Hastie Burton Joinery Limited - Period Ending 2016-03-31

Registration number: 05116404

Hastie Burton Joinery Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

TEAM Accountancy Solutions Limited
Endurance House Colmet Court Queensway South
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0EF

Hastie Burton Joinery Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Hastie Burton Joinery Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hastie Burton Joinery Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants (CIMA) , we are subject to its ethical and other professional requirements which are detailed on their website at www.cimaglobal.com/ members/members-handbook.

This report is made solely to the Board of Directors of Hastie Burton Joinery Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Hastie Burton Joinery Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hastie Burton Joinery Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hastie Burton Joinery Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hastie Burton Joinery Limited. You consider that Hastie Burton Joinery 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 accounts of Hastie Burton Joinery 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 accounts.

......................................

TEAM Accountancy Solutions Limited
Endurance House Colmet Court Queensway South
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0EF

1 June 2016

Page 1

Hastie Burton Joinery Limited
(Registration number: 05116404)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					23,525			9,320
Current assets
Stocks					30,458			25,026
Debtors					89,922			34,905
Cash at bank and in hand					-			709
					120,380			60,640
Creditors: Amounts falling due within one year					(120,824)			(97,329)
Net current liabilities					(444)			(36,689)
Net assets/(liabilities)					23,081			(27,369)
Capital and reserves
Called up share capital		3			16			16
Profit and loss account					23,065			(27,385)
Shareholders' funds/(deficit)					23,081			(27,369)

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 1 June 2016 and signed on its behalf by:

.........................................
Mr A Brunton
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Hastie Burton Joinery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant & Machinery	20% reducing balance
Equipment	25% straight line
Motor Vehicles	25% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Hastie Burton Joinery Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		21,740			21,740
Additions		16,674			16,674
At 31 March 2016		38,414			38,414
Depreciation
At 1 April 2015		12,420			12,420
Charge for the year		2,469			2,469
At 31 March 2016		14,889			14,889
Net book value
At 31 March 2016		23,525			23,525
At 31 March 2015		9,320			9,320

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		16			16			16			16

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr A Brunton
Directors Loan Account	45,446	36,437	87,875	87,641

Page 4