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HEFIN MORGAN STEEL FRAMED BUILDINGS LTD

Registered Number
14904714
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

HEFIN MORGAN STEEL FRAMED BUILDINGS LTD
Company Information
for the period from 31 May 2023 to 31 March 2024

Directors

Joanna Sian Morgan
Thomas Hefin Morgan

Registered Address

Pentre Farm
Cwmystwyth
Aberystwyth
SY23 4AD

Registered Number

14904714 (England and Wales)
HEFIN MORGAN STEEL FRAMED BUILDINGS LTD
Statement of Financial Position
31 March 2024

Notes

2024

£

£

Fixed assets
Tangible assets3188,550
188,550
Current assets
Debtors13,750
Cash at bank and on hand54,209
67,959
Creditors amounts falling due within one year5(150,540)
Net current assets (liabilities)(82,581)
Total assets less current liabilities105,969
Creditors amounts falling due after one year6(61,934)
Provisions for liabilities8(12,891)
Net assets31,144
Capital and reserves
Called up share capital100
Profit and loss account31,044
Shareholders' funds31,144
The financial statements were approved and authorised for issue by the Board of Directors on 24 December 2024, and are signed on its behalf by:
Joanna Sian Morgan
Director
Thomas Hefin Morgan
Director

Registered Company No. 14904714
HEFIN MORGAN STEEL FRAMED BUILDINGS LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The financial statements 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). The financial statements are prepared in sterling, which is the functional currency of the entity.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

2024
Average number of employees during the year1
3.Tangible fixed assets

Plant & machinery

Vehicles

Total

£££
Cost or valuation
Additions215,09216,700231,792
At 31 March 24215,09216,700231,792
Depreciation and impairment
Charge for year42,96427843,242
At 31 March 2442,96427843,242
Net book value
At 31 March 24172,12816,422188,550
At 30 May 23---
4.Stocks
5.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables39,226
Taxation and social security17,932
Finance lease and HP contracts43,723
Other creditors47,511
Accrued liabilities and deferred income2,148
Total150,540
6.Creditors: amounts due after one year

2024

£
Other creditors61,934
Total61,934
7.Obligations under finance leases

2024

£
Finance lease and HP contracts61,934
8.Provisions for liabilities

2024

£
Net deferred tax liability (asset)12,891
Total12,891