HPC Gears Limited - Accounts to registrar - small 17.2
HPC Gears Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| HPC Gears Limited |
| HPC Gears Limited (Registered number: 03262229) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| HPC Gears Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| The Mills |
| Canal Street |
| Derby |
| DE1 2RJ |
| HPC Gears Limited (Registered number: 03262229) |
| Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| HPC Gears Limited (Registered number: 03262229) |
| Balance Sheet - continued |
| 31 March 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| HPC Gears Limited (Registered number: 03262229) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| HPC Gears Limited is a |
| 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 |
| The company and its subsidiary comprise a small group. The company has therefore taken advantage |
| of Section 398 of the Companies Act 2006 not to prepare group accounts. |
| Merger relief under section 612 of the Companies Act 2006 applied to the acquisition of the subsidiary |
| and no share premium under section 610 or merger reserve was recognised in the company's balance |
| sheet as permitted by section 615. |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax, including, where |
| applicable, relevant costs and overheads plus attributable profit to date recoverable on contracts. |
| Amounts recoverable on contracts are stated at sales value, and are included within year end debtors. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
| useful life: |
| Freehold property | - 2% on cost |
| Plant and machinery | - 15% on reducing balance |
| Fixtures and fittings | - 20% on cost |
| Motor vehicles | - 25% on cost |
| Computer equipment | - 20% on cost |
| Freehold land is not depreciated. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
| allowance for obsolete and slow moving items. Cost represents purchase invoice value on a first in first |
| out basis. |
| Cost is that incurred in bringing each product to its present location and condition and includes the cost |
| of direct materials and labour plus attributable overheads based on normal levels of activity. |
| Net realisable value is based on estimated selling price less further costs expected to be incurred to |
| completion and disposal. |
| Deferred tax |
| Deferred tax arises from timing differences that are differences between taxable total profits and total |
| comprehensive income as stated in the financial statements. These timing differences arise from the |
| inclusion of income and expenses in tax assessments in periods different from those in which they are |
| recognised in the financial statements. |
| A deferred tax asset is recognised only when it is more likely than not that there will be suitable taxable |
| profits from which the future reversal of underlying timing differences and losses can be deducted. |
| Provision is made at current rates of taxation deferred in respect of all material timing differences. |
| HPC Gears Limited (Registered number: 03262229) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
| the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
| exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
| the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution plan for its employees. A defined contribution plan is a |
| pension plan under which the company pays fixed contributions into a separate entity. Once the |
| contributions have been paid the company has no further payment obligations. The contributions are |
| recognised as an expense when they fall due. Amounts not paid are shown in accruals in the balance |
| sheet. The assets of the plan are held separately from the company in independently administered |
| funds. |
| Employee benefit trusts |
| The company has purchased trusts for the benefit of employees and certain of their dependants. |
| Monies held in these trusts are held by independent trustees and managed at their discretion. |
| Where the company retains future economic benefit from, and has de facto control of the assets and |
| liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of |
| the date that an allocation of trust funds to employees in respect of past services is declared and the |
| date that assets of the trust vest in identified individuals. |
| Where monies held in a trust are determined by the company on the basis of employees' past services |
| to the business and the company can obtain no future economic benefit from those monies, such |
| monies, whether in the trust or accrued for by the company are charged to the profit and loss account |
| in the period to which they relate. |
| Employer-financed retirement benefit scheme |
| The company has established trusts for the benefit of employees and persons connected with them. |
| Monies held in these trusts are held by independent trustees and managed at their discretion. The |
| trustees are empowered to provide both retirement and other employee benefits. |
| Where the company retains future economic benefit from, and has de facto control of the assets and |
| liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of |
| the date that an allocation of trust funds to employees in respect of past services is declared and the |
| date that assets of the trust vest in identified individuals. |
| Where monies held in a trust are determined by the company on the basis of employees' past services |
| to the business and the company can obtain no future economic benefit from those monies, such |
| monies, whether in the trust or accrued for by the company are charged to the profit and loss account |
| in the period to which they relate. |
| Where monies held in a trust are determined by the company on the basis of employees' past services |
| to the business and are payable after completion of the employment, such monies are charged to the |
| profit and loss account in the period during which services are rendered by employees. |
| Fixed asset investments |
| Fixed asset investments are stated at cost less amounts written off. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| HPC Gears Limited (Registered number: 03262229) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| Additions |
| Disposals | ( |
) |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Included in cost of land and buildings is freehold land of £ 25,000 (2016 - £ 25,000 ) which is not |
| depreciated. |
| HPC Gears Limited (Registered number: 03262229) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2016 |
| and 31 March 2017 | 90,799 |
| PROVISIONS |
| At 1 April 2016 |
| and 31 March 2017 | 2,900 | 87,798 | 90,698 |
| NET BOOK VALUE |
| At 31 March 2017 | 101 |
| At 31 March 2016 | 101 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts recoverable on contracts |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 8. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2016 |
| Provided during year |
| Balance at 31 March 2017 |