H. V. P. Security Shutters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01406952 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

H. V. P. SECURITY SHUTTERS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

T J Keating

A S Keating

N Addicott

SECRETARY:

A S Keating

REGISTERED OFFICE:

Westward Centre

4 Grace Road West

Marsh Barton Trading Estate

Exeter

Devon

EX2 8PU

REGISTERED NUMBER:

01406952 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H. V. P. Security Shutters Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of H. V. P. Security Shutters Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of H. V. P. Security Shutters Limited and state those matters that we have agreed to state to the Board of Directors of H. V. P. Security Shutters Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H. V. P. Security Shutters Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that H. V. P. Security Shutters Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of H. V. P. Security Shutters Limited. You consider that H. V. P. Security Shutters Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of H. V. P. Security Shutters Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

BA2 4BL

23 December 2021

FIXED ASSETS

Tangible assets

4

432,132

364,696

CURRENT ASSETS

Stocks

26,185

30,758

Debtors

5

190,025

199,091

Cash at bank and in hand

50,150

35,576

266,360

265,425

CREDITORS

Amounts falling due within one year

6

344,705

353,295

NET CURRENT LIABILITIES

(78,345

)

(87,870

)

TOTAL ASSETS LESS CURRENT LIABILITIES

353,787

276,826

CREDITORS

Amounts falling due after more than one year

7

(134,521

)

(85,612

)

PROVISIONS FOR LIABILITIES

9

(10,874

)

(6,677

)

NET ASSETS

208,392

184,537

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

186,147

127,947

Retained earnings

22,145

56,490

SHAREHOLDERS' FUNDS

208,392

184,537

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2021 and were signed on its behalf by:

A S Keating - Director

1.	STATUTORY INFORMATION

H. V. P. Security Shutters 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 as modified by the revaluation of certain assets.

Since the balance sheet date, the outbreak of Covid-19 and subsequent restrictions imposed have continued to disrupt normal trading conditions. The company has taken advantage of all available government aid in order to support the business and its employees through the crisis.

The directors are confident that the company is a going concern and the accounts have been prepared on this basis.

Turnover

Turnover represents net invoiced manufacture, supply and installation of security shutters and grills, excluding value added tax. Turnover is recognised when the service is rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of 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

-

25% on reducing balance

Office equipment

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, loans from banks and other third parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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.

Grant income

Government grants are accounted for under the accruals method, with those in relation to expenditure credited when the expenditure is charged to the profit and loss

Pension costs and other post- retirement benefits

The company operates a defined contribution pension scheme in respect of the directors and staff. The assets of the scheme are held separately from those of the company in an independently administered fund.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

property

machinery

equipment

£

£

£

COST OR VALUATION

At 1 April 2020

330,000

40,692

11,076

Additions

-

225

1,435

Disposals

-

-

-

Revaluations

45,000

-

-

At 31 March 2021

375,000

40,917

12,511

DEPRECIATION

At 1 April 2020

13,200

31,102

6,207

Charge for year

(13,200

)

2,454

943

Eliminated on disposal

-

-

-

At 31 March 2021

-

33,556

7,150

NET BOOK VALUE

At 31 March 2021

375,000

7,361

5,361

At 31 March 2020

316,800

9,590

4,869

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 April 2020

24,980

71,664

478,412

Additions

-

30,162

31,822

Disposals

-

(23,600

)

(23,600

)

Revaluations

-

-

45,000

At 31 March 2021

24,980

78,226

531,634

DEPRECIATION

At 1 April 2020

24,143

39,064

113,716

Charge for year

125

14,567

4,889

Eliminated on disposal

-

(19,103

)

(19,103

)

At 31 March 2021

24,268

34,528

99,502

NET BOOK VALUE

At 31 March 2021

712

43,698

432,132

At 31 March 2020

837

32,600

364,696

The freehold properties were revalued at the market value in the years ended 31 March 2016 and 2021, as agreed by the directors.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

60,737

76,434

Other debtors

129,288

122,657

190,025

199,091

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

68,971

15,039

Hire purchase contracts

17,909

12,258

Trade creditors

115,126

198,167

Taxation and social security

70,228

62,904

Other creditors

72,471

64,927

344,705

353,295

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

109,034

74,501

Hire purchase contracts

25,487

11,111

134,521

85,612

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

26,234

21,701

8.	SECURED DEBTS

Lloyds TSB Bank PLC has a fixed and floating charge over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

The hire purchase contracts are secured on the relevant assets.

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

10,874

6,677

Deferred

tax

£

Balance at 1 April 2020

6,677

Accelerated capital allowances

4,197

Balance at 31 March 2021

10,874

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

11.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

The directors have not depreciated freehold property, as they have concluded that the balance in the accounts reflects a true and fair value of the asset.

No other significant judgements or assumptions have had to be made.