Hallgate (Lincs) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05314947 (England and Wales)

HALLGATE (LINCS) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2018

Page

Company Information

1

Chartered Certified Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTORS:

C D Tarrant

N B Platts

G C Tarrant

SECRETARY:

N B Platts

REGISTERED OFFICE:

Unit 1

Nigel Court

Holly Road

Skegness

Lincolnshire

PE25 3TE

REGISTERED NUMBER:

05314947 (England and Wales)

ACCOUNTANTS:

Weaver Wroot

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Hallgate (Lincs) Limited for the year ended 31st December 2018 which comprise the Income Statement, Balance

Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Hallgate (Lincs) Limited, as a body, in accordance with the terms of our engagement letter dated 15th January 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Hallgate (Lincs) Limited and state those matters that we have agreed to state to the Board of Directors of Hallgate (Lincs) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Hallgate (Lincs) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Hallgate (Lincs) Limited. You consider that Hallgate (Lincs) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hallgate (Lincs) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Weaver Wroot

28 Dudley Street

Grimsby

N E Lincolnshire

DN31 2AB

9th September 2019

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

213,811

240,750

213,811

240,750

CURRENT ASSETS

Stocks

6

77,656

37,000

Debtors

7

495,030

562,712

Cash at bank and in hand

234,093

240,011

806,779

839,723

CREDITORS

Amounts falling due within one year

8

342,615

444,403

NET CURRENT ASSETS

464,164

395,320

TOTAL ASSETS LESS CURRENT LIABILITIES

677,975

636,070

CREDITORS

Amounts falling due after more than one year

9

(8,885

)

(22,086

)

PROVISIONS FOR LIABILITIES

(24,318

)

(29,020

)

NET ASSETS

644,772

584,964

CAPITAL AND RESERVES

Called up share capital

104

104

Retained earnings

644,668

584,860

SHAREHOLDERS' FUNDS

644,772

584,964

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors on 9th September 2019 and were signed on its behalf by:

C D Tarrant - Director

1.	STATUTORY INFORMATION

Hallgate (Lincs) 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.

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

Turnover consists of invoiced sales net of returns, trade discounts and Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

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.

Freehold business unit

-

2% on cost

Equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost or 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2017 - 26 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2018

and 31st December 2018

80,000

AMORTISATION

At 1st January 2018

and 31st December 2018

80,000

NET BOOK VALUE

At 31st December 2018

-

At 31st December 2017

-

5.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

business

and

Motor

unit

Equipment

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1st January 2018

109,600

109,652

24,222

163,852

407,326

Additions

-

364

-

7,150

7,514

At 31st December 2018

109,600

110,016

24,222

171,002

414,840

DEPRECIATION

At 1st January 2018

21,589

48,760

16,338

79,889

166,576

Charge for year

2,192

9,188

1,183

21,890

34,453

At 31st December 2018

23,781

57,948

17,521

101,779

201,029

NET BOOK VALUE

At 31st December 2018

85,819

52,068

6,701

69,223

213,811

At 31st December 2017

88,011

60,892

7,884

83,963

240,750

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

Motor

vehicles

£

COST

At 1st January 2018

and 31st December 2018

99,410

DEPRECIATION

At 1st January 2018

42,588

Charge for year

11,137

At 31st December 2018

53,725

NET BOOK VALUE

At 31st December 2018

45,685

At 31st December 2017

56,822

6.

STOCKS

2018

2017

£

£

Stocks

10,541

23,000

Work-in-progress

67,115

14,000

77,656

37,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

315,372

374,197

Other debtors

84,868

99,989

Directors' current accounts

86,718

81,665

S419 tax recoverable

5,043

5,043

Prepayments

3,029

1,818

495,030

562,712

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

10,143

17,175

Hire purchase contracts

5,400

12,046

Trade creditors

132,705

214,810

Current Corporation tax

73,613

60,588

Social security and other taxes

12,349

18,694

VAT

41,757

58,452

Other creditors

5,254

3,500

Directors' current accounts

26,112

16,148

Accrued expenses

35,282

42,990

342,615

444,403

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 1-2 years

7,465

15,488

Hire purchase contracts

1,420

6,598

8,885

22,086

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

17,608

32,663

The bank loan is secured by way of a fixed charge over the Company's buildings, fixtures and plant and machinery as well

as a floating charge over all of the Company's moveable plant, machinery and equipment.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is C D Tarrant.