Holywell Utility Limited
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Notes to the Accounts |
for the year ended 31 October 2019
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1 |
Accounting policies |
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Basis of preparation |
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The accounts 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).
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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Debtors |
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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.
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
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2 |
Employees |
2019 |
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2018 |
Number |
Number |
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Average number of persons employed by the company |
5 |
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4 |
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3 |
Debtors |
2019 |
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2018 |
£ |
£ |
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Trade debtors |
375,239 |
|
341,579 |
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Other debtors |
34,263 |
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65,063 |
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409,502 |
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406,642 |
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4 |
Creditors: amounts falling due within one year |
2019 |
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2018 |
£ |
£ |
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Trade creditors |
256,554 |
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77,721 |
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Other taxes and social security costs |
41,028 |
|
9,920 |
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Other creditors |
1,611 |
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67 |
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299,193 |
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87,708 |
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5 |
Share capital |
Nominal |
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2019 |
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2019 |
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2018 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares |
£1 each |
|
100 |
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100 |
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100 |
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6 |
Guarantees made by the company on behalf of related parties |
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Main terms |
Maximum |
Amount paid |
liability |
and incurred |
£ |
£ |
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Farren Hydraulics Limited
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|
Nat West Bank plc
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|
750,000 |
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- |
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750,000 |
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- |
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7 |
Related party transactions |
2019 |
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2018 |
£ |
£ |
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Farren Hydraulics Limited |
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Company controlled by the director |
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Plant Hire |
189,950 |
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96,290 |
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Amount due (to) the related party |
(140,651) |
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(25,905) |
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8 |
Controlling party |
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The company is controlled by the director.
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9 |
Other information |
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Holywell Utility Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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First Floor, 1 Park Court, |
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Pyrford Road, |
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West Byfleet, |
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Surrey, |
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KT14 6SD. |
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Its place of business is: |
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82 Maxted Close, |
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Hemel Hempstead, |
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Herts, |
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HP 2 7DX. |