Hobkirk Sewing Machines Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02053013 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th September 2017

for

HOBKIRK SEWING MACHINES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P W Hobkirk

Mr M A Hobkirk

Mr M J Gannon

SECRETARY:

Mr P W Hobkirk

REGISTERED OFFICE:

120-128 Darwen Street

Blackburn

Lancashire

BB2 2AJ

REGISTERED NUMBER:

02053013 (England and Wales)

ACCOUNTANTS:

Abrams Ashton

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

99,429

81,305

CURRENT ASSETS

Stocks

5

307,239

277,068

Debtors

6

199,072

147,897

Cash at bank and in hand

65,338

68,690

571,649

493,655

CREDITORS

Amounts falling due within one year

7

285,980

301,246

NET CURRENT ASSETS

285,669

192,409

TOTAL ASSETS LESS CURRENT LIABILITIES

385,098

273,714

CREDITORS

Amounts falling due after more than one year

8

(7,202

)

-

PROVISIONS FOR LIABILITIES

11

(17,182

)

(11,439

)

NET ASSETS

360,714

262,275

CAPITAL AND RESERVES

Called up share capital

12

153

153

Share premium

45,957

45,957

Retained earnings

314,604

216,165

SHAREHOLDERS' FUNDS

360,714

262,275

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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 1st December 2017 and were signed on its behalf by:

Mr P W Hobkirk - Director

Mr M A Hobkirk - Director

1.	STATUTORY INFORMATION

Hobkirk Sewing Machines Limited is a private company, limited by shares , registered in England and Wales.

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.

These financial statements for the year ended 30 September 2017 are the first financial statements that comply

with FRS 102 Section 1A for small entities. The date of transition is 1 October 2015. The transition to FRS 102

Section 1A for small entities has resulted in no changes in accounting policies and no reclassification

adjustments.

Turnover

Turnover is the value of goods and services, net of value added tax, provided to customers during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

at varying rates on cost

Plant and machinery

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

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 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.

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.

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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1st October 2016

33,305

113,678

69,649

216,632

Additions

-

19,347

41,133

60,480

Disposals

-

(13,000

)

(37,350

)

(50,350

)

At 30th September 2017

33,305

120,025

73,432

226,762

DEPRECIATION

At 1st October 2016

33,305

56,541

45,481

135,327

Charge for year

-

6,450

9,450

15,900

Eliminated on disposal

-

(1,019

)

(22,875

)

(23,894

)

At 30th September 2017

33,305

61,972

32,056

127,333

NET BOOK VALUE

At 30th September 2017

-

58,053

41,376

99,429

At 30th September 2016

-

57,137

24,168

81,305

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

Motor

vehicles

£

COST

Additions

26,320

At 30th September 2017

26,320

DEPRECIATION

Charge for year

5,483

At 30th September 2017

5,483

NET BOOK VALUE

At 30th September 2017

20,837

5.

STOCKS

30.9.17

30.9.16

£

£

Machines for resale

306,939

265,176

Consumables

300

300

Payments on account

-

11,592

307,239

277,068

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Trade debtors

192,714

140,199

Prepayments and accrued income

6,358

7,698

199,072

147,897

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts (see note 9)

4,553

-

Trade creditors

59,659

125,322

Tax

27,048

18,771

Social security and other taxes

33,949

28,515

Directors' current accounts

789

301

Accrued expenses

159,982

128,337

285,980

301,246

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Hire purchase contracts (see note 9)

7,202

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.9.17

30.9.16

£

£

Net obligations repayable:

Within one year

4,553

-

Between one and five years

7,202

-

11,755

-

Non-cancellable

operating leases

30.9.17

30.9.16

£

£

Within one year

27,100

27,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Hire purchase contracts

11,755

-

The hire purchase creditor is secured on the assets to which they relate.

11.	PROVISIONS FOR LIABILITIES

30.9.17

30.9.16

£

£

Deferred tax

Accelerated capital allowances

17,182

11,439

Deferred

tax

£

Balance at 1st October 2016

11,439

Accelerated capital allowances

5,743

Balance at 30th September 2017

17,182

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

143

Ordinary Share Capital

£1

143

143

10

Deferred Ordinary Shares

£1

10

10

153

153

13.	ULTIMATE CONTROLLING PARTY