P.A. Hollingworth And Co. Limited - Period Ending 2016-10-31

Registration number: 03257125

P.A. Hollingworth And Co. Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Batchelor Coop Ltd Chartered Accountants
The New Barn Mill Lane Eastry Kent CT13 0JW

P.A. Hollingworth And Co. Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

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 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P.A. Hollingworth And Co. Limited
for the Year Ended 31 October 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P.A. Hollingworth And Co. Limited for the year ended 31 October 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of P.A. Hollingworth And Co. Limited, as a body, in accordance with the terms of our engagement letter dated 10 October 2005. Our work has been undertaken solely to prepare for your approval the accounts of P.A. Hollingworth And Co. Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P.A. Hollingworth And Co. Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P.A. Hollingworth And Co. 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 P.A. Hollingworth And Co. Limited. You consider that P.A. Hollingworth And Co. 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 P.A. Hollingworth And Co. 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.

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

Batchelor Coop Ltd
Chartered Accountants
The New Barn
Mill Lane
Eastry
Kent
CT13 0JW

27 March 2017

Page 1

P.A. Hollingworth And Co. Limited
(Registration number: 03257125)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					6,249			6,249
Tangible fixed assets					140,300			68,877
					146,549			75,126
Current assets
Stocks					179,722			169,059
Debtors					206,358			143,115
Cash at bank and in hand					271,747			43,432
					657,827			355,606
Creditors: Amounts falling due within one year					(285,047)			(218,176)
Net current assets					372,780			137,430
Total assets less current liabilities					519,329			212,556
Creditors: Amounts falling due after more than one year					(18,735)			(10,529)
Provisions for liabilities					(25,060)			(10,666)
Net assets					475,534			191,361
Capital and reserves
Called up share capital		4			7			6
Profit and loss account					475,527			191,355
Shareholders' funds					475,534			191,361

For the year ending 31 October 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 directors acknowledge their 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 Board on 24 March 2017 and signed on its behalf by:

.........................................
Mr PA Hollingworth
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

P.A. Hollingworth And Co. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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.

Revenue recognition

Revenue is recognised when goods are supplied, irrespective of the date the goods were invoiced.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the costs, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Not provided

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
Plant and machinery	15% on written down value
Motor vehicles	25% on written down value
Office equipment	15% on written down value

Work in progress

Work in progress 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

Page 3

P.A. Hollingworth And Co. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016......... continued

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2015		6,249			189,364			195,613
Additions		-			106,742			106,742
At 31 October 2016		6,249			296,106			302,355
Depreciation
At 1 November 2015		-			120,487			120,487
Charge for the year		-			35,319			35,319
At 31 October 2016		-			155,806			155,806
Net book value
At 31 October 2016		6,249			140,300			146,549
At 31 October 2015		6,249			68,877			75,126

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		9,703			4,582
Amounts falling due after more than one year		18,735			10,529
Total secured creditors		28,438			15,111

Page 4

P.A. Hollingworth And Co. Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shaes of £0.01 each		400			4			400			4
Ordinary A shares of £1 each		1			1			1			1
Ordinary B shares of £1 each		1			1			1			1
Ordinary C shares of £1 each		1			1			-			-
		403			7			402			6

New shares allotted

During the year 1 Ordinary C share having an aggregate nominal value of £1 was allotted for an aggregate consideration of £1 .

5

Control

The company is controlled by the director by virtue of his beneficial interest in the company's issued share capital..

Page 5