HB Cables and Components Limited Filleted accounts for Companies House (small and micro)

HB CABLES AND COMPONENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05766437

HB Cables and Components Limited

Filleted Unaudited Financial Statements

30 April 2019

HB Cables and Components Limited

Financial Statements

Year ended 30 April 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

HB Cables and Components Limited

Statement of Financial Position

30 April 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		410,760		410,255

Current assets

Stocks		176,909	135,010
Debtors	6	205,391	168,630
Cash at bank and in hand		15,330	29,428
		---------	---------
		397,630	333,068

Creditors: amounts falling due within one year	7	295,168		273,743
		---------		---------
Net current assets			102,462		59,325
			---------		---------
Total assets less current liabilities			513,222		469,580

Creditors: amounts falling due after more than one year	8		170,267		181,042

Provisions

Taxation including deferred tax	1,926	2,302
	---------	---------
Net assets	341,029	286,236
	---------	---------

Capital and reserves

Called up share capital	9	2	2
Profit and loss account		341,027	286,234
		---------	---------
Shareholders funds		341,029	286,236
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HB Cables and Components Limited

Statement of Financial Position (continued)

30 April 2019

These financial statements were approved by the board of directors and authorised for issue on 22 January 2020 , and are signed on behalf of the board by:

Mr P G Berry
Director

Company registration number: 05766437

HB Cables and Components Limited

Notes to the Financial Statements

Year ended 30 April 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 72 St Johns Road, Stansted, Essex, CM24 8JS, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	20% reducing balance
Motor Vehicles	-	20% straight line

Investment property

Investment property, which is property held to earn rentals, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Investment property

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 3 ).

5. Tangible assets

	Investment property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 May 2018	398,140	9,836	11,350	419,326
Additions	2,483	999	–	3,482
	---------	--------	--------	---------
At 30 April 2019	400,623	10,835	11,350	422,808
	---------	--------	--------	---------
Depreciation
At 1 May 2018	–	6,801	2,270	9,071
Charge for the year	–	707	2,270	2,977
	---------	--------	--------	---------
At 30 April 2019	–	7,508	4,540	12,048
	---------	--------	--------	---------
Carrying amount
At 30 April 2019	400,623	3,327	6,810	410,760
	---------	--------	--------	---------
At 30 April 2018	398,140	3,035	9,080	410,255
	---------	--------	--------	---------

The investment property is shown at its historical cost and the director does not consider the fair value to be materially different to cost.

6. Debtors

	2019	2018
	£	£
Trade debtors	205,391	168,630
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	10,766	10,374
Trade creditors	113,614	67,024
Accruals and deferred income	4,270	4,144
Corporation tax	15,396	7,020
Social security and other taxes	25,249	33,188
Director loan accounts	124,417	151,993
Other creditors	1,456	–
	---------	---------
	295,168	273,743
	---------	---------

The bank loan is secured by a fixed legal charge over the investment property.

8. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	170,267	181,042
	---------	---------

The bank loan is secured by a fixed legal charge over the investment property.

Included within creditors: amounts falling due after more than one year is an amount of £127,982 (2018: £138,364) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	–	2,526
	----	-------

11. Related party transactions

At the year end the company owed the director £124,417 (2018: £151,993) in the form of a loan. This loan, which is shown amongst creditors, is interest free and repayable on demand.