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COMPANY REGISTRATION NUMBER: 12395290
Hayes Engineering & Cladding Limited
Filleted Unaudited Financial Statements
31 May 2024
Hayes Engineering & Cladding Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
77,436
171,765
Current assets
Stocks
7
458,878
674,033
Debtors
8
640,823
2,057,167
Cash at bank and in hand
337,229
427,370
------------
------------
1,436,930
3,158,570
Creditors: amounts falling due within one year
9
714,359
1,242,100
------------
------------
Net current assets
722,571
1,916,470
---------
------------
Total assets less current liabilities
800,007
2,088,235
Creditors: amounts falling due after more than one year
10
1,229,207
2,727,336
------------
------------
Net liabilities
( 429,200)
( 639,101)
------------
------------
Capital and reserves
Called up share capital
11
100
100
Profit and loss account
( 429,300)
( 639,201)
---------
---------
Shareholders deficit
( 429,200)
( 639,101)
---------
---------
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 income statement has not been delivered.
For the year ending 31 May 2024 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 .
Hayes Engineering & Cladding Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 12 December 2024 , and are signed on behalf of the board by:
Mr J C Mathias
Director
Company registration number: 12395290
Hayes Engineering & Cladding Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parcau Isaf Farm, Laleston, Bridgend, CF320NB, Wales.
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.
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
100% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Short leasehold property
-
Depreciated over the term of the lease - 5 years
Plant and machinery
-
20% straight line
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2023: 39 ).
5. Intangible assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
6
----
Amortisation
At 1 June 2023 and 31 May 2024
6
----
Carrying amount
At 31 May 2024
----
At 31 May 2023
----
6. Tangible assets
Short leasehold property
Plant and machinery
Total
£
£
£
Cost
At 1 June 2023
196,300
220,844
417,144
Disposals
( 8,140)
( 8,140)
---------
---------
---------
At 31 May 2024
196,300
212,704
409,004
---------
---------
---------
Depreciation
At 1 June 2023
98,150
147,229
245,379
Charge for the year
49,075
43,274
92,349
Disposals
( 6,160)
( 6,160)
---------
---------
---------
At 31 May 2024
147,225
184,343
331,568
---------
---------
---------
Carrying amount
At 31 May 2024
49,075
28,361
77,436
---------
---------
---------
At 31 May 2023
98,150
73,615
171,765
---------
---------
---------
7. Stocks
2024
2023
£
£
Raw materials and consumables
450,394
532,687
Work in progress
8,484
141,346
---------
---------
458,878
674,033
---------
---------
8. Debtors
2024
2023
£
£
Trade debtors
391,964
1,679,857
Other debtors
248,859
377,310
---------
------------
640,823
2,057,167
---------
------------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,214
9,958
Trade creditors
312,289
467,644
Social security and other taxes
221,103
186,964
Other creditors
170,753
577,534
---------
------------
714,359
1,242,100
---------
------------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,217
22,431
Other creditors
1,216,990
2,704,905
------------
------------
1,229,207
2,727,336
------------
------------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----