Hyspec Limited - Limited company - abbreviated

REGISTERED NUMBER: 04532745 (England and Wales)

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

HYSPEC LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs P I Brentnall

Mr W J Brentnall

Mrs K Smith

SECRETARY:

Mr W J Brentnall

REGISTERED OFFICE:

Janelle House

Hartham Lane

Hertford

Hertfordshire

SG14 1QN

REGISTERED NUMBER:

04532745 (England and Wales)

ACCOUNTANTS:

Gary J Cansick & Co

Chartered Acountants

Janelle House

Hartham Lane

Hertford

Hertfordshire

SG14 1QN

FIXED ASSETS

Intangible assets

2

23,250

26,250

Tangible assets

3

300,554

308,156

323,804

334,406

CURRENT ASSETS

Stocks

43,841

26,479

Debtors

141,016

120,529

Cash at bank and in hand

4,018

12,087

188,875

159,095

CREDITORS

Amounts falling due within one year

4

417,627

363,932

NET CURRENT LIABILITIES

(228,752

)

(204,837

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

95,052

129,569

CREDITORS

Amounts falling due after more than one year

4

(76,410

)

(104,609

)

PROVISIONS FOR LIABILITIES

(13,123

)

(17,727

)

NET ASSETS

5,519

7,233

CAPITAL AND RESERVES

Called up share capital

5

1,000

Profit and loss account

4,519

6,233

SHAREHOLDERS' FUNDS

5,519

7,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 7 August 2015 and were signed on its behalf by:

Mr W J Brentnall - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

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 property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

60,000

AMORTISATION

At 1 April 2014

33,750

Amortisation for year

3,000

At 31 March 2015

36,750

NET BOOK VALUE

At 31 March 2015

23,250

At 31 March 2014

26,250

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

483,886

Additions

24,170

Disposals

(7,639

)

At 31 March 2015

500,417

DEPRECIATION

At 1 April 2014

175,730

Charge for year

26,829

Eliminated on disposal

(2,696

)

At 31 March 2015

199,863

NET BOOK VALUE

At 31 March 2015

300,554

At 31 March 2014

308,156

4.

CREDITORS

Creditors include an amount of £ 227,204 (31.3.14 - £ 239,088 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

1,000

Ordinary shares

£1

1,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Creditors include the sum of £36,668 (2014 £37,099) owed to Mrs K Smith and £3,951 (2014 £nil) owed to Mr

& Mrs Brentnall.

Hyspec Limited - Limited company - abbreviated - 11.6

Hyspec Limited - Limited company - abbreviated - 11.6