HPC Gears Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03262229 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

HPC Gears Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J A Hinchliffe

T J Hinchliffe

Mrs P B Hinchliffe

Mrs T J Heathcote

SECRETARY:

Mrs P B Hinchliffe

REGISTERED OFFICE:

Little Lydgate Farm

Main Road

Holmesfield

Dronfield

Derbyshire

S18 7WB

REGISTERED NUMBER:

03262229 (England and Wales)

ACCOUNTANTS:

Bates Weston LLP

Chartered Accountants

The Mills

Canal Street

Derby

DE1 2RJ

FIXED ASSETS

Tangible assets

4

2,917,113

3,172,912

Investments

5

100

100

2,917,213

3,173,012

CURRENT ASSETS

Stocks

408,498

444,963

Debtors

6

750,971

622,669

Cash at bank and in hand

1,803,725

2,632,958

2,963,194

3,700,590

CREDITORS

Amounts falling due within one year

7

1,140,868

2,708,064

NET CURRENT ASSETS

1,822,326

992,526

TOTAL ASSETS LESS CURRENT LIABILITIES

4,739,539

4,165,538

PROVISIONS FOR LIABILITIES

8

235,959

263,040

NET ASSETS

4,503,580

3,902,498

CAPITAL AND RESERVES

Called up share capital

13,000

13,000

Retained earnings

4,490,580

3,889,498

SHAREHOLDERS' FUNDS

4,503,580

3,902,498

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 June 2021 and were signed on its behalf by:

J A Hinchliffe - Director

1.	STATUTORY INFORMATION

HPC Gears 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.

Preparation of consolidated financial statements

The financial statements contain information about HPC Gears Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, including, where applicable, relevant costs and overheads plus attributable profit to date recoverable on contracts.

Amounts recoverable on contracts are stated at sales value, and are included within year end debtors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Freehold property

- 2% on cost

Plant and machinery

- 15% on reducing balance

Fixtures and fittings

- 20% on cost

Motor vehicles

- 25% on cost

Computer equipment

- 20% on cost

Freehold land is not depreciated.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents purchase invoice value on a first in first out basis.

Cost is that incurred in bringing each product to its present location and condition and includes the cost of direct materials and labour plus attributable overheads based on normal levels of activity.

Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

Deferred tax

Provision is made at current rates of taxation deferred in respect of all material timing differences.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Fixed asset investments

Fixed asset investments are stated at cost less amounts written off.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2020 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2020

2,077,808

3,346,837

10,277

Additions

-

299

-

At 31 March 2021

2,077,808

3,347,136

10,277

DEPRECIATION

At 1 April 2020

327,945

1,929,697

10,276

Charge for year

41,056

212,600

-

At 31 March 2021

369,001

2,142,297

10,276

NET BOOK VALUE

At 31 March 2021

1,708,807

1,204,839

1

At 31 March 2020

1,749,863

1,417,140

1

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

35,422

85,371

5,555,715

Additions

-

576

875

At 31 March 2021

35,422

85,947

5,556,590

DEPRECIATION

At 1 April 2020

33,922

80,963

2,382,803

Charge for year

1,500

1,518

256,674

At 31 March 2021

35,422

82,481

2,639,477

NET BOOK VALUE

At 31 March 2021

-

3,466

2,917,113

At 31 March 2020

1,500

4,408

3,172,912

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2020

and 31 March 2021

3,000

PROVISIONS

At 1 April 2020

and 31 March 2021

2,900

NET BOOK VALUE

At 31 March 2021

100

At 31 March 2020

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

643,717

544,818

Amounts recoverable on contracts

85,053

56,954

Other debtors

2,276

2,306

Prepayments

19,925

18,591

750,971

622,669

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

41

-

Trade creditors

70,936

86,500

Amounts owed to group undertakings

431,486

2,120,486

Tax

262,061

144,173

Social security and other taxes

362,249

343,384

Accrued expenses

14,095

13,521

1,140,868

2,708,064

8.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

Accelerated capital allowances

235,959

263,040

Deferred

tax

£

Balance at 1 April 2020

263,040

Utilised during year

(27,081

)

Balance at 31 March 2021

235,959