HOBBCO TOOL CO (1999) LIMITED

HOBBCO TOOL CO (1999) LIMITED

HOBBCO TOOL CO (1999) LIMITED - Company Information

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HOBBCO TOOL CO (1999) LIMITED

Company Registration Number:
03715325 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2018

Period of accounts

Start date: 01 June 2017

End date: 31 May 2018

HOBBCO TOOL CO (1999) LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2018

Balance sheet
Notes

HOBBCO TOOL CO (1999) LIMITED

Balance sheet

As at 31 May 2018


Notes
2018
2017


£
£
Fixed assets
Tangible assets: 3 15,306 7,032
Total fixed assets: 15,306 7,032
Current assets
Stocks: 63,675 69,975
Debtors:   89,428 84,374
Cash at bank and in hand: 1,120 642
Total current assets: 154,223 154,991
Creditors: amounts falling due within one year: 4 (132,018) (96,035)
Net current assets (liabilities): 22,205 58,956
Total assets less current liabilities: 37,511 65,988
Total net assets (liabilities): 37,511 65,988
Capital and reserves
Called up share capital: 28,500 28,500
Profit and loss account: 9,011 37,488
Shareholders funds: 37,511 65,988

The notes form part of these financial statements

HOBBCO TOOL CO (1999) LIMITED

Balance sheet statements

For the year ending 31 May 2018 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 February 2019
and signed on behalf of the board by:

Name: A M Minday
Status: Director

The notes form part of these financial statements

HOBBCO TOOL CO (1999) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Fixtures fittings & equipment - 15% on reducing balance Motor vehicles - 25% on reducing balance

Valuation and information policy

StockStocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Other accounting policies

TaxationTaxation 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 to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.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 taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing differences.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.Pension costs and other post-retirement benefitsThe company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

HOBBCO TOOL CO (1999) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

2. Employees

2018 2017
Average number of employees during the period 5 5

HOBBCO TOOL CO (1999) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

3. Tangible Assets

Total
Cost £
At 01 June 2017 39,976
Additions 16,000
Disposals (9,406)
At 31 May 2018 46,570
Depreciation
At 01 June 2017 32,944
Charge for year 4,583
On disposals (6,263)
At 31 May 2018 31,264
Net book value
At 31 May 2018 15,306
At 31 May 2017 7,032

HOBBCO TOOL CO (1999) LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2018

4. Creditors: amounts falling due within one year note

31.5.18Bank loans and overdrafts 23125Trade creditors 66525Taxation and social security 970Other creditors 41398 £132018 31.5.17Bank loans and overdrafts 18260Trade creditors 53969Taxation and social security 5146Other creditors 18660 £96035The following secured debts are included within creditors:31.5.18Bank overdrafts £2312531.5.17Bank overdrafts £18260