Hi-Spec Engineering Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03901142 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

Hi-Spec Engineering Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G E Cooke

Mrs R Cooke

P Mathar

SECRETARY:

Mrs M Cooke

REGISTERED OFFICE:

Unit 9 Windmill Industrial Estate

Windmill

Fowey

Cornwall

PL23 1HB

REGISTERED NUMBER:

03901142 (England and Wales)

ACCOUNTANTS:

Bourne & Co.

Chartered Accountants

3 Charnwood Street

Derby

Derbyshire

DE1 2GY

FIXED ASSETS

Tangible assets

4

9,844

10,736

CURRENT ASSETS

Stocks

35,000

25,000

Debtors

105,232

93,013

Cash at bank and in hand

111,618

95,836

251,850

213,849

CREDITORS

Amounts falling due within one year

61,570

56,458

NET CURRENT ASSETS

190,280

157,391

TOTAL ASSETS LESS CURRENT LIABILITIES

200,124

168,127

PROVISIONS FOR LIABILITIES

182

215

NET ASSETS

199,942

167,912

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

199,842

167,812

SHAREHOLDERS' FUNDS

199,942

167,912

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 September 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 5 March 2018 and were signed on its behalf by:

G E Cooke - Director

1.	STATUTORY INFORMATION

Hi-Spec Engineering 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.

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.

This is the first year of adopting FRS102 Section 1A following the withdrawal of the Financial Reporting Standard

for Smaller Entities (effective January 2015), as used previously. The transition date was 1 October 2015. There

were no changes to accounting polices required as a result of this.

Turnover

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

value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures,fittings & equipment

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 October 2016

15,535

Additions

1,720

At 30 September 2017

17,255

DEPRECIATION

At 1 October 2016

4,799

Charge for year

2,612

At 30 September 2017

7,411

NET BOOK VALUE

At 30 September 2017

9,844

At 30 September 2016

10,736

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

6.	FIRST YEAR ADOPTION

This is the company's first year of adoption of FRS102. The transition date is 1 October 2015 and there were no

changes required as a result of this adoption.