Harborough & Cornish Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09708607 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2017

for

HARBOROUGH & CORNISH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

6

DIRECTORS:

T C B Renshaw

D G Trevail

REGISTERED OFFICE:

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

REGISTERED NUMBER:

09708607 (England and Wales)

ACCOUNTANTS:

Kelsall Steele Ltd

Chartered Accountants

Woodlands Court

Truro Business Park

Truro

Cornwall

TR4 9NH

FIXED ASSETS

Tangible assets

3

25,170

15,614

CURRENT ASSETS

Stocks

500

8,000

Debtors

4

108,326

48,217

Cash at bank

74,106

47,393

182,932

103,610

CREDITORS

Amounts falling due within one year

5

121,439

43,260

NET CURRENT ASSETS

61,493

60,350

TOTAL ASSETS LESS CURRENT LIABILITIES

86,663

75,964

PROVISIONS FOR LIABILITIES

6

4,279

3,123

NET ASSETS

82,384

72,841

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

82,382

72,839

SHAREHOLDERS' FUNDS

82,384

72,841

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 27 April 2018 and were signed on its behalf by:

T C B Renshaw - Director

1.	STATUTORY INFORMATION

Harborough & Cornish 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.

The financial statements are prepared in sterling which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest pound sterling.

The directors, after making enquiries and having considered the company's business, its financial

plans and the facilities available to finance the business, have a reasonable expectation that the

company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, the going concern basis is adopted in preparing the financial statements.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

Tangible fixed assets

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

Tangible assets are depreciated as follows:

Fixtures and fittings - 15% and 33% on straight line

Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to

determine whether there is any indication that those assets have suffered an impairment loss. If any

such indication exists, the recoverable amount of the asset is estimated in order to determine the

extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of

an individual asset, the company estimates the recoverable amount of the cash-generating unit to

which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing

value in use, the estimated future cash flows are discounted to their present value using a pre-tax

discount rate that reflects current market assessments of the time value of money and the risks

specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying

amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable

amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have

ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset

(or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the

increased carrying amount does not exceed the carrying amount that would have been determined had

no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of

an impairment loss is recognised immediately in profit or loss.

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.

Taxation

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.

Financial instruments

The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and

Section 12 "Other Financial Instruments" of FRS102 to all of its financial instruments.

Financial assets and liabilities are recognised in the company's statement of financial position when

the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are classified into specified categories. The classification depends on

the nature and purpose of the financial asset or liability and is determined at the time of recognition.

Basic financial assets, which include trade and other receivables, including staff loans and cash and

bank balances, are initially measured at transaction price including transaction costs and are

subsequently carried at amortised cost using the effective interest method, unless the arrangement

constitutes a financing transaction, where the transaction is measured at the present value of the

future receipts discounted at a market rate of interest.

Basic financial liabilities, which include trade and other payables are initially measured at transaction

price, unless the arrangement constitutes a financing transaction, where the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Other financial assets and / or liabilities are initially measured at their fair value, which is normally the

transaction price and are subsequently carried at fair value with all changes being recognised in the

profit or loss.

Financial liabilities are derecognised when, and only when, the company's obligations are discharged,

cancelled, or they expire.

3.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 August 2016

17,614

958

18,572

Additions

13,699

2,067

15,766

Disposals

(500

)

-

(500

)

At 31 July 2017

30,813

3,025

33,838

DEPRECIATION

At 1 August 2016

2,642

316

2,958

Charge for year

4,622

1,088

5,710

At 31 July 2017

7,264

1,404

8,668

NET BOOK VALUE

At 31 July 2017

23,549

1,621

25,170

At 31 July 2016

14,972

642

15,614

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

30,009

-

Amounts recoverable on WIP

-

24,430

Amounts recoverable on contract

-

1,534

Other debtors

1,320

1,320

Directors' current accounts

76,255

20,933

Prepayments

742

-

108,326

48,217

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

43,912

12,111

Corp. tax payable

6,175

21,192

VAT

15,824

8,239

Accruals & deferred income

55,528

1,718

121,439

43,260

6.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

3,123

3,123

Deferred tax

1,156

-

4,279

3,123

Deferred

tax

£

Balance at 1 August 2016

3,123

Provided during year

1,156

Balance at 31 July 2017

4,279

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 July 2017 and the

period ended 31 July 2016:

2017

2016

£

£

T C B Renshaw

Balance outstanding at start of year

15,325

-

Amounts advanced

74,498

15,325

Amounts repaid

(54,889

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

34,934

15,325

D G Trevail

Balance outstanding at start of year

5,607

-

Amounts advanced

63,153

5,607

Amounts repaid

(27,439

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

41,321

5,607

Interest was charged on the overdrawn director's loan accounts at a rate of 3% up to 5 April 2017 and

at 2.5% thereafter. The overdrawn balances were cleared by April 2018.

8.	RELATED PARTY DISCLOSURES

In the year, the company paid for materials from Trevail's Fine Woodworking, a business owned by Mr

D Trevail, at an arm's length value of £12,519 (2016: £5,967).