Horncroft Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC122563 (Scotland)

HORNCROFT LIMITED

T/A

CARPETRONIC

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

D Martin

REGISTERED OFFICE:

15 Scotts Road

Paisley

Renfrewshire

PA2 7AN

REGISTERED NUMBER:

SC122563 (Scotland)

ACCOUNTANTS:

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

BANKERS:

Clydesdale Bank

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the

company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and

certain other primary statements and the Report of the Director are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Horncroft Limited for the year ended 31st March 2017 which comprise the Income

Statement, Balance Sheet, and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of Horncroft Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Horncroft Limited and state those matters that we have agreed to state to the director of Horncroft Limited in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Horncroft Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Horncroft Limited. You consider that Horncroft Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Horncroft Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Russell & Russell

Chartered Accountants

4 Royal Crescent

Glasgow

G3 7SL

12th December 2017

FIXED ASSETS

Tangible assets

4

76,831

73,995

CURRENT ASSETS

Stocks

170,794

254,275

Debtors

5

735,710

849,891

Cash at bank

92,249

-

998,753

1,104,166

CREDITORS

Amounts falling due within one year

6

611,204

806,888

NET CURRENT ASSETS

387,549

297,278

TOTAL ASSETS LESS CURRENT LIABILITIES

464,380

371,273

CREDITORS

Amounts falling due after more than one year

7

(91,076

)

(148,837

)

PROVISIONS FOR LIABILITIES

10

(15,366

)

(14,800

)

NET ASSETS

357,938

207,636

CAPITAL AND RESERVES

Called up share capital

11

20,000

20,000

Retained earnings

337,938

187,636

SHAREHOLDERS' FUNDS

357,938

207,636

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

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

The director acknowledges his 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 director on 7th December 2017 and were signed by:

D Martin - Director

1.	STATUTORY INFORMATION

Horncroft 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

The turnover shown in the profit and loss account represents the sales value of work done during the year,

exclusive of Value Added Tax.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% straight line and 10% straight line

Fixtures and fittings

-

20% straight line

Motor vehicles

-

25% straight line

Computer equipment

-

25% straight line

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.

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 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.

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. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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 pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is

any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2016 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1st April 2016

8,356

12,943

142,632

3,852

167,783

Additions

875

525

33,030

827

35,257

Disposals

-

-

(37,500

)

-

(37,500

)

At 31st March 2017

9,231

13,468

138,162

4,679

165,540

DEPRECIATION

At 1st April 2016

6,873

12,627

73,269

1,019

93,788

Charge for year

431

233

29,444

1,138

31,246

Eliminated on disposal

-

-

(36,325

)

-

(36,325

)

At 31st March 2017

7,304

12,860

66,388

2,157

88,709

NET BOOK VALUE

At 31st March 2017

1,927

608

71,774

2,522

76,831

At 31st March 2016

1,483

316

69,363

2,833

73,995

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1st April 2016

104,432

Additions

33,030

Disposals

(18,800

)

At 31st March 2017

118,662

DEPRECIATION

At 1st April 2016

35,068

Charge for year

29,444

Eliminated on disposal

(17,625

)

At 31st March 2017

46,887

NET BOOK VALUE

At 31st March 2017

71,775

At 31st March 2016

69,364

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

703,073

825,989

Other debtors

32,637

23,902

735,710

849,891

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts (see note 8)

24,112

175,531

Hire purchase contracts

30,758

27,351

Trade creditors

317,983

430,088

Taxation and social security

125,346

131,545

Other creditors

113,005

42,373

611,204

806,888

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans (see note 8)

8,042

32,142

Hire purchase contracts

35,034

42,695

Other creditors

48,000

74,000

91,076

148,837

8.

LOANS

An analysis of the maturity of loans is given below:

31.3.17

31.3.16

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

151,396

Bank loans

24,112

24,135

Other loans

24,000

24,000

48,112

199,531

Amounts falling due between one and two years:

Bank loans - 1-2 years

8,042

24,100

Other loans - 1-5 years

48,000

74,000

56,042

98,100

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

8,042

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdraft

-

151,396

Bank loans

32,154

56,277

Hire purchase contracts

65,792

70,046

97,946

277,719

a) There is a floating charge over the assets and undertaking (including uncalled capital) from time to time

of the company to the Clydesdale Bank PLC.

10.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax: FA allowances

15,366

14,800

Deferred

tax

£

Balance at 1st April 2016

14,800

Movement during the year

566

Balance at 31st March 2017

15,366

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

10,000

A Ordinary

£1

10,000

10,000

8,000

B Ordinary

£1

8,000

10,000

1,000

C Ordinary

£1

1,000

-

1,000

D Ordinary

£1

1,000

-

20,000

20,000

12.	RELATED PARTY DISCLOSURES

13.	ULTIMATE CONTROLLING PARTY

The company was under the control of D Martin throughout the current year.