Registered number
A&M Haughian Ltd
Filleted Accounts
31 March 2018
A&M Haughian Ltd
Report and accounts
for the year ended 31 March 2018
Balance sheet 2
Notes to the accounts 3-5
A&M Haughian Ltd
Registered number: NI049124
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 409,266 390,970
Current assets
Stocks and work in progress 345,545 343,959
Debtors 4 36,214 1,798
Cash at bank and in hand 100 100
381,859 345,857
Creditors: amounts falling due within one year 5 (323,844) (323,235)
Net current assets 58,015 22,622
Total assets less current liabilities 467,281 413,592
Creditors: amounts falling due after more than one year 6 (14,438) -
Provisions for liabilities (5,432) (2,163)
Net assets 447,411 411,429
Capital and reserves
Called up share capital 2 2
Profit and loss account 447,409 411,427
Shareholders' funds 447,411 411,429
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael Haughian
Michael Haughian
Approved by the board on 18 December 2018
A&M Haughian Ltd
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
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).
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
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.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Land and buildings Plant and machinery Motor vehicles Total
£ £ £ £
At 1 April 2017 372,454 108,007 20,600 501,061
Additions - 27,500 - 27,500
At 31 March 2018 372,454 135,507 20,600 528,561
At 1 April 2017 - 99,189 10,902 110,091
Charge for the year - 7,264 1,940 9,204
At 31 March 2018 - 106,453 12,842 119,295
Net book value
At 31 March 2018 372,454 29,054 7,758 409,266
At 31 March 2017 372,454 8,818 9,698 390,970
4 Debtors 2018 2017
£ £
Trade debtors 34,753 -
Other debtors 1,461 1,798
36,214 1,798
5 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 21,579 16,960
Obligations under finance lease and hire purchase contracts 8,250 2,980
Trade creditors 1,511 1,602
Corporation tax 7,010 6,595
Other taxes and social security costs 64 64
Other creditors 285,430 295,034
323,844 323,235
6 Creditors: amounts falling due after one year 2018 2017
£ £
Obligations under finance lease and hire purchase contracts 14,438 -
7 Events after the reporting date
There have been no events occurring since the balance sheet date which would necessitate a revision of the above figures.
8 Contingent liabilities
As far as the directors are aware there were no contingent liabilities at the year end.
9 Related party transactions
During the year transactions occurred between the company and its directors. The directors are owed £276,687 at the year end (2017: £286,297). This is reflected in Note 5, Other creditors.
10 Controlling party
The ultimate controlling parties have been identified as Adrian and Michael Haughian, the managing directors.
11 Other information
A&M Haughian Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
10C Marcus Square
Co. Down
BT34 1AE
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