HB Cables and Components Limited Company Accounts
HB Cables and Components Limited Company Accounts
COMPANY REGISTRATION NUMBER:
05766437
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Financial Statements |
Year ended 30 April 2017
Contents |
Page |
Statement of financial position |
1 |
Notes to the financial statements |
3 |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Current assets
Stocks |
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Debtors |
6 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
7 |
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Net current assets |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
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Net assets |
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Capital and reserves
Called up share capital |
8 |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
29 January 2018
, and are signed on behalf of the board by:
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Director |
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Company registration number:
05766437
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Notes to the Financial Statements |
Year ended 30 April 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 72 St Johns Road, Stansted, Essex, CM24 8JS, England.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2016:
3
).
5.
Tangible assets
Plant and machinery |
Total |
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£ |
£ |
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Cost |
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At 1 May 2016 and 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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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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6.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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– |
Director's loan account |
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– |
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7.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
– |
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8.
Called up share capital
Issued, called up and fully paid
2017 |
2016 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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9.
Other financial commitments
At the year end the company had total financial commitments, contingencies and guarantees of £8,589 (2016: £14,652).
10.
Director's advances, credits and guarantees
At the year end the company was owed £1,203 by the director (2016: £9,187 credit). This loan is interest free and included within debtors.
11.
Related party transactions
During the year dividends of £14,000 were paid to the director.
12.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.
No transitional adjustments were required in equity or profit or loss for the year.