Pneumatic & Hydraulic Couplings Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 02798152 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 December 2016

for

Pneumatic & Hydraulic Couplings Limited

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

Chartered Accountants' Report

7

DIRECTORS:

Mr P Gate

Mr A Sleney

Mr S Tupling

SECRETARY:

Mr P Gate

REGISTERED OFFICE:

Thorncliffe Mews

Thorncliffe Park Estate

Chapeltown

Sheffield

South Yorkshire

S35 2PH

REGISTERED NUMBER:

02798152 (England and Wales)

ACCOUNTANTS:

Turner Beaumont & Co Ltd

Chartered Accountants

Thorncliffe Mews

Thorncliffe Park Estate

Chapeltown

Sheffield

S35 2PH

BANKERS:

National Westminster Bank plc

69 Bridge Street

Worksop

Nottinghamshire

S80 1DJ

FIXED ASSETS

Tangible assets

4

14,724

24,548

CURRENT ASSETS

Stocks

36,064

34,385

Debtors

5

368,563

468,204

Cash at bank

10,780

41,307

415,407

543,896

CREDITORS

Amounts falling due within one year

6

359,943

402,012

NET CURRENT ASSETS

55,464

141,884

TOTAL ASSETS LESS CURRENT LIABILITIES

70,188

166,432

PROVISIONS FOR LIABILITIES

-

505

NET ASSETS

70,188

165,927

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

70,178

165,917

SHAREHOLDERS' FUNDS

70,188

165,927

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 17 May 2017 and were signed on its behalf by:

Mr P Gate - Director

1.	STATUTORY INFORMATION

Pneumatic & Hydraulic Couplings Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

20% on cost

Plant and machinery etc

-

33% on cost, 25% on reducing balance and 20% 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of

the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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 profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2016

12,147

146,053

158,200

Disposals

(12,147

)

(6,700

)

(18,847

)

At 31 December 2016

-

139,353

139,353

DEPRECIATION

At 1 January 2016

12,147

121,505

133,652

Charge for year

-

4,799

4,799

Eliminated on disposal

(12,147

)

(1,675

)

(13,822

)

At 31 December 2016

-

124,629

124,629

NET BOOK VALUE

At 31 December 2016

-

14,724

14,724

At 31 December 2015

-

24,548

24,548

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

339,630

375,611

Other debtors

28,933

92,593

368,563

468,204

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Bank loans and overdrafts

-

59,263

Trade creditors

223,920

246,464

Taxation and social security

60,551

88,396

Other creditors

75,472

7,889

359,943

402,012

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.16

31.12.15

£

£

Bank overdraft

-

50,416

Bank loans

-

8,847

-

59,263

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

31.12.16

31.12.15

£

£

Mr P Crookes and Mrs D Crookes

Balance outstanding at start of year

57,491

41,034

Amounts advanced

-

92,457

Amounts repaid

(57,491

)

(76,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

57,491

9.	RELATED PARTY DISCLOSURES

The premises that the company trades from were owned by Mr & Mrs Crookes until 2nd June 2016. A

commercial rent of £22,289 was charged upto this date.

The premises are now owned by Atlas North Holdings Limited, a company equally owned by the directors Mr P

Gate, Mr A Sleney and Mr S Tupling. A commercial rent of £31,780 was charged from 3rd June 2016 to 31st

December 2016.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

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

financial statements of Pneumatic & Hydraulic Couplings Limited for the year ended 31 December 2016 which

comprise the Income Statement, 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Pneumatic & Hydraulic Couplings 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 Pneumatic & Hydraulic Couplings Limited and state those matters that we have agreed to state to the Board of Directors of Pneumatic & Hydraulic Couplings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pneumatic & Hydraulic Couplings Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pneumatic & Hydraulic Couplings 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 Pneumatic & Hydraulic Couplings Limited. You consider that Pneumatic & Hydraulic Couplings 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 Pneumatic & Hydraulic Couplings 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.

Turner Beaumont & Co Ltd

Chartered Accountants

Thorncliffe Mews

Thorncliffe Park Estate

Chapeltown

Sheffield

S35 2PH

Date: .............................................