Company Registration No. 06248470 (England and Wales)
GARETH HUGHES & COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
GARETH HUGHES & COMPANY LIMITED
COMPANY INFORMATION
Directors
Mr G.W. Hughes
Mrs R. Brown
(Appointed 1 September 2019)
Company number
06248470
Registered office
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
Business address
The Round House
Glan-y-Mor Road
Llandudno Junction
Conwy
LL31 9SN
Bankers
Lloyds TSB
268 High Street
Bangor
LL57 1RT
GARETH HUGHES & COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
GARETH HUGHES & COMPANY LIMITED
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
4
152,639
164,379
Tangible assets
5
11,468
5,069
164,107
169,448
Current assets
Stocks
76,346
75,589
Debtors
6
50,169
39,148
Cash at bank and in hand
102
85
126,617
114,822
Creditors: amounts falling due within one year
7
(109,202)
(112,389)
Net current assets
17,415
2,433
Total assets less current liabilities
181,522
171,881
Provisions for liabilities
(1,935)
(666)
Net assets
179,587
171,215
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
179,487
171,115
Total equity
179,587
171,215
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 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.
T
he member has 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.
GARETH HUGHES & COMPANY LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 October 2020 and are signed on its behalf by:
Mr G.W. Hughes
Director
Company Registration No. 06248470
GARETH HUGHES & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 3 -
1
Accounting policies
Company information
Gareth Hughes & Company Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Round House, Glan-y-Mor Road, Llandudno Junction, Conwy, LL31 9SN.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services, net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.4
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 less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
50% reducing balance
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
.
1.5
Stocks
Stock and Work in progress are valued at the lower of cost and net realisable value.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
GARETH HUGHES & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 4 -
1.6
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 profit and loss account 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
7
3
Taxation
2020
2019
£
£
Current tax
UK corporation tax on profits for the current period
13,156
8,830
Deferred tax
Origination and reversal of timing differences
1,269
(266)
Total tax charge
14,425
8,564
GARETH HUGHES & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2019 and 31 May 2020
234,820
Amortisation and impairment
At 1 June 2019
70,441
Amortisation charged for the year
11,740
At 31 May 2020
82,181
Carrying amount
At 31 May 2020
152,639
At 31 May 2019
164,379
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2019
66,460
Additions
12,904
Disposals
(4,482)
At 31 May 2020
74,882
Depreciation and impairment
At 1 June 2019
61,391
Depreciation charged in the year
6,225
Eliminated in respect of disposals
(4,202)
At 31 May 2020
63,414
Carrying amount
At 31 May 2020
11,468
At 31 May 2019
5,069
GARETH HUGHES & COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 6 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
46,647
36,148
Other debtors
3,522
3,000
50,169
39,148
7
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
531
7,460
Trade creditors
2,113
954
Corporation tax
13,156
8,830
Other taxation and social security
28,361
15,188
Other creditors
65,041
79,957
109,202
112,389
8
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
1,935
666
9
Directors' transactions
Dividends totalling £40,000 (2019 - £28,000) were paid in the year in respect of shares held by the company's directors.
During the period under consideration, Mr G.W. Hughes, the director of the company received rent of £18,000 (2019 - £18,000) for the use of the business premises.