HIGHFIELD_MACHINERY_LIMIT - Accounts

HIGHFIELD MACHINERY LIMITED - Company Information

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Company Registration No. 07540904 (England and Wales)

HIGHFIELD MACHINERY LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2016

HIGHFIELD MACHINERY LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

HIGHFIELD MACHINERY LIMITED

ABBREVIATED BALANCE SHEET

AS AT

29 FEBRUARY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

398,791

483,088

Current assets

Debtors

1,378,976

1,579,097

Cash at bank and in hand

258

1,378,976

1,579,355

Creditors: amounts falling due within one year

(18,542)

(348,087)

Net current assets

1,360,434

1,231,268

Total assets less current liabilities

1,759,225

1,714,356

Provisions for liabilities

(52,555)

(60,944)

1,706,670

1,653,412

Capital and reserves

Called up share capital

100

Profit and loss account

1,706,570

1,653,312

Shareholders' funds

1,706,670

1,653,412

For the financial year ended 29 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have 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 15 November 2016

Mr W Platt

Director

Company Registration No. 07540904

HIGHFIELD MACHINERY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 29 FEBRUARY 2016

- 2 -

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

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

15% Reducing balance

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Fixed assets

Tangible assets

Cost

At 1 March 2015

687,378

Disposals

(22,886)

At 29 February 2016

664,492

Depreciation

At 1 March 2015

204,290

On disposals

(9,467)

Charge for the year

70,878

At 29 February 2016

265,701

Net book value

At 29 February 2016

398,791

At 28 February 2015

483,088

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £34,256).

Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.

HIGHFIELD MACHINERY LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 29 FEBRUARY 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary of £1 each

100

Related party relationships and transactions

The company was a member of the partnerhsip known as WR Platt until 30 April 2014, when it retired. WR Platt trades as farmers. At the balance sheet date the companys' capital invested in the partnership amounted to £1,087,101 which is included within debtors.

During the year the company hired plant to WR Platt partnership on normal commercial terms to the value of £140.000 At the balance sheet date the amount outstanding on the debtors ledgar was £20,000