Hornbill Engineering Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02347181 (England and Wales)

HORNBILL ENGINEERING LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

R Scaplehorn

REGISTERED OFFICE:

Norton House

Darcy Business Park

Llandarcy

Neath

SA10 6EJ

REGISTERED NUMBER:

02347181 (England and Wales)

AUDITORS:

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

FIXED ASSETS

Property, plant and equipment

4

829,895

761,452

Investments

5

23,950

57,950

853,845

819,402

CURRENT ASSETS

Inventories

26,904

22,398

Debtors

6

3,516,281

2,985,786

Cash in hand

165

2,181

3,543,350

3,010,365

CREDITORS

Amounts falling due within one year

7

1,507,446

907,013

NET CURRENT ASSETS

2,035,904

2,103,352

TOTAL ASSETS LESS CURRENT LIABILITIES

2,889,749

2,922,754

CREDITORS

Amounts falling due after more than one year

8

-

(8,319

)

PROVISIONS FOR LIABILITIES

(106,317

)

(106,317

)

NET ASSETS

2,783,432

2,808,118

CAPITAL AND RESERVES

Called up share capital

15,000

15,000

Capital redemption reserve

75,000

75,000

Retained earnings

2,693,432

2,718,118

SHAREHOLDERS' FUNDS

2,783,432

2,808,118

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 Income Statement has not been delivered.

The financial statements were approved by the director on 7 August 2019 and were signed by:

R Scaplehorn - Director

1.	STATUTORY INFORMATION

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

Turnover

Revenue 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 15% reducing balance and 15% on cost

Stocks

Inventories 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

Investments

Investments are valued at cost less any diminution in value, where fair value can otherwise be

measured reliably, the investment has been measured at fair value with changes in fair value

recognised in the profit and loss account.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar

account.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation (legal and

constructive) resulting from a past event that will probably result in the transfer of funds to a third party

and the amount due to settle the obligation can be measured or estimated reliably. Creditors and

provisions are normally recognised at their settlement amount after allowing for any trade discounts

due.

Grants

Grants are released to the profit and loss account over the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those

costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's

services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably

committed to terminate the employment of an employee or to provide termination benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 144 (2017 - 135 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2018

239,182

1,073,250

1,312,432

Additions

-

193,925

193,925

At 31 December 2018

239,182

1,267,175

1,506,357

DEPRECIATION

At 1 January 2018

28,005

522,975

550,980

Charge for year

-

125,482

125,482

At 31 December 2018

28,005

648,457

676,462

NET BOOK VALUE

At 31 December 2018

211,177

618,718

829,895

At 31 December 2017

211,177

550,275

761,452

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2018

266,674

Transfer to ownership

(181,374

)

At 31 December 2018

85,300

DEPRECIATION

At 1 January 2018

89,742

Charge for year

11,595

Transfer to ownership

(71,396

)

At 31 December 2018

29,941

NET BOOK VALUE

At 31 December 2018

55,359

At 31 December 2017

176,932

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2018

57,950

Disposals

(34,000

)

At 31 December 2018

23,950

NET BOOK VALUE

At 31 December 2018

23,950

At 31 December 2017

57,950

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

3,443,016

2,868,783

Other debtors

73,265

117,003

3,516,281

2,985,786

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

99,029

115,142

Hire purchase contracts (see note 9)

10,074

52,636

Trade creditors

753,665

206,267

Taxation and social security

439,407

393,998

Other creditors

205,271

138,970

1,507,446

907,013

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

-

8,319

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

10,074

52,636

Between one and five years

-

8,319

10,074

60,955

Non-cancellable

operating leases

2018

2017

£

£

Within one year

127,585

-

Between one and five years

103,947

114,642

In more than five years

226,347

404,800

457,879

519,442

10.	SECURED DEBTS

There is a fixed and floating charge by HSBC Bank Plc over all property and assets present and future

including bookdebts, capital buildings, fixtures & fittings and plant and machinery held.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Henry Lloyd Davies (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

12.	ULTIMATE CONTROLLING PARTY

The controlling party is R Scaplehorn.