HPC Gears Limited - Limited company - abbreviated - 11.0.0

HPC Gears Limited - Limited company - abbreviated - 11.0.0

HPC GEARS LIMITED - Company Information

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REGISTERED NUMBER: 03262229 (England and Wales)



















Abbreviated Unaudited Accounts

for the Year Ended 31 March 2014

for

HPC Gears Limited

HPC Gears Limited (Registered number: 03262229)






Contents of the Abbreviated Accounts
for the Year Ended 31 March 2014




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

HPC Gears Limited

Company Information
for the Year Ended 31 March 2014







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
Page 1
HPC Gears Limited (Registered number: 03262229)

Abbreviated Balance Sheet
31 March 2014

2014 2013
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 3,330,258 2,917,288
Investments 3 101 101
3,330,359 2,917,389

CURRENT ASSETS
Stocks 520,023 646,961
Debtors 774,263 928,060
Cash at bank and in hand 1,133,038 659,959
2,427,324 2,234,980
CREDITORS
Amounts falling due within one year 4 2,176,020 2,829,801
NET CURRENT ASSETS/(LIABILITIES) 251,304 (594,821 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
3,581,663
2,322,568

PROVISIONS FOR LIABILITIES 185,921 134,545
NET ASSETS 3,395,742 2,188,023

CAPITAL AND RESERVES
Called up share capital 5 13,000 13,000
Profit and loss account 3,382,742 2,175,023
SHAREHOLDERS' FUNDS 3,395,742 2,188,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 notes form part of these abbreviated accounts

Page 2 continued...
HPC Gears Limited (Registered number: 03262229)

Abbreviated Balance Sheet - continued
31 March 2014


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 11 August 2014 and were signed on its
behalf by:





J A Hinchliffe - Director


The notes form part of these abbreviated accounts

Page 3
HPC Gears Limited (Registered number: 03262229)

Notes to the Abbreviated Accounts
for the Year Ended 31 March 2014

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The company and its subsidiary comprise a small group. The company has therefore taken advantage
of Section 398 of the Companies Act 2006 not to prepare group accounts.

Merger relief under section 612 of the Companies Act 2006 applied to the acquisition of the subsidiary
and no share premium under section 610 or merger reserve was recognised in the company's balance
sheet as permitted by section 615.

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, 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 for taxation deferred in respect of all material timing differences.

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.

Page 4 continued...
HPC Gears Limited (Registered number: 03262229)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 March 2014

1. ACCOUNTING POLICIES - continued

Employee benefit trusts
The company has purchased trusts for the benefit of employees and certain of their dependants.
Monies held in these trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and
liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of
the date that an allocation of trust funds to employees in respect of past services is declared and the
date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services
to the business and the company can obtain no future economic benefit from those monies, such
monies, whether in the trust or accrued for by the company are charged to the profit and loss account
in the period to which they relate.

Employer-financed retirement benefit scheme
The company has established trusts for the benefit of employees and persons connected with them.
Monies held in these trusts are held by independent trustees and managed at their discretion. The
trustees are empowered to provide both retirement and other employee benefits.

Where the company retains future economic benefit from, and has de facto control of the assets and
liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of
the date that an allocation of trust funds to employees in respect of past services is declared and the
date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past services
to the business and the company can obtain no future economic benefit from those monies, such
monies, whether in the trust or accrued for by the company are charged to the profit and loss account
in the period to which they relate.

Where monies held in a trust are determined by the company on the basis of employees' past services
to the business and are payable after completion of the employment, such monies are charged to the
profit and loss account in the period during which services are rendered by employees.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis
over the period of the lease.

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

Page 5 continued...
HPC Gears Limited (Registered number: 03262229)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 March 2014

2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 April 2013 3,215,401
Additions 696,962
Disposals (55,567 )
At 31 March 2014 3,856,796
DEPRECIATION
At 1 April 2013 298,113
Charge for year 273,449
Eliminated on disposal (45,024 )
At 31 March 2014 526,538
NET BOOK VALUE
At 31 March 2014 3,330,258
At 31 March 2013 2,917,288

3. FIXED ASSET INVESTMENTS
Investments
other
than
loans
£   
COST
At 1 April 2013
and 31 March 2014 90,799
PROVISIONS
At 1 April 2013
and 31 March 2014 90,698
NET BOOK VALUE
At 31 March 2014 101
At 31 March 2013 101

The company's investments at the balance sheet date in the share capital of companies include the
following:

HPC Gears International Limited
Nature of business: Sale and distribution of engineering components
%
Class of shares: holding
Ordinary 100.00
2014 2013
£    £   
Aggregate capital and reserves 100 100
Profit for the year - 192,762

4. CREDITORS

Creditors include an amount of £ 0 (2013 - £ 576 ) for which security has been given.

Page 6 continued...
HPC Gears Limited (Registered number: 03262229)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 March 2014

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2014 2013
value: £    £   
13,000 Ordinary £1 13,000 13,000

6. ULTIMATE PARENT COMPANY

The company's ultimate parent undertaking is HPC Corporation Limited.


Page 7