Hanningfield Process Systems Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02791306 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017

FOR

HANNINGFIELD PROCESS SYSTEMS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr C Ellis

Mrs J Ellis

Mr J R A Ellis

SECRETARY:

Mrs J Ellis

REGISTERED OFFICE:

17 Millhead Way

Purdeys Industrial Estate

Rochford

Essex

SS4 1LB

REGISTERED NUMBER:

02791306 (England and Wales)

ACCOUNTANTS:

Cheshams Accountants Ltd

Chartered Certified Accountants

Suite 16,Neals Corner

2 Bath Road

Hounslow

Middlesex

TW3 3HJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

96,642

83,453

Investments

6

1,739

1,739

98,381

85,192

CURRENT ASSETS

Stocks

7

245,075

216,498

Debtors

8

298,812

279,204

Cash at bank and in hand

37,203

14,240

581,090

509,942

CREDITORS

Amounts falling due within one year

9

504,607

458,582

NET CURRENT ASSETS

76,483

51,360

TOTAL ASSETS LESS CURRENT LIABILITIES

174,864

136,552

CREDITORS

Amounts falling due after more than one year

10

-

(3,259

)

PROVISIONS FOR LIABILITIES

(18,709

)

(15,934

)

NET ASSETS

156,155

117,359

CAPITAL AND RESERVES

Called up share capital

11

37,478

37,478

Retained earnings

12

118,677

79,881

SHAREHOLDERS' FUNDS

156,155

117,359

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 30 May 2018 and were signed on its behalf by:

Mr C Ellis - Director

1.	STATUTORY INFORMATION

Hanningfield Process Systems 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.

Preparation of consolidated financial statements

The financial statements contain information about Hanningfield Process Systems Limited as an individual company and do not contain

consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act

2006 not to prepare consolidated financial statements.

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.

Improvements to property

-

25% on reducing balance

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

Goodwill

Purchased goodwill is amortised on a straight-line basis over its estimated life of ten years.

Hire purchase and leased assets

Assets held under finance leases and hire purchase contracts are capitalised in the balance sheet at their fair value and depreciated over

their useful lives. The interest element of leasing payments represents a constant proportion of the capital balance outstanding and is

charged to the profit and loss account over the period of the lease. All other leases are regarded as operating leases and the payments

made under them are charged to profit and loss account on a straight line basis over the lease term.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

17,528

AMORTISATION

At 1 September 2016

and 31 August 2017

17,528

NET BOOK VALUE

At 31 August 2017

-

At 31 August 2016

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 September 2016

13,156

161,030

73,476

Additions

-

-

34,034

At 31 August 2017

13,156

161,030

107,510

DEPRECIATION

At 1 September 2016

6,556

123,006

61,044

Charge for year

1,650

9,514

11,617

At 31 August 2017

8,206

132,520

72,661

NET BOOK VALUE

At 31 August 2017

4,950

28,510

34,849

At 31 August 2016

6,600

38,024

12,432

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 September 2016

24,545

63,944

336,151

Additions

-

11,381

45,415

At 31 August 2017

24,545

75,325

381,566

DEPRECIATION

At 1 September 2016

15,895

46,197

252,698

Charge for year

2,163

7,282

32,226

At 31 August 2017

18,058

53,479

284,924

NET BOOK VALUE

At 31 August 2017

6,487

21,846

96,642

At 31 August 2016

8,650

17,747

83,453

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

Motor

vehicles

£

COST

At 1 September 2016

and 31 August 2017

14,358

DEPRECIATION

At 1 September 2016

and 31 August 2017

6,473

NET BOOK VALUE

At 31 August 2017

7,885

At 31 August 2016

7,885

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2016

and 31 August 2017

1,739

NET BOOK VALUE

At 31 August 2017

1,739

At 31 August 2016

1,739

On 13th March 2015, the company acquired a 100% holding ( 1 ordinary share of 1$ Australian ) in Hanningfield Process Systems (Asia

Pacific) PTY ltd shown in Investment in Subsidiary at £0.50 cost

The company adddress is Unit3 , 160 The Mill Road, Pullenvale, QLD 4069, Australia..

On 24th April 2015, the company acquired a 100% holding (2500 ordinary shares of 1$ USA) in

Hanningfield Process Systems ( North America ) LLC shown in investment in subsdidiary at £ 1738.52 cost.

The company address is 7931 Magnum Farm Road, Rougemont , NC 27572 USA.

7.

STOCKS

Stock includes

2017

2016

Closing Stock

293,300

312,125

Closing Work in progress

(104,527

)

(95,627

)

------------

------------

188,773

216,498

=======

=======

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

262,906

275,743

Other debtors

18,116

1,211

VAT

14,957

-

Prepayments

2,833

2,250

298,812

279,204

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

196,852

193,014

Other loans

29,117

9,001

Hire purchase contracts

3,335

5,457

Trade creditors

224,618

154,741

Tax

-

17,430

Social security and other taxes

38,841

20,275

VAT

-

627

Other creditors

4,717

417

Credit Card

2,849

26,642

Pension fund

728

-

Directors' current accounts

1,750

28,978

Accrued expenses

1,800

2,000

504,607

458,582

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

3,259

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

37,478

Ordinary

£1.00

37,478

37,478

12.

RESERVES

Retained

earnings

£

At 1 September 2016

79,881

Profit for the year

106,601

Dividends

(67,805

)

At 31 August 2017

118,677

13.	RELATED PARTY DISCLOSURES