HALLAMSHIRE_HARDMETAL_PRO - Accounts


Company Registration No. 03289670 (England and Wales)
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
48,398
72,398
Tangible assets
2
6,687
13,983
Investments
2
431,176
431,176
486,261
517,557
Current assets
Stocks
110,058
96,966
Debtors
1,475,609
1,553,122
Cash at bank and in hand
31
40
1,585,698
1,650,128
Creditors: amounts falling due within one year
3
(652,149)
(748,304)
Net current assets
933,549
901,824
Total assets less current liabilities
1,419,810
1,419,381
Creditors: amounts falling due after more than one year
4
-
0
(12,493)
1,419,810
1,406,888
Capital and reserves
Called up share capital
5
80,000
80,000
Other reserves
26,494
26,494
Profit and loss account
1,313,316
1,300,394
Shareholders' funds
1,419,810
1,406,888
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2014
31 March 2014
- 2 -
For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 25 November 2014
Mr I  Wilkins
Director
Company Registration No. 03289670
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10-33% Straight Line
Motor vehicles
33.33% Straight Line
1.5
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.10
Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006  not to prepare group accounts.
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 April 2013 & at 31 March 2014
460,398
415,513
431,176
1,307,087
Depreciation
At 1 April 2013
388,000
401,530
-
789,530
Charge for the year
24,000
7,296
-
31,296
At 31 March 2014
412,000
408,826
-
820,826
Net book value
At 31 March 2014
48,398
6,687
431,176
486,261
At 31 March 2013
72,398
13,983
431,176
517,557
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Subsidiary undertakings
Artisan Sintered Products Ltd
Great Britain
Ordinary
100.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2014
2014
Principal activity
£
£
Artisan Sintered Products Ltd
Manufacturing
212,951
123,590
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £270,165 (2013 - £370,373).
HALLAMSHIRE HARDMETAL PRODUCTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 5 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £0 (2013 - £12,493).
The overdraft and sales financing agreements are secured by debentures over the assets of the company.
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
80,000 Ordinary shares of £1 each
80,000
80,000
6
Ultimate parent company
The company is under the control of its parent company, Hardmetal Products Limited, a company incorporated in England and Wales. Hardmetal Products Limited is under the control of I Wilkins who beneficially owns 58% of the issued share capital.
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