Heatexchangers South West Limited - Period Ending 2016-07-31

Registration number: 02585259

Heatexchangers South West Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2016
 

Susan Hinchliffe & Co Ltd
Chartered Accountants
4 Newton Close
Newton Ferrers
Plymouth
PL8 1AL

Heatexchangers South West 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 Director on the Preparation of the Unaudited Statutory Accounts of
Heatexchangers South West Limited
for the Year Ended 31 July 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Heatexchangers South West Limited for the year ended 31 July 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Heatexchangers South West Limited, as a body, in accordance with the terms of our engagement letterdated 18 March 2003. Our work has been undertaken solely to prepare for your approval the accounts of Heatexchangers South West Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Heatexchangers South West Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Heatexchangers South West 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 Heatexchangers South West Limited. You consider that Heatexchangers South West 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 Heatexchangers South West 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.

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

Susan Hinchliffe & Co Ltd
Chartered Accountants
4 Newton Close
Newton Ferrers
Plymouth
PL8 1AL

6 April 2017

Page 1

Heatexchangers South West Limited
(Registration number: 02585259)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					14,590			17,668
Current assets
Stocks					1,500			5,787
Debtors					28,668			27,271
Cash at bank and in hand					55,039			39,015
					85,207			72,073
Creditors: Amounts falling due within one year					(59,914)			(55,587)
Net current assets					25,293			16,486
Total assets less current liabilities					39,883			34,154
Provisions for liabilities					(2,918)			(3,534)
Net assets					36,965			30,620
Capital and reserves
Called up share capital		3			11			11
Profit and loss account					36,954			30,609
Shareholders' funds					36,965			30,620

For the year ending 31 July 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 director acknowledges his 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 director on 6 April 2017

.........................................
Mr Christopher Beacon
Director

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

Heatexchangers South West Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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
Motor vehicles	25% reducing balance
Plant and machinery	25% reducing balance

Stock

Stock is 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.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Page 3

Heatexchangers South West Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 August 2015		95,655			95,655
Additions		412			412
At 31 July 2016		96,067			96,067
Depreciation
At 1 August 2015		77,987			77,987
Charge for the year		3,490			3,490
At 31 July 2016		81,477			81,477
Net book value
At 31 July 2016		14,590			14,590
At 31 July 2015		17,668			17,668

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		10			10			10			10

Page 4