Hoverdale UK Limited Company accounts

HOVERDALE UK LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06720334

Hoverdale UK Limited

Unaudited Financial Statements

31 October 2019

Hoverdale UK Limited

Financial Statements

Year ended 31 October 2019

Contents	Page

Director's report	1

Statement of comprehensive income	2

Statement of financial position	3

Statement of changes in equity	5

Notes to the financial statements	6

The following pages do not form part of the financial statements

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	12

Hoverdale UK Limited

Director's Report

Year ended 31 October 2019

The director presents his report and the unaudited financial statements of the company for the year ended 31 October 2019 .

Director

The director who served the company during the year was as follows:

Mr M Parker

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 24 June 2020 and signed on behalf of the board by:

Mr M Parker
Director

Registered office:

1 Bitteswell Road

Lutterworth

Leicestershire

LE17 4EL

Hoverdale UK Limited

Statement of Comprehensive Income

Year ended 31 October 2019

	2019	2018
Note	£	£
Turnover	982,537	837,490

Cost of sales	628,126	465,240
	---------	---------
Gross profit	354,411	372,250

Distribution costs	4,605	6,155
Administrative expenses	353,972	325,845
	---------	---------
Operating (loss)/profit	( 4,166)	40,250

Other interest receivable and similar income		4	54
Interest payable and similar expenses		5,143	3,659
		---------	---------
(Loss)/profit before taxation	5	( 9,305)	36,645

Tax on (loss)/profit	( 39,262)	3,029
	--------	--------
Profit for the financial year and total comprehensive income	29,957	33,616
	--------	--------

All the activities of the company are from continuing operations.

The company has no other recognised items of income and expenses other than the results for the year as set out above.

Hoverdale UK Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		143,519	169,244

Current assets

Stocks		54,087	48,534
Debtors	7	388,260	258,249
Cash at bank and in hand		12,336	10,803
		---------	---------
		454,683	317,586

Creditors: amounts falling due within one year	8	341,484		259,363
		---------		---------
Net current assets			113,199	58,223
			---------	---------
Total assets less current liabilities			256,718	227,467

Creditors: amounts falling due after more than one year	9		42,298	14,072

Provisions

Taxation including deferred tax	9,088	9,917
	---------	---------
Net assets	205,332	203,478
	---------	---------

Hoverdale UK Limited

Statement of Financial Position (continued)

31 October 2019

	2019		2018
Note	£	£	£

Capital and reserves

Called up share capital	100	3
Profit and loss account	205,232	203,475
	---------	---------
Shareholder funds	205,332	203,478
	---------	---------

These financial statements have been prepared 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'.

For the year ending 31 October 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 member has 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 .

These financial statements were approved by the board of directors and authorised for issue on 24 June 2020 , and are signed on behalf of the board by:

Mr M Parker
Director

Company registration number: 06720334

Hoverdale UK Limited

Statement of Changes in Equity

Year ended 31 October 2019

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 November 2017	1	202,359	202,360

Profit for the year		33,616	33,616
	----	---------	---------
Total comprehensive income for the year	–	33,616	33,616

Issue of shares	2	–	2
Dividends paid and payable	–	( 32,500)	( 32,500)
	----	---------	---------
Total investments by and distributions to owners	2	( 32,500)	( 32,498)

At 31 October 2018	3	203,475	203,478

Profit for the year		29,957	29,957
	----	---------	---------
Total comprehensive income for the year	–	29,957	29,957

Issue of shares	99	–	99
Dividends paid and payable	–	( 28,200)	( 28,200)
Redemption of shares	( 2)	–	( 2)
	----	--------	--------
Total investments by and distributions to owners	97	( 28,200)	( 28,103)

	----	---------	---------
At 31 October 2019	100	205,232	205,332
	----	---------	---------

Hoverdale UK Limited

Notes to the Financial Statements

Year ended 31 October 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 1 Bitteswell Road, Lutterworth, Leicestershire, LE17 4EL.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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 & machinery	-	12% straight line
Fixtures & fittings	-	20% straight line
Office equipment	-	20% straight line

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2018: 11 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2019	2018
	£	£
Depreciation of tangible assets	35,570	34,203
	--------	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 November 2018	325,960	1,110	7,205	334,275
Additions	529	4,457	5,259	10,245
Disposals	( 115,250)	–	–	( 115,250)
	---------	-------	--------	---------
At 31 October 2019	211,239	5,567	12,464	229,270
	---------	-------	--------	---------
Depreciation
At 1 November 2018	159,669	37	5,325	165,031
Charge for the year	33,853	383	1,334	35,570
Disposals	( 114,850)	–	–	( 114,850)
	---------	-------	--------	---------
At 31 October 2019	78,672	420	6,659	85,751
	---------	-------	--------	---------
Carrying amount
At 31 October 2019	132,567	5,147	5,805	143,519
	---------	-------	--------	---------
At 31 October 2018	166,291	1,073	1,880	169,244
	---------	-------	--------	---------

7. Debtors

	2019	2018
	£	£
Trade debtors	204,290	143,269
Amounts owed by group undertakings and undertakings in which the company has a participating interest	213	188
Other debtors	183,757	114,792
	---------	---------
	388,260	258,249
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	–	19,564
Trade creditors	179,004	74,139
Corporation tax	–	11,523
Social security and other taxes	22,764	3,549
Other loan creditors	21,813	–
Other creditors	117,903	150,588
	---------	---------
	341,484	259,363
	---------	---------

Other creditors includes invoice finance of 99,898 secured upon the trade debts of the company.

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

	2019	2018
	£	£
Bank loans and overdrafts	–	14,072
Other loan creditors	42,298	–
	--------	--------
	42,298	14,072
	--------	--------

The other creditor balance relates to a loan from the directors pension scheme.

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Parker	( 27,803)	26,186	( 12,000)	( 13,617)
	--------	--------	--------	--------

	2018
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Parker	( 65,626)	57,823	( 20,000)	( 27,803)
	--------	--------	--------	--------

11. Related party transactions

The company was under the control of the director Mr Parker throughout the period. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Hoverdale UK Limited

Management Information

Year ended 31 October 2019

The following pages do not form part of the financial statements.

Hoverdale UK Limited

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Hoverdale UK Limited

Year ended 31 October 2019

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 October 2019, which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

HOWELL & CO (LEICESTER) LTD Chartered Certified Accountants

1 Bitteswell Road Lutterworth Leics LE17 4EL

24 June 2020