Company registration number 07553556 (England and Wales)
HILLFIELD CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
HILLFIELD CONSTRUCTION LIMITED
COMPANY INFORMATION
Directors
Mr A Darragh
Mrs C Darragh
Company number
07553556
Registered office
1 Hillfield Road
Hampton
Middlesex
TW12 2PX
Accountants
Landau Morley LLP
325-327 Oldfield Lane North
Greenford
Middlesex
UB6 0FX
HILLFIELD CONSTRUCTION LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
HILLFIELD CONSTRUCTION LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,074
21,248
Current assets
Stocks
4
12,000
45,000
Cash at bank and in hand
15,027
34,590
27,027
79,590
Creditors: amounts falling due within one year
5
(56,608)
(77,191)
Net current (liabilities)/assets
(29,581)
2,399
Total assets less current liabilities
(20,507)
23,647
Creditors: amounts falling due after more than one year
6
(5,418)
(11,002)
Net (liabilities)/assets
(25,925)
12,645
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
(25,929)
12,641
Total equity
(25,925)
12,645

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 January 2025 and are signed on its behalf by:
Mr A Darragh
Director
Company registration number 07553556 (England and Wales)
HILLFIELD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Hillfield Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Hillfield Road, Hampton, Middlesex, TW12 2PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets and that depreciation is provided at 25% on residual values.

Plant and equipment
25%
Fixtures and fittings
25%
Motor vehicles
25%

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

HILLFIELD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

HILLFIELD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
45,880
1,006
6,000
52,886
Disposals
(20,890)
-
0
-
0
(20,890)
At 31 March 2024
24,990
1,006
6,000
31,996
Depreciation and impairment
At 1 April 2023
24,961
931
5,746
31,638
Depreciation charged in the year
5,230
19
63
5,312
Eliminated in respect of disposals
(14,028)
-
0
-
0
(14,028)
At 31 March 2024
16,163
950
5,809
22,922
Carrying amount
At 31 March 2024
8,827
56
191
9,074
At 31 March 2023
20,919
75
254
21,248
4
Stocks
2024
2023
£
£
Stocks
12,000
45,000
HILLFIELD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
7,181
10,373
Trade creditors
2,510
13,839
Corporation tax
5,506
12,714
Other taxation and social security
6,779
20,903
Other creditors
27,512
7,186
Accruals and deferred income
7,120
12,176
56,608
77,191
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
5,418
11,002
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
4
4
4
4
8
Directors' transactions

Dividends totalling £50,000 (2023-£50,000) were paid in the year in respect of shares held by the company's directors.

 

As at the year-end the company owed the directors £27,512 (2023: £7,186)

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