Commercial and Plant Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 02580776 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1ST MAY 2017 TO 31ST DECEMBER 2017

FOR

COMMERCIAL AND PLANT LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

G Knappett

I Knappett

Registered office:

Surrey House

Beacon Road

Rotherwas Industrial Estate

Hereford

HR2 6JF

Registered number:

02580776 (England and Wales)

Fixed assets

Intangible assets

4

-

-

Tangible assets

5

21,437

25,727

21,437

25,727

Current assets

Stocks

70,768

52,746

Debtors

6

209,022

229,834

Cash at bank

216,651

148,741

496,441

431,321

Creditors

Amounts falling due within one year

7

158,161

167,888

Net current assets

338,280

263,433

Total assets less current liabilities

359,717

289,160

Provisions for liabilities

8

4,100

5,100

Net assets

355,617

284,060

Capital and reserves

Called up share capital

9

1,000

1,000

Retained earnings

10

354,617

283,060

Shareholders' funds

355,617

284,060

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 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 6th July 2018 and were signed on its behalf by:

G Knappett - Director

1.	Statutory information

Commercial and Plant 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.

Turnover

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

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Depreciation is provided to write off the cost of fixed assets over their useful lives at the following

rates:

Fixtures and fittings

25% reducing balance

Plant and equipment

25% reducing balance

Motor vehicles

25% 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 period 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 period 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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.

Financial instruments

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

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments 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 offset and the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are

measured at transaction price less any impairment. Loans receivable are measured initially at fair

value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries,

associates or joint ventures, are initially measured at fair value, which is normally the transaction

price. Such assets are subsequently carried at fair value and the changes in fair value are recognised

in profit or loss, except that investments in equity instruments that are not publicly traded and

whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for

indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more

events that occurred after initial recognition of the financial asset, the estimated future cash flows

have been affected. If an asset is impaired, the impairment loss is the difference between the

carrying amount and the present value of the estimated cash flows discounted at the assets original

effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment

was recognised, the impairment is reversed. The reversal is such that the current carrying amount

does not exceed what the carrying amount would have been, had the impairment not previously

been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset

expire or are settled, or when the group transfers the financial asset and substantially all of the risks

and rewards of the ownership to another entity, or if some significant risks and rewards of

ownership are retained but control of the asset has transferred to another party that is able to sell the

asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the group after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price.

Other financial liabilities, including bank loans, loans from fellow group companies and preference

shares that are classified as debt, are measured initially at fair value, net of transaction costs, and

are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic

financial instruments. Derivatives are initially recognised at fair value on the date a derivative

contract is entered into and are subsequently re-measured at their fair value. Changes in the fair

value of derivatives are recognised in profit or loss in finance costs or finance income as

appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are

discharged or cancelled.

3.	Employees and directors

The average number of employees during the period was 7 (2017 - 8 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1st May 2017

and 31st December 2017

200,000

Amortisation

At 1st May 2017

and 31st December 2017

200,000

Net book value

At 31st December 2017

-

At 30th April 2017

-

5.	Tangible fixed assets

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1st May 2017

and 31st December 2017

9,949

6,615

35,617

52,181

Depreciation

At 1st May 2017

5,652

3,594

17,208

26,454

Charge for period

718

504

3,068

4,290

At 31st December 2017

6,370

4,098

20,276

30,744

Net book value

At 31st December 2017

3,579

2,517

15,341

21,437

At 30th April 2017

4,297

3,021

18,409

25,727

6.

Debtors: amounts falling due within one year

31.12.17

30.4.17

£

£

Trade debtors

194,600

209,866

Other debtors

14,422

7,287

J C Kemble Loan

-

12,681

209,022

229,834

7.

Creditors: amounts falling due within one year

31.12.17

30.4.17

£

£

Trade creditors

108,719

118,999

Corporation tax

28,015

10,300

Social security and other taxes

17,957

29,492

Other creditors

3,470

9,097

158,161

167,888

8.	Provisions for liabilities

31.12.17

30.4.17

£

£

Deferred tax

4,100

5,100

Deferred tax

£

Balance at 1st May 2017

5,100

Accelerated capital allowances

(1,000

)

Balance at 31st December 2017

4,100

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

30.4.17

value:

£

£

1,000

Ordinary Shares

£1

1,000

1,000

10.

Reserves

Retained

earnings

£

At 1st May 2017

283,060

Profit for the period

71,557

At 31st December 2017

354,617

11.	Contingent liabilities

There were no contingent liabilities at 31st December 2017.

12.	Related party disclosures

J C Kemble

During the prior year, the director J C Kemble (who resigned as director on 28th April 2017)

charged the company rent on premises owned by him of £30,500.

During the period, dividends totalling £nil were paid (2016: £20,000) to J C Kemble.

13.	Ultimate controlling party

The ultimate controlling party is HTS Spares Limited.

14.	Reporting period changes

Following the acquisition of the company's share capital by HTS Spares Limited on 28th April

2017, the accounting period was extended to a 13 month period ending 30th April 2017 to

incorporate the completion of the sale.

The accounting period has now been shortened to an 8 month period ending 31st December 2017 to

be in line with HTS Spares Limited. This has resulted in the prior year figures not being entirely

comparable.