H. V. P. Security Shutters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01406952 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

H. V. P. SECURITY SHUTTERS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

T J Keating

A S Keating

N Addicott

SECRETARY:

A S Keating

REGISTERED OFFICE:

Westward Centre

4 Grace Road West

Marsh Barton Trading Estate

Exeter

Devon

EX2 8PU

REGISTERED NUMBER:

01406952 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

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 H. V. P. Security Shutters Limited for the year ended 31 March 2019 which

comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of H. V. P. Security Shutters Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of H. V. P. Security Shutters Limited and state those matters that we have agreed to state to the Board of Directors of H. V. P. Security Shutters Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H. V. P. Security Shutters Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that H. V. P. Security Shutters 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 H. V. P. Security Shutters Limited. You consider that H. V. P. Security Shutters 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 H. V. P. Security Shutters 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

24 December 2019

FIXED ASSETS

Tangible assets

4

363,669

357,674

CURRENT ASSETS

Stocks

27,865

24,182

Debtors

5

196,697

165,709

Cash at bank and in hand

5,749

724

230,311

190,615

CREDITORS

Amounts falling due within one year

6

301,201

238,267

NET CURRENT LIABILITIES

(70,890

)

(47,652

)

TOTAL ASSETS LESS CURRENT LIABILITIES

292,779

310,022

CREDITORS

Amounts falling due after more than one year

7

(96,969

)

(108,556

)

PROVISIONS FOR LIABILITIES

9

(7,663

)

(5,593

)

NET ASSETS

188,147

195,873

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

127,947

127,947

Retained earnings

60,100

67,826

SHAREHOLDERS' FUNDS

188,147

195,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 24 December 2019 and were signed on its behalf by:

A S Keating - Director

1.	STATUTORY INFORMATION

H. V. P. Security Shutters 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 represents net invoiced manufacture, supply and installation of security shutters and grills,

excluding value added tax. Turnover is recognised when the service is rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost

Plant and machinery

-

25% on reducing balance

Office equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of

financial assets and liabilities like trade and other debtors, loans from banks and other third 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 profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between an asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between an asset's carrying amount and the best estimate, which is an approximation, of

the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there

is an enforceable right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the asset and settle the liability simultaneously.

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.

Pension costs and other post- retirement benefits

The company operates a defined contribution pension scheme in respect of the directors and staff.

The assets of the scheme are held separately from those of the company in an independently

administered fund.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2018 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

property

machinery

equipment

£

£

£

COST

At 1 April 2018

330,000

29,732

8,116

Additions

-

3,750

694

At 31 March 2019

330,000

33,482

8,810

DEPRECIATION

At 1 April 2018

13,200

26,044

4,754

Charge for year

-

1,860

607

At 31 March 2019

13,200

27,904

5,361

NET BOOK VALUE

At 31 March 2019

316,800

5,578

3,449

At 31 March 2018

316,800

3,688

3,362

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2018

24,980

66,326

459,154

Additions

-

16,480

20,924

At 31 March 2019

24,980

82,806

480,078

DEPRECIATION

At 1 April 2018

23,822

33,660

101,480

Charge for year

174

12,288

14,929

At 31 March 2019

23,996

45,948

116,409

NET BOOK VALUE

At 31 March 2019

984

36,858

363,669

At 31 March 2018

1,158

32,666

357,674

The freehold properties were revalued at the market value in the year ended 31 March 2016, as

agreed by the directors.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

87,768

130,516

Other debtors

108,929

35,193

196,697

165,709

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

37,901

24,730

Hire purchase contracts

13,114

9,788

Trade creditors

126,638

117,524

Taxation and social security

66,167

40,606

Other creditors

57,381

45,619

301,201

238,267

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

87,689

101,809

Hire purchase contracts

9,280

6,747

96,969

108,556

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

34,889

49,009

8.	SECURED DEBTS

Lloyds TSB Bank PLC has a fixed and floating charge over the undertaking and all property and

assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant

and machinery.

The hire purchase contracts are secured on the relevant assets.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

7,663

5,593

Deferred

tax

£

Balance at 1 April 2018

5,593

Accelerated capital allowances

2,070

Balance at 31 March 2019

7,663

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

11.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

The directors have not depreciated freehold property, as they have concluded that the balance in the

accounts reflects a true and fair value of the asset.

No other significant judgements or assumptions have had to be made.

12.	PENSION CONTRIBUTIONS

At the year end £2,213 (2018 - £Nil) pension contributions were outstanding.