Hevac Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC180834 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

HEVAC LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D W McKinlay

D L MacPherson

SECRETARY:

D L MacPherson

REGISTERED OFFICE:

Unit A, 1 Young Place

Kelvin Industrial Estate

East Kilbride

G75 0TD

REGISTERED NUMBER:

SC180834 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Tangible assets

4

354,233

362,882

CURRENT ASSETS

Stocks

188,663

200,626

Debtors

5

243,099

400,823

Cash at bank

112,816

336,682

544,578

938,131

CREDITORS

Amounts falling due within one year

6

225,087

663,857

NET CURRENT ASSETS

319,491

274,274

TOTAL ASSETS LESS CURRENT LIABILITIES

673,724

637,156

PROVISIONS FOR LIABILITIES

8

67,304

65,318

NET ASSETS

606,420

571,838

CAPITAL AND RESERVES

Called up share capital

9

27,502

27,502

Capital redemption reserve

22,502

22,502

Retained earnings

556,416

521,834

SHAREHOLDERS' FUNDS

606,420

571,838

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 22 November 2017 and were signed on its behalf by:

D L MacPherson - Director

1.	STATUTORY INFORMATION

Hevac Limited is a private company, limited by shares , registered in Scotland. The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

First year adoption

Information on the impact of first-time adoption of FRS 102 is given in the last note to the financial statements.

Turnover

The turnover shown in the income statement represents the value of all goods sold during the year, less returns received,

at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its

contractual obligations to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

10% - 20% on cost

Fixtures, fittings and equipment

-

10% - 25% on cost

Motor vehicles

-

25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represents purchase price together with any incidental costs

of acquisition.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items. Cost consists of material cost only.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

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.

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.

Operating lease commitments

Rentals applicable to operating leases, where substantially all of the benefits and risks of ownership remain with the lessor,

are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The Company operates a defined contribution pension scheme. Contributions payable to the Company's pension scheme

are charged to the income statement in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

Motor

machinery

equipment

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

332,094

76,539

27,519

436,152

Additions

29,314

828

14,350

44,492

At 31 March 2017

361,408

77,367

41,869

480,644

DEPRECIATION

At 1 April 2016

17,498

47,619

8,153

73,270

Charge for year

39,322

5,987

7,832

53,141

At 31 March 2017

56,820

53,606

15,985

126,411

NET BOOK VALUE

At 31 March 2017

304,588

23,761

25,884

354,233

At 31 March 2016

314,596

28,920

19,366

362,882

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

184,074

393,026

Other debtors

59,025

7,797

243,099

400,823

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

61,178

389,530

Taxation and social security

151,822

260,067

Other creditors

12,087

14,260

225,087

663,857

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2017

2016

£

£

Within one year

23,484

26,216

Between one and five years

-

3,484

23,484

29,700

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

67,304

65,318

Deferred

tax

£

Balance at 1 April 2016

65,318

Provided during year

1,986

Balance at 31 March 2017

67,304

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

27,502

Ordinary

£1

27,502

27,502

10.	RELATED PARTY DISCLOSURES

During the year the Company paid remuneration of £23,006 (2016 - £22,653) to the directors.

During the year the Company leased premises from a director. The rent paid during the year amounted to £24,000 (2016 -

£18,000).

At 31 March 2017 the Company owed £1,190 to the directors (2016 - £1,540). In addition, included in other creditors are

expenses of £4,647 (2016 - £6,248) due to the directors.

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

11.	ULTIMATE CONTROLLING PARTY

The Company was controlled throughout the current and prior year by the holders of the ordinary share capital of the

parent company, Hevac Distribution Holdings Limited. No individual shareholder has overall control of the Company.

12.	FIRST YEAR ADOPTION

The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have

not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 1 April 2015.