Handfield Limited - Period Ending 2016-12-31

Registration number: 02146409

Handfield Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Stubbs Parkin
Chartered Accountants
55 Hoghton Street
Southport
Merseyside
PR9 0PG

Handfield Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 5

Handfield Limited

(Registration number: 02146409)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	3	34	46
Current assets
Stocks	4	160,046	160,046
Debtors	5	-	394
Cash at bank and in hand		3,009	1,772
		163,055	162,212
Creditors: Amounts falling due within one year	6	(106,184)	(106,035)
Net current assets		56,871	56,177
Total assets less current liabilities		56,905	56,223
Creditors: Amounts falling due after more than one year	6	(74,105)	(80,924)
Net liabilities		(17,200)	(24,701)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(17,300)	(24,801)
Total equity		(17,200)	(24,701)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

Handfield Limited

(Registration number: 02146409)
Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 18 April 2017 and signed on its behalf by:
 

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

Mr B Whitfield

Director

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

Handfield Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
Marion House
23/25 Elbow Lane
Formby
Merseyside
L37 4AB

These financial statements were authorised for issue by the Board on 18 April 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	25% reducing balance

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 3

Handfield Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

3	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2016	1,448	513	1,961
At 31 December 2016	1,448	513	1,961
Depreciation
At 1 January 2016	1,402	513	1,915
Charge for the year	12	-	12
At 31 December 2016	1,414	513	1,927
Carrying amount
At 31 December 2016	34	-	34
At 31 December 2015	46	-	46

4

Stocks

	2016 £	2015 £
Other inventories	160,046	160,046

5

Debtors

	2016 £	2015 £
Other debtors	-	394
Total current trade and other debtors	-	394

6

Creditors

	Note	2016 £	2015 £
Due within one year
Bank loans and overdrafts		6,552	6,552
Amounts owed to group undertakings and undertakings in which the company has a participating interest		97,311	97,311
Other creditors		2,321	2,172
		106,184	106,035
Due after one year
Loans and borrowings		74,105	80,924

Page 4

Handfield Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7	Transition to FRS 102

These are the company's first financial statements under FRS 102 Section 1A. The company's date of transition was 1st January 2016, with the financial statements for the year ended 31st December 2015 being the last financial statements prepared under the previous accounting framework.

The policies applied under the company's previous accounting framework are not materially different to FRS102 Section 1A and have not impacted on equity or profit and loss.

Page 5