Company Registration No. 03819966 (England and Wales)
HB Design (Contracts) Limited
Unaudited accounts
for the year ended 31 July 2024
HB Design (Contracts) Limited
Unaudited accounts
Contents
HB Design (Contracts) Limited
Statement of financial position
as at 31 July 2024
Tangible assets
34,094
28,523
Inventories
285,388
236,788
Cash at bank and in hand
19,072
7,146
Creditors: amounts falling due within one year
(456,085)
(335,809)
Net current assets
130,179
17,682
Total assets less current liabilities
164,273
46,205
Creditors: amounts falling due after more than one year
(101,252)
(39,584)
Provisions for liabilities
Deferred tax
(3,632)
(2,574)
Called up share capital
120
120
Profit and loss account
59,269
3,927
Shareholders' funds
59,389
4,047
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 April 2025 and were signed on its behalf by
R Berry
Director
Company Registration No. 03819966
HB Design (Contracts) Limited
Notes to the Accounts
for the year ended 31 July 2024
HB Design (Contracts) Limited is a private company, limited by shares, registered in England and Wales, registration number 03819966. The registered office is Building 23, First Avenue, Pensnett Trading Estate, Kingswinford, West Midlands, DY6 7TX, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
20% on cost
Other tangible fixed assets
33.3% on cost
Stocks are valued at the lower of cost and estimated net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Current or deferred tax assets and liabilities are not discounted.
HB Design (Contracts) Limited
Notes to the Accounts
for the year ended 31 July 2024
Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2023
53,650
77,293
25,516
156,459
Additions
242
15,590
-
15,832
At 31 July 2024
53,892
92,883
25,516
172,291
At 1 August 2023
44,761
62,042
21,133
127,936
Charge for the year
1,370
7,710
1,181
10,261
At 31 July 2024
46,131
69,752
22,314
138,197
At 31 July 2024
7,761
23,131
3,202
34,094
At 31 July 2023
8,889
15,251
4,383
28,523
Amounts falling due within one year
Trade debtors
236,712
64,243
Accrued income and prepayments
9,118
9,340
Other debtors
35,974
35,974
HB Design (Contracts) Limited
Notes to the Accounts
for the year ended 31 July 2024
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
169,204
126,661
Trade creditors
152,621
81,006
Taxes and social security
82,612
71,970
Other creditors
50,083
38,266
Loans from directors
290
16,656
Bank loans and overdrafts includes bank loans of £nil (2023 £89,156), which are secured by fixed and floating charges over the company's assets, and invoice finance creditors of £169,204 (2023 £37,505), which are secured against the company's trade debtors.
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Creditors: amounts falling due after more than one year
2024
2023
Other creditors
101,252
39,584
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Operating lease commitments
2024
2023
At 31 July 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
57,917
75,136
Later than one year and not later than five years
150,000
153,110
Later than five years
90,628
121,875
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Average number of employees
During the year the average number of employees was 22 (2023: 21).