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COMPANY REGISTRATION NUMBER: 02684537
P H Hardwill Limited
Filleted Unaudited Financial Statements
30 June 2024
P H Hardwill Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
509,792
580,540
Current assets
Stocks
236,881
286,592
Debtors
6
832,651
1,013,118
Cash at bank and in hand
72,490
104,081
------------
------------
1,142,022
1,403,791
Creditors: amounts falling due within one year
7
431,210
688,773
------------
------------
Net current assets
710,812
715,018
------------
------------
Total assets less current liabilities
1,220,604
1,295,558
Creditors: amounts falling due after more than one year
8
17,000
Provisions
Taxation including deferred tax
101,944
114,505
------------
------------
Net assets
1,118,660
1,164,053
------------
------------
P H Hardwill Limited
Statement of Financial Position (continued)
30 June 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
1,118,560
1,163,953
------------
------------
Shareholders funds
1,118,660
1,164,053
------------
------------
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 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 .
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
P J Hardwill
Director
Company registration number: 02684537
P H Hardwill Limited
Notes to the Financial Statements
Year ended 30 June 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 Hurst Works, Blackdown, Beaminster, Dorset. This is also the principal place of business.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for construction contracts rendered, stated net of discounts and of Value Added Tax. Revenue from construction contracts is recognised when the outcome of a contract can be estimated reliably, by reference to the stage of completion of the contract at the end of the reporting period. The outcome of a contract can be estimated reliably when all of the following conditions are met; the amount of revenue can be measured reliably; it is probable that the economic benefits associated with the contract will flow to the entity; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred for the contract and the costs to complete the contract can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
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:
Leasehold property
-
10% straight line
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stock and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises of direct materials and subcontract work, other direct costs and those overheads that have been incurred in bringing the inventories to their present location and condition, excluding borrowing costs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2023: 29 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
78,338
679,668
35,264
1,279,095
2,072,365
Additions
62,022
3,476
24,500
89,998
Disposals
( 2,938)
( 994)
( 7,000)
( 10,932)
--------
---------
--------
------------
------------
At 30 June 2024
78,338
738,752
37,746
1,296,595
2,151,431
--------
---------
--------
------------
------------
Depreciation
At 1 July 2023
56,744
521,166
23,451
890,464
1,491,825
Charge for the year
11,308
50,925
3,582
94,067
159,882
Disposals
( 2,885)
( 944)
( 6,239)
( 10,068)
--------
---------
--------
------------
------------
At 30 June 2024
68,052
569,206
26,089
978,292
1,641,639
--------
---------
--------
------------
------------
Carrying amount
At 30 June 2024
10,286
169,546
11,657
318,303
509,792
--------
---------
--------
------------
------------
At 30 June 2023
21,594
158,502
11,813
388,631
580,540
--------
---------
--------
------------
------------
6. Debtors
2024
2023
£
£
Trade debtors
327,436
326,190
Other debtors
505,215
686,928
---------
------------
832,651
1,013,118
---------
------------
Other debtors includes amounts recoverable on contract. Amounts recoverable on long term contracts relate to retentions on work carried out by the company.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
216,724
407,322
Corporation tax
9,518
Social security and other taxes
93,834
156,858
Other creditors
111,134
124,593
---------
---------
431,210
688,773
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
17,000
----
--------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
20,000
20,000
Later than 1 year and not later than 5 years
80,000
80,000
Later than 5 years
25,000
45,000
---------
---------
125,000
145,000
---------
---------