Hybrid Manufacturing Technologies Limite - Accounts to registrar (filleted) - small 18.2
Hybrid Manufacturing Technologies Limite - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED |
Unaudited Financial Statements |
for the Year Ended 31 December 2020 |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Contents of the Financial Statements |
for the year ended 31 December 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED |
Company Information |
for the year ended 31 December 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
The Riding School House |
Bulls Lane |
Wishaw |
Sutton Coldfield |
West Midlands |
B76 9QW |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Balance Sheet |
31 December 2020 |
31/12/20 | 31/12/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
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. |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Balance Sheet - continued |
31 December 2020 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Notes to the Financial Statements |
for the year ended 31 December 2020 |
1. | STATUTORY INFORMATION |
Hybrid Manufacturing Technologies Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
As at the balance sheet date the company is showing an insolvent position. However, included in creditors are amounts received in advance of project expenditure due over the next three years. Accordingly the directors consider the going concern basis of preparation to be appropriate. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Holiday pay accrual |
Liability reflected in accounts in recognition of employees providing a service in exchange for benefits to be paid at a future date. |
Grants |
The Company has adopted the accruals model for accounting for grant income. |
Upon initial receipt of the grant the company classifies the grant according to whether it is a grant relating to revenue or a grant relating to assets. |
Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. |
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs will be recognised in income in the period in which it becomes receivable. |
Grants relating to assets shall be recognised in income on a systematic basis over the expected useful life of the asset. |
Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not deducted from the carrying amount of the asset. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2020 |
Additions |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2020 |
Transfer to ownership | (58,696 | ) |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
Transfer to ownership | (44,756 | ) |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
HYBRID MANUFACTURING TECHNOLOGIES |
LIMITED (REGISTERED NUMBER: 08334706) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/20 | 31/12/19 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by participating interests | - | 6,523 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/20 | 31/12/19 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 34,024 | 4,844 |
Taxation and social security |
Other creditors |
The directors loans are not subject to any formal loan agreements, no interest is charged and there is no set date for repayment. On the basis that no formal agreement exists, the loans are deemed to be repayable on demand. |