Hispec Electrical Products Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04619331 (England and Wales)

HISPEC ELECTRICAL PRODUCTS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

W L D Loughlin

REGISTERED OFFICE:

21

Drumhead Road

Chorley North Business Park

Chorley

Lancashire

PR6 7BX

REGISTERED NUMBER:

04619331 (England and Wales)

ACCOUNTANTS:

Sheppards

Chartered Accountants

Suite A, 2nd Floor

Kennedy House

31 Stamford Street

Altrincham

Cheshire

WA14 1ES

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

111,334

126,345

111,334

126,345

CURRENT ASSETS

Stocks

1,106,348

685,234

Debtors

6

1,258,141

1,295,820

Cash at bank and in hand

148,955

229,882

2,513,444

2,210,936

CREDITORS

Amounts falling due within one year

7

400,126

449,275

NET CURRENT ASSETS

2,113,318

1,761,661

TOTAL ASSETS LESS CURRENT LIABILITIES

2,224,652

1,888,006

CREDITORS

Amounts falling due after more than one year

8

23,903

26,050

NET ASSETS

2,200,749

1,861,956

CAPITAL AND RESERVES

Called up share capital

103

100

Retained earnings

2,200,646

1,861,856

SHAREHOLDERS' FUNDS

2,200,749

1,861,956

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 15th December 2017 and were signed by:

W L D Loughlin - Director

1.	STATUTORY INFORMATION

Hispec Electrical Products Ltd 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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31st March 2017 are the first that are prepared in

accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance

with UK GAAP, the date of transition to FRS 102 Section 1A is 1st April 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Fixtures and fittings

-

25% 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2016

and 31st March 2017

30,000

AMORTISATION

At 1st April 2016

and 31st March 2017

30,000

NET BOOK VALUE

At 31st March 2017

-

At 31st March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2016

161,120

Additions

19,386

At 31st March 2017

180,506

DEPRECIATION

At 1st April 2016

34,775

Charge for year

34,397

At 31st March 2017

69,172

NET BOOK VALUE

At 31st March 2017

111,334

At 31st March 2016

126,345

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

Plant and

machinery

etc

£

COST

At 1st April 2016

and 31st March 2017

49,790

DEPRECIATION

At 1st April 2016

18,412

Charge for year

9,380

At 31st March 2017

27,792

NET BOOK VALUE

At 31st March 2017

21,998

At 31st March 2016

31,378

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,024,926

1,062,440

Other debtors

233,215

233,380

1,258,141

1,295,820

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

2,151

2,148

Trade creditors

20,737

39,012

Taxation and social security

163,425

176,428

Other creditors

213,813

231,687

400,126

449,275

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

23,903

26,050

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

23,903

26,050

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st March 2017

and 31st March 2016:

2017

2016

£

£

W L D Loughlin

Balance outstanding at start of year

178,367

171,801

Amounts advanced

-

6,566

Amounts repaid

(168

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

178,199

178,367

10.	TRANSITIONAL ADJUSTMENT TO FRS 102

The company adopted FRS102 Section 1A for the first time in the year ended 31st March 2017.

Adoption of FRS 102 did not result in any transitional adjustments.