Ideal Hose and Safety Ltd Company Accounts

IDEAL HOSE AND SAFETY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 02154815

Ideal Hose and Safety Ltd

Filleted Unaudited Financial Statements

For the year ended

31 December 2016

Ideal Hose and Safety Ltd

Financial Statements

Year ended 31 December 2016

Contents	Pages

Officers and professional advisers	1

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3 to 4

Notes to the financial statements	5 to 8

Ideal Hose and Safety Ltd

Officers and Professional Advisers

The board of directors	D M Macbain
	D A G Callaghan

Registered office	11 Queens Road
	Brentwood
	Essex
	CM14 4HE

Accountants	Tiffin Green
	Chartered accountant
	11 Queens Road
	Brentwood
	Essex
	CM14 4HE

Ideal Hose and Safety Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Ideal Hose and Safety Ltd

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ideal Hose and Safety Ltd for the year ended 31 December 2016, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Ideal Hose and Safety Ltd, as a body, in accordance with the terms of our engagement letter dated 6 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Ideal Hose and Safety Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ideal Hose and Safety Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ideal Hose and Safety Ltd 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 loss of Ideal Hose and Safety Ltd. You consider that Ideal Hose and Safety Ltd 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 Ideal Hose and Safety Ltd. 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.

Tiffin Green Chartered accountant

11 Queens Road Brentwood Essex CM14 4HE

10 August 2017

Ideal Hose and Safety Ltd

Statement of Financial Position

31 December 2016

	2016	2015
Note	£	£

Fixed assets

Tangible assets	5	56,483	60,629

Current assets

Stocks		157,733	151,705
Debtors	6	324,108	319,582
Cash at bank and in hand		28,773	23,566
		---------	---------
		510,614	494,853

Creditors: amounts falling due within one year	7	( 236,776)	( 200,704)
		---------	---------
Net current assets		273,838	294,149
		---------	---------
Total assets less current liabilities		330,321	354,778

Creditors: amounts falling due after more than one year	8	( 257,059)	( 281,098)

Provisions

Taxation including deferred tax	( 11,297)	( 11,675)
	---------	---------
Net assets	61,965	62,005
	---------	---------

Capital and reserves

Called up share capital	30,000	30,000
Profit and loss account	31,965	32,005
	--------	--------
Members funds	61,965	62,005
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ideal Hose and Safety Ltd

Statement of Financial Position (continued)

31 December 2016

These financial statements were approved by the board of directors and authorised for issue on 10 August 2017 , and are signed on behalf of the board by:

D M Macbain

Director

Company registration number: 02154815

Ideal Hose and Safety Ltd

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Queens Road, Brentwood, Essex, CM14 4HE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	10% reducing balance
Motor vehicles	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2015: 6 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2016	163,730	26,976	190,706
Additions	2,064	–	2,064
	---------	--------	---------
At 31 December 2016	165,794	26,976	192,770
	---------	--------	---------
Depreciation
At 1 January 2016	103,188	26,889	130,077
Charge for the year	6,123	87	6,210
	---------	--------	---------
At 31 December 2016	109,311	26,976	136,287
	---------	--------	---------
Carrying amount
At 31 December 2016	56,483	–	56,483
	---------	--------	---------
At 31 December 2015	60,542	87	60,629
	---------	--------	---------

6. Debtors

	2016	2015
	£	£
Trade debtors	140,487	130,097
Other debtors	183,621	189,485
	---------	---------
	324,108	319,582
	---------	---------

Debtors include £175,131 (2015 £177,195) receivable after more than one year. Amounts falling due after more than one year being amounts owed from the holding company B K Marketing Limited.

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	99,399	76,216
Corporation tax	932	375
Social security and other taxes	9,741	11,403
Other creditors	126,704	112,710
	---------	---------
	236,776	200,704
	---------	---------

Other creditors include amounts owed to the invoice discounting company of £122,979 (2015 £103,347) being secured over the book debts of the company.

8. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Other creditors	257,059	281,098
	---------	---------

Other creditors falling due after more than one year are amounts owed to the associated company PSB Industrial Products Limited to the value of £185,500 (2015 £185,500) and Abcon Limited to the value of £71,559 (2015 £95,598). Amounts owed to the factoring company are secured by an asset debenture.

9. Directors' advances, credits and guarantees

No disclosures are required of directors advances, credits and guarantees.