Holequest Limited - Abbreviated accounts 16.3

HOLEQUEST LIMITED

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2016

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

Chartered Accountants' Report

6

DIRECTORS:

A J Batchelor

K M Rodger

SECRETARY:

K M Rodger

REGISTERED OFFICE:

Winston Road

Galashiels

Scottish Borders

TD1 2DA

REGISTERED NUMBER:

SC056002 (Scotland)

ACCOUNTANTS:

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

FIXED ASSETS

Tangible assets

2

335,406

342,547

CURRENT ASSETS

Stocks

25,841

25,797

Debtors

337,164

253,683

Cash at bank and in hand

253,438

326,281

616,443

605,761

CREDITORS

Amounts falling due within one year

176,553

187,565

NET CURRENT ASSETS

439,890

418,196

TOTAL ASSETS LESS CURRENT LIABILITIES

775,296

760,743

CREDITORS

Amounts falling due after more than one year

(107,333

)

(115,000

)

PROVISIONS FOR LIABILITIES

(58,000

)

(58,000

)

NET ASSETS

609,963

587,743

CAPITAL AND RESERVES

Called up share capital

3

11

11

Profit and loss account

609,952

587,732

SHAREHOLDERS' FUNDS

609,963

587,743

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 13th February 2017 and were signed on its behalf by:

A J Batchelor - Director

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 the total value of sales and work done, including estimates of amounts not invoiced,

excluding value added tax, made in the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods

different from those in which they are included in the company's accounts. Deferred tax is provided in full on

timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax

rates that are expected to apply when timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no

commitment to sell the asset.

Deferred tax assets and liabilities are not discounted.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st October 2015

992,190

Additions

110,114

Disposals

(76,500

)

At 30th September 2016

1,025,804

DEPRECIATION

At 1st October 2015

649,643

Charge for year

111,511

Eliminated on disposal

(70,756

)

At 30th September 2016

690,398

NET BOOK VALUE

At 30th September 2016

335,406

At 30th September 2015

342,547

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

11

Ordinary Shares

£1

11

11

4.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th September 2016 and

30th September 2015:

2016

2015

£

£

K M Rodger

Balance outstanding at start of year

7,820

7,820

Amounts advanced

90,000

-

Amounts repaid

(90,000

)

-

Balance outstanding at end of year

7,820

7,820

5.	ULTIMATE CONTROLLING PARTY

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five)

have been prepared.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Holequest Limited for the year ended 30th September 2016 which comprise the Profit and Loss

Account, the Balance Sheet, and the related notes 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of Holequest Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Holequest Limited and state those matters that we have agreed to state to the Board of Directors of Holequest Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

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

JRW

Chartered Accountants

19 Buccleuch Street

Hawick

Roxburghshire

TD9 0HL

13th February 2017