27,055    74,634 
VAT 17,922    19,282 
134,941    160,201 

8.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2024
£
 2023
£
 2024
£
 2023
£
Patricia Hails(27,055)(74,634)

An amount is due to the director on an interest free basis
4