H & A Recycling Limited - Accounts to registrar (filleted) - small 17.3
H & A Recycling Limited - Accounts to registrar (filleted) - small 17.3
REGISTERED NUMBER: |
H & A Recycling Limited |
Unaudited Financial Statements |
for the Year Ended 31st August 2017 |
H & A Recycling Limited (Registered number: 07750029) |
Contents of the Financial Statements |
for the Year Ended 31st August 2017 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
H & A Recycling Limited |
Company Information |
for the Year Ended 31st August 2017 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
48 Arwenack Street |
Falmouth |
Cornwall |
TR11 3JH |
H & A Recycling Limited (Registered number: 07750029) |
Statement of Financial Position |
31st August 2017 |
2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
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. |
H & A Recycling Limited (Registered number: 07750029) |
Statement of Financial Position - continued |
31st August 2017 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on behalf by: |
H & A Recycling Limited (Registered number: 07750029) |
Notes to the Financial Statements |
for the Year Ended 31st August 2017 |
1. | STATUTORY INFORMATION |
H & A Recycling 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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Where goods and services have been billed in advance the relevant amounts have been treated as a liability. |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Depreciation has been pro-rated and is calculated from the date the asset is acquired. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
H & A Recycling Limited (Registered number: 07750029) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2017 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme |
are charged to the profit and loss account in the period to which they relate. The total cost for the year was |
£5,470 The pension creditor at 31st August 2017 was £1,059. |
Going concern |
The company has net liabilities and is reliant upon the continued support of its directors. The directors believe |
the going concern basis for preparing the financial statements to be appropriate |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST |
At 1st September 2016 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31st August 2017 |
DEPRECIATION |
At 1st September 2016 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31st August 2017 |
NET BOOK VALUE |
At 31st August 2017 |
At 31st August 2016 |
H & A Recycling Limited (Registered number: 07750029) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2017 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st September 2016 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31st August 2017 |
DEPRECIATION |
At 1st September 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 31st August 2017 |
NET BOOK VALUE |
At 31st August 2017 |
At 31st August 2016 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1st September 2016 |
Additions |
At 31st August 2017 |
DEPRECIATION |
At 1st September 2016 |
Charge for year |
At 31st August 2017 |
NET BOOK VALUE |
At 31st August 2017 |
At 31st August 2016 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Revaluations | (9,704 | ) |
Reclassification/transfer | 184,704 |
At 31st August 2017 |
NET BOOK VALUE |
At 31st August 2017 |
The investment property was valued by the directors at 31st August 2017 at a fair value of £175,000 |
H & A Recycling Limited (Registered number: 07750029) |
Notes to the Financial Statements - continued |
for the Year Ended 31st August 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2017 | 2016 |
£ | £ |
Bank loans |
Hire purchase contracts | 620,614 | 219,940 |
The bank loans are secured against the assets of the company. The directors, Mr AM Holmes and Mr GK Alway, |
have also given personal guarantees for the sums borrowed. |
The hire purchase contracts are secured against the assets that they have financed. |
10. | FIRST YEAR ADOPTION |
These financial statements for the year ended 31 August 2017 are the first financial statements that comply |
with FRS 102 Section 1A small entities. The date of transition is 1 September 2015. |