Hafco Limited - Accounts to registrar (filleted) - small 18.2
Hafco Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| HAFCO LIMITED |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
| HAFCO LIMITED (REGISTERED NUMBER: 08310761) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| HAFCO LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Exchange |
| 5 Bank Street |
| Bury |
| BL9 0DN |
| HAFCO LIMITED (REGISTERED NUMBER: 08310761) |
| STATEMENT OF FINANCIAL POSITION |
| 31 MARCH 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 4 |
| CURRENT ASSETS |
| Inventories |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 by: |
| HAFCO LIMITED (REGISTERED NUMBER: 08310761) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 1. | STATUTORY INFORMATION |
| Hafco Limited is a private company, limited by shares, registered in England and Wales. The company's |
| registered number is 08310761 and its registered office address is Unit 5 Cowm Top Business Park, Cowm Top |
| Lane, Rochdale, England, OL11 2PU. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company made a loss during the year of £26,644 (2018: profit of £11,148) and at the year end there were net |
| liabilities of £27,090 (2018: liabilities of £446). |
| The directors have considered the business risks and believe that the company is well placed to manage these |
| risks successfully, thus the going concern basis of accounting has been adopted in preparing these financial |
| statements. |
| Significant accounting judgements and estimates |
| In the application of the company's accounting policies, the directors are required to make estimates and |
| judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ |
| from these estimates. |
| The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which |
| the estimate is revised. |
| The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
| amount of assets and liabilities are outlined below: |
| Making judgement based on historical experience on the level of provision required for impairment of |
| inventories. |
| Revenue |
| Revenue comprises the aggregate of the fair value of goods sold in the year, net of value-added tax, rebates and |
| discounts. Sales of goods are recognised when the company delivers products to the customer, the customer has |
| accepted the products and collection of the related receivables is anticipated. |
| Property, plant and equipment |
| Plant and machinery etc | - |
| Inventories |
| Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Cost comprises the invoice purchase cost, where applicable translated from US Dollars at the exchange rate |
| prevailing at the invoice date, plus charges and duty. |
| HAFCO LIMITED (REGISTERED NUMBER: 08310761) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instrument transactions that result in the recognition of financial |
| assets and liabilities like trade and other receivables and payables, loans from banks and other third parties and |
| loans to related parties. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
| objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
| in the income statement. |
| Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised |
| cost,. |
| 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 material 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. |
| Foreign currencies |
| Monetary 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| HAFCO LIMITED (REGISTERED NUMBER: 08310761) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2019 |
| 4. | PROPERTY, PLANT AND EQUIPMENT |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 April 2018 |
| Additions |
| At 31 March 2019 |
| DEPRECIATION |
| At 1 April 2018 |
| Charge for year |
| At 31 March 2019 |
| NET BOOK VALUE |
| At 31 March 2019 |
| At 31 March 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade creditors |
| Amounts owed to related parties |
| Other creditors |
| 7. | OTHER FINANCIAL COMMITMENTS |
| At the year end, the company had no commitment to buy foreign currency. (2018: A commitment to buy $80,000 |
| USD at a rate of $1.400/£1). |