HALLAMSHIRE_HARDMETAL_PRO - Accounts

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED - Company Information

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Company Registration No. 03289670 (England and Wales)

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

24,398

Tangible assets

14,576

29,108

Investments

281,176

356,176

295,752

409,682

Current assets

Stocks

80,007

83,323

Debtors

1,633,878

1,823,416

Cash at bank and in hand

30,118

1,713,925

1,936,857

Creditors: amounts falling due within one year

(545,298)

(585,079)

Net current assets

1,168,627

1,351,778

Total assets less current liabilities

1,464,379

1,761,460

Creditors: amounts falling due after more than one year

(164,559)

(339,704)

1,299,820

1,421,756

Capital and reserves

Called up share capital

80,000

Other reserves

26,494

Profit and loss account

1,193,326

1,315,262

Shareholder's funds

1,299,820

1,421,756

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

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

Directors' responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 23 November 2016

Mr I Wilkins

Director

Company Registration No. 03289670

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

10-33% Straight Line

Motor vehicles

33.33% Straight Line

1.5

Leasing and hire purchase commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

1.8

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.9

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.10

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 April 2015 & at 31 March 2016

460,398

459,153

431,176

1,350,727

Depreciation

At 1 April 2015

436,000

430,045

75,000

941,045

Charge for the year

24,398

14,532

75,000

113,930

At 31 March 2016

460,398

444,577

150,000

1,054,975

Net book value

At 31 March 2016

14,576

281,176

295,752

At 31 March 2015

24,398

29,108

356,176

409,682

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Artisan Sintered Products Ltd

Great Britain

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2016

Principal activity

Artisan Sintered Products Ltd

Manufacturing

46,349

(58,990)

As referred to in note 5 of these financial statements an amount of £75,000 (2015 - £75,000) has been provided as a temporary diminution in the value of the investment in the company's wholly owned subsidiary, Artisan Sintered Products Limited.

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £274,531 (2015 - £272,571).

HALLAMSHIRE HARDMETAL PRODUCTS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 5 -

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £164,559 (2015 - £339,704).

The overdraft and sales financing agreements are secured by debentures over the assets of the company.

Share capital

2016

2015

Allotted, called up and fully paid

80,000 Ordinary shares of £1 each

80,000

Ultimate parent company

The company is under the control of its parent company, Hardmetal Products Limited, a company incorporated in England and Wales. Hardmetal Products Limited is under the control of I Wilkins who beneficially owns 58% of the issued share capital.