Headland Engineering Developments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00544326 (England and Wales)

HEADLAND ENGINEERING DEVELOPMENTS LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A T P Headland

A J T Nielsen

REGISTERED OFFICE:

Unit 3 Seven Stars Business Centre

100 Seven Stars Road

Oldbury

West Midlands

B69 4JS

REGISTERED NUMBER:

00544326 (England and Wales)

ACCOUNTANTS:

Shah & Co (Accountants) Ltd

Chartered Certified Accountants

Cash's Business Centre

1st Floor

228 Widdrington Road

Coventry

West Midlands

CV1 4PB

FIXED ASSETS

Tangible assets

4

46,517

43,472

Investments

5

251

251

46,768

43,723

CURRENT ASSETS

Stocks

6

65,238

41,336

Debtors

7

117,757

93,915

Cash at bank and in hand

28,183

7,331

211,178

142,582

CREDITORS

Amounts falling due within one year

8

237,117

184,145

NET CURRENT LIABILITIES

(25,939

)

(41,563

)

TOTAL ASSETS LESS CURRENT LIABILITIES

20,829

2,160

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

20,729

2,060

SHAREHOLDERS' FUNDS

20,829

2,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 26 February 2019 and were signed on its behalf by:

A J T Nielsen - Director

1.	STATUTORY INFORMATION

Headland Engineering Developments Ltd is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on reducing balance

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation 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 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 tax

Deferred 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 difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2017

22,356

134,771

13,752

12,296

183,175

Additions

-

6,750

1,500

-

8,250

At 30 June 2018

22,356

141,521

15,252

12,296

191,425

DEPRECIATION

At 1 July 2017

22,355

95,302

9,891

12,155

139,703

Charge for year

-

4,622

536

47

5,205

At 30 June 2018

22,355

99,924

10,427

12,202

144,908

NET BOOK VALUE

At 30 June 2018

1

41,597

4,825

94

46,517

At 30 June 2017

1

39,469

3,861

141

43,472

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2017

and 30 June 2018

251

NET BOOK VALUE

At 30 June 2018

251

At 30 June 2017

251

6.

STOCKS

30.6.18

30.6.17

£

£

Stocks

65,238

41,336

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Trade debtors

113,738

90,229

Other debtors

2

2

Personal pension contribution

32

-

Tax

2,651

2,651

Prepayments

1,334

1,033

117,757

93,915

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans and overdrafts

28,720

39,754

Trade creditors

62,252

30,995

Tax

13,707

-

Social security and other taxes

763

973

VAT

23,666

24,530

Other creditors

340

340

Directors' loan accounts

96,741

77,424

Accrued expenses

10,928

10,129

237,117

184,145

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.18

30.6.17

value:

£

£

100

Ordinary

1

100

100

10.

RESERVES

Retained

earnings

£

At 1 July 2017

2,060

Profit for the year

63,041

Dividends

(44,372

)

At 30 June 2018

20,729

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J T Nielsen.

Company is controlled by Mr AJT Nielsen and Mrs JM Nielsen by virtue of their joint shareholdings.