Halstock Cabinet Makers Ltd - Period Ending 2017-04-30
Halstock Cabinet Makers Ltd - Period Ending 2017-04-30
Company registration number:
for the Year Ended
Halstock Cabinet Makers Ltd
Contents
Balance Sheet |
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Notes to the Financial Statements |
Halstock Cabinet Makers Ltd
(Registration number: 02915582)
Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
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Deferred tax liabilities |
(67,600) |
(60,152) |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss reserve |
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Total equity |
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Page 1
Halstock Cabinet Makers Ltd
(Registration number: 02915582)
Balance Sheet as at 30 April 2017
For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 2
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Nightingale Works
Cheddington Road
Halstock
Yeovil
BA22 9QZ
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
This is the first year in which the financial statements have been prepared under FRS 102 Section 1A. No restatements were required to the prior year as a result of transition to FRS 102 Section 1A.
Basis of preparation
These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Page 3
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Turnover earned from refurbishment projects is recognised as each individual project progresses, with the full value of consideration received or receivable not recognised until completion.
Where turnover has been recognised for a partially completed project but not yet invoiced, the amount receivable is recognised within other debtors as amounts recoverable on contracts.
Consideration received in advance of a project is recognised as turnover as the project progresses, with the balance yet to be recognised as turnover included within other creditors as amounts due to customers for contract work.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold land and buildings |
10 years straight line basis |
Furniture, fittings and equipment |
10 and 3 years straight line basis |
Motor vehicles |
5 years straight line basis |
Plant and machinery |
10, 5 and 3 years straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Raw materials and consumables are recognised at cost. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
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 payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Tangible assets |
Short leasehold land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2016 |
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Additions |
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Disposals |
- |
- |
( |
- |
( |
At 30 April 2017 |
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Depreciation |
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At 1 May 2016 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Page 7
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Stocks |
2017 |
2016 |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Corporation tax |
111,042 |
14,258 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 8
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Obligations under finance leases and hire purchase contracts |
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2017 |
2016 |
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Non-current loans and borrowings |
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Obligations under finance leases and hire purchase contracts |
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Other borrowings
Hire purchase contracts are secured against the assets concerned, which are included within plant and machinery. At the balance sheet date the assets concerned had a combined net book value of £105,136 (2016 - £117,267).
Dividends |
2017 |
2016 |
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£ |
£ |
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Interim dividend of £ |
340,691 |
281,371 |
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Page 9
Halstock Cabinet Makers Ltd
Notes to the Financial Statements
for the Year Ended 30 April 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 May 2016 |
Advances to directors |
Re- payments by director |
Other payments made to company by director |
Written off |
Waived |
At 30 April 2017 |
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R H Miller |
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Director's loan account. Interest free and repayable on demand. |
1,238 |
- |
- |
- |
- |
- |
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2016 |
At 1 May 2015 |
Advances to directors |
Re- payments by director |
Other payments made to company by director |
Written off |
Waived |
At 30 April 2016 |
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R H Miller |
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Director's loan account. Interest free and repayable on demand. |
129 |
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- |
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- |
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Summary of transactions with other related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Companies House, Cardiff.
The ultimate controlling party is
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