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COMPANY REGISTRATION NUMBER: 00687142
H.G. Attwood & Son Limited
Filleted Unaudited Financial Statements
31 March 2018
H.G. Attwood & Son Limited
Financial Statements
Year ended 31 March 2018
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
H.G. Attwood & Son Limited
Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
6
210,971
34,029
Current assets
Stocks
20,910
42,219
Debtors
7
1,148,765
709,073
Cash at bank and in hand
28,639
21,100
------------
---------
1,198,314
772,392
Creditors: amounts falling due within one year
8
1,080,324
481,382
------------
---------
Net current assets
117,990
291,010
---------
---------
Total assets less current liabilities
328,961
325,039
Creditors: amounts falling due after more than one year
9
23,500
29,500
Provisions
Taxation including deferred tax
181
213
---------
---------
Net assets
305,280
295,326
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
304,280
294,326
---------
---------
Shareholders funds
305,280
295,326
---------
---------
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 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 31 March 2018 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 .
H.G. Attwood & Son Limited
Statement of Financial Position (continued)
31 March 2018
These financial statements were approved by the board of directors and authorised for issue on 12 December 2018 , and are signed on behalf of the board by:
Mr. Wilson Tang
Director
Company registration number: 00687142
H.G. Attwood & Son Limited
Notes to the Financial Statements
Year ended 31 March 2018
1. General information
H.G. Attwood & Son Limited is a private company limited by shares, registered in the United Kingdom number 00687142 . Its registered office is 36 Bramhall Lane, Stockport, Cheshire, , SK2 6HR. The principal activity of the company during the year continued to be that of manufacturers agents.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Property and property alterations
-
2% straight line
Fixtures and Fittings
-
15% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 2 (2017: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018
1,109
-------
Amortisation
At 1 April 2017 and 31 March 2018
1,109
-------
Carrying amount
At 31 March 2018
-------
At 31 March 2017
-------
6. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2017
45,705
17,753
63,458
Additions
181,658
181,658
---------
--------
---------
At 31 March 2018
227,363
17,753
245,116
---------
--------
---------
Depreciation
At 1 April 2017
12,797
16,632
29,429
Charge for the year
4,548
168
4,716
---------
--------
---------
At 31 March 2018
17,345
16,800
34,145
---------
--------
---------
Carrying amount
At 31 March 2018
210,018
953
210,971
---------
--------
---------
At 31 March 2017
32,908
1,121
34,029
---------
--------
---------
7. Debtors
2018
2017
£
£
Trade debtors
1,148,765
707,918
Other debtors
1,155
------------
---------
1,148,765
709,073
------------
---------
8. Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
35,105
6,000
Trade creditors
817,687
415,790
Corporation tax
3,741
3,813
Social security and other taxes
1,631
10,055
Other creditors
222,160
45,724
------------
---------
1,080,324
481,382
------------
---------
9. Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
23,500
29,500
--------
--------
10. Related party transactions
The company was under the control of Mr Wilson Tang throughout the current and prior year. During the year the company purchased goods at a cost of £1,305,000 (2017: £1,107,270) from South China Manufacturing Limited. At the year end,amount owed to South China Manufacturing Limited was £767,000 (2017 : £349,150). All transactions were conducted under normal terms of trade. During the year the company purchased goods at a cost of £224,687 (2017: £162,811) from M & J Trading Limited. At the year end, amount owed to M & J Trading Limited was £50,687 (2017: £66,639). During the year, the company purchased the trading premises from Mr Wilson Tang and Mr William Tang for the market value of £180,000. Mr Wilson Tang, a director of the company, has a controlling interest in South China Manufacturing Limited and M & J Trading Limited.