DRILL SERVICE (HORLEY) LIMITED - Limited company accounts 16.1
DRILL SERVICE (HORLEY) LIMITED - Limited company accounts 16.1
| REGISTERED NUMBER: |
| Report of the Directors and |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2016 |
| for |
| DRILL SERVICE (HORLEY) LIMITED |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Contents of the Financial Statements |
| for the Year Ended 30 June 2016 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Statement of Total Recognised Gains and Losses | 4 |
| Balance Sheet | 5 |
| Notes to the Financial Statements | 7 |
| DRILL SERVICE (HORLEY) LIMITED |
| Company Information |
| for the Year Ended 30 June 2016 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants and Chartered Tax Advisers |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Report of the Directors |
| for the Year Ended 30 June 2016 |
| The directors present their report with the financial statements of the company for the year ended 30 June 2016. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the manufacture and merchanting of end |
| cutting tools, small hole drilling and manufacture and sale of drilling machines and magnets. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 July 2015 to the date of this report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Profit and Loss Account |
| for the Year Ended 30 June 2016 |
| 30.6.16 | 30.6.15 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 5,507 | 24,783 |
| Other operating income |
| OPERATING PROFIT | 2 |
| Interest receivable and similar income |
| 65,045 | 99,938 |
| Interest payable and similar charges |
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
| Tax on profit on ordinary activities | 3 |
| PROFIT FOR THE FINANCIAL YEAR |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Statement of Total Recognised Gains and Losses |
| for the Year Ended 30 June 2016 |
| 30.6.16 | 30.6.15 |
| £ | £ |
| PROFIT FOR THE FINANCIAL YEAR |
| Freehold revaluation |
| TOTAL RECOGNISED GAINS AND LOSSES RELATING TO THE YEAR |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Balance Sheet |
| 30 June 2016 |
| 30.6.16 | 30.6.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Revaluation reserve | 9 |
| Profit and loss account | 9 |
| 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. |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Balance Sheet - continued |
| 30 June 2016 |
| The financial statements were approved by the Board of Directors on by: |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Notes to the Financial Statements |
| for the Year Ended 30 June 2016 |
| 1. | ACCOUNTING POLICIES |
| 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 January 2015). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax. |
| Tangible fixed assets |
| Leasehold property - 2% on building cost, straight line. Plant and machinery - 20% reducing balance, |
| Computers, office equipment and motor vehicles - 25% reducing balance. |
| 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 includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Hire purchase and 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. |
| 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. |
| 2. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 30.6.16 | 30.6.15 |
| £ | £ |
| Depreciation - owned assets |
| Pension costs |
| Directors' remuneration and other benefits etc |
| 3. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit on ordinary activities for the year was as follows: |
| 30.6.16 | 30.6.15 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Tax on profit on ordinary activities |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2016 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Long | Plant and |
| property | leasehold | machinery |
| £ | £ | £ |
| COST |
| At 1 July 2015 |
| Additions |
| At 30 June 2016 |
| DEPRECIATION |
| At 1 July 2015 |
| Charge for year |
| At 30 June 2016 |
| NET BOOK VALUE |
| At 30 June 2016 |
| At 30 June 2015 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 July 2015 |
| Additions |
| At 30 June 2016 |
| DEPRECIATION |
| At 1 July 2015 |
| Charge for year |
| At 30 June 2016 |
| NET BOOK VALUE |
| At 30 June 2016 |
| At 30 June 2015 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.16 | 30.6.15 |
| £ | £ |
| Trade debtors | 196,502 | 244,975 |
| Other debtors | 3,828 | 3,348 |
| DRILL SERVICE (HORLEY) LIMITED (Registered number: 00696597) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 June 2016 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.6.16 | 30.6.15 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.6.16 | 30.6.15 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.6.16 | 30.6.15 |
| value: | £ | £ |
| ORDINARY | 1 |
| 9. | RESERVES |
| Profit |
| and loss | Revaluation |
| account | reserve | Totals |
| £ | £ | £ |
| At 1 July 2015 |
| Profit for the year |
| At 30 June 2016 |
| 10. | CONTINGENT LIABILITIES |
| One of the company's bankers has provided a guarantee to HM Revenue and Customs with recourse to the |
| company. The guarantee amounted to £25,000 at 30 June 2016 (2015: £25,000) |
| 11. | RELATED PARTY DISCLOSURES |
| The company conducts its business from two premises,which are owned by the managing director.Rent was paid |
| to that director amounting to £48,000 (2015 £35,433) |