Accounts filed on 30-11-2016

Accounts filed on 30-11-2016

COLIN HANCOCK MILKING MACHINES LTD - Company Information

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Registered number: 06685397
Colin Hancock Milking Machines Limited
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
Prepared By:
Pritchard & Co
Chartered Certified Accountants
Ffynnonddofn
74 High Street
Fishguard
Pembrokeshire
SA65 9AU
Colin Hancock Milking Machines Limited
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 November 2016
INDEX TO THE ACCOUNTS
Abbreviated Balance Sheet2
Notes to the Abbreviated Accounts3
The company's registered number is 06685397
Colin Hancock Milking Machines Limited
Registered Number: 06685397
BALANCE SHEET AT 30 NOVEMBER 2016
20162015
Notes££
FIXED ASSETS
Intangible assets232,00040,000
Tangible assets346,15157,251
78,15197,251
CURRENT ASSETS
Stock239,867189,457
Debtors (amounts falling due within one year)4160,340253,781
Cash at bank and in hand18,47831,186
418,685474,424
CREDITORS: Amounts falling due within one year306,891365,296
NET CURRENT ASSETS111,794109,128
TOTAL ASSETS LESS CURRENT LIABILITIES189,945206,379
CREDITORS: Amounts falling due after more than one year51,0025,010
PROVISIONS FOR LIABILITIES9,02311,201
NET ASSETS179,920190,168
CAPITAL AND RESERVES
Called up share capital644
Profit and loss account179,916190,164
SHAREHOLDERS' FUNDS179,920190,168
For the year ending 30 November 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 10 April 2017 and signed on their behalf by
Colin Hancock
Director
Colin Hancock Milking Machines Limited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2016
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 15%
Commercial Vehiclesreducing balance 25%
Fixtures and Fittingsreducing balance 15%
Equipmentstraight line 33%
1c. Stocks
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
1d. Taxation
Corporation tax payable is provided on taxable profits at the current rates.
Provision is made for deferred taxation in so far as a liability or asset has arisen as a result of transactions that had occurred by the balance sheet date and have given rise to an obligation to pay more tax in the future, or the right to pay less tax in the future. An asset has not been recognised to the extent that the transfer of economic benefits in the future is uncertain. Deferred tax assets and liabilities recognised have not been discounted.
1e. Turnover
Turnover represents the invoiced value of goods and services supplied by the company, net of value added tax and trade discounts.
1f. Goodwill
Goodwill arising in connection with the acquisition of businesses is capitalised and amortised over its estimated economic life of 10 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.
Colin Hancock Milking Machines Limited
2. INTANGIBLE FIXED ASSETS
Purchased
GoodwillTotal
££
Cost
At 1 December 201580,00080,000
At 30 November 201680,00080,000
Depreciation
At 1 December 201540,00040,000
For the year8,0008,000
At 30 November 201648,00048,000
Net Book Amounts
At 30 November 201632,00032,000
At 30 November 201540,00040,000
3. TANGIBLE FIXED ASSETS
Plant andCommercialFixtures
MachineryVehiclesand FittingsEquipmentTotal
£££££
Cost
At 1 December 201542,37162,0652,8184,540111,794
Additions---536536
At 30 November 201642,37162,0652,8185,076112,330
Depreciation
At 1 December 201513,43435,4381,4584,21354,543
For the year4,3416,65720443411,636
At 30 November 201617,77542,0951,6624,64766,179
Net Book Amounts
At 30 November 201624,59619,9701,15642946,151
At 30 November 201528,93726,6271,36032757,251
4. DEBTORS 20162015
££
Amounts falling due within one year:
Trade debtors159,467253,086
Other debtors873695
160,340253,781
Colin Hancock Milking Machines Limited
5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
20162015
££
Bank loans and overdrafts1,0025,010
1,0025,010
6. SHARE CAPITAL 20162015
££
Allotted, issued and fully paid:
4 Ordinary shares of £1 each44
44
7. RELATED PARTY TRANSACTIONS
In 2015, the company signed a consultancy agreement for AML Contracts Limited to provide the consultancy services of the director Mr C Hancock £20,000 (2016 - £nil). The amounts charged to the company for the consultancy services are accounted for under "Consultancy Services". The total value of the consultancy services provided was £20,000 (2016 - £nil). The transactions were conducted on an arm's length basis, and under normal commercial terms. At the year end, an amount of £nil (2015 - £nil) was outstanding.
8. TRANSACTIONS WITH DIRECTORS
The directors have lent money to the company. At 30 November 2016, the balance due to the directors amounted to £190,247 (2015 - £166,748).
9. CONTROLLING PARTY
The company is controlled by Mr & Mrs C Hancock by virtue of their 100% shareholding.