Registered number
01893312
Hayes & Partners Limited
Unaudited Filleted Accounts
30 April 2024
Hayes & Partners Limited
Registered number: 01893312
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,887 4,548
Current assets
Work in progress 19,224 4,698
Debtors 4 53,802 100,655
Cash at bank and in hand 248,962 233,328
321,988 338,681
Creditors: amounts falling due within one year 5 (149,851) (141,342)
Net current assets 172,137 197,339
Total assets less current liabilities 177,024 201,887
Creditors: amounts falling due after more than one year 6 (48,502) (120,502)
Provisions for liabilities - (864)
Net assets 128,522 80,521
Capital and reserves
Called up share capital 2,000 2,000
Capital redemtion reserve 3,000 3,000
Profit and loss account 123,522 75,521
Shareholders' funds 128,522 80,521
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 her 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.
E Hall
Director
Approved by the board on 20 November 2024
Hayes & Partners Limited
Notes to the Accounts
for the year ended 30 April 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 (as applied to small entities by section 1A of the standard).
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:
Property improvements Over the term of the lease
Fixtures, fittings and equipment Over 10 years
Computer software Over 4 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 9 9
3 Tangible fixed assets
Property improvements Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 May 2023 38,576 44,686 83,262
Additions - 1,898 1,898
At 30 April 2024 38,576 46,584 85,160
Depreciation
At 1 May 2023 38,576 40,138 78,714
Charge for the year - 1,559 1,559
At 30 April 2024 38,576 41,697 80,273
Net book value
At 30 April 2024 - 4,887 4,887
At 30 April 2023 - 4,548 4,548
4 Debtors 2024 2023
£ £
Trade debtors 47,510 92,052
Prepayments 6,292 7,999
Other debtors - 604
53,802 100,655
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 30,000 30,000
Taxation and social security costs 84,295 75,883
Accruals 5,556 5,459
Directors loan 30,000 30,000
149,851 141,342
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 32,500 62,500
Directors loan 16,002 58,002
48,502 120,502
7 Other information
Hayes & Partners Limited is a private company limited by shares and incorporated in England. Its registered office is:
Atlas House
Old Hall Street
Macclesfield
Cheshire
SK10 2DT
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