Paul Hawkins Oil & Gas Burner Services Limited - Period Ending 2017-10-31

Paul Hawkins Oil & Gas Burner Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2017

Registration number: 04887125

Paul Hawkins Oil & Gas Burner Services Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Paul Hawkins Oil & Gas Burner Services Limited

Company Information

Director

Mr S A Rundle

Registered office

Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Paul Hawkins Oil & Gas Burner Services Limited

Balance Sheet

31 October 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	703	879
Current assets
Stocks	5	42,393	42,500
Debtors	6	45,370	209,678
		87,763	252,178
Creditors: Amounts falling due within one year	7	(86,068)	(86,498)
Net current assets		1,695	165,680
Total assets less current liabilities		2,398	166,559
Provisions for liabilities		(120)	(220)
Net assets		2,278	166,339
Capital and reserves
Called up share capital		100	100
Profit and loss account		2,178	166,239
Total equity		2,278	166,339

The notes on pages 4 to 8 form an integral part of these financial statements.

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Paul Hawkins Oil & Gas Burner Services Limited

Balance Sheet

31 October 2017

For the financial year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 27 July 2018
 

......................................... Mr S A Rundle Director

Company Registration Number: 04887125

The notes on pages 4 to 8 form an integral part of these financial statements.

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Paul Hawkins Oil & Gas Burner Services Limited

Notes to the Financial Statements

Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Ground Floor
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset
TA1 2PX
United Kingdom

The principal place of business is:
Unit 3D Westpark 26
Chelston
Wellington
Somerset
TA21 9AD
United Kingdom

These financial statements were authorised for issue by the director on 27 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 November 2015. There is no material impact on the reported financial position and financial performance.

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Paul Hawkins Oil & Gas Burner Services Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	20% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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Paul Hawkins Oil & Gas Burner Services Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2016 - 6).

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Paul Hawkins Oil & Gas Burner Services Limited

Notes to the Financial Statements

Year Ended 31 October 2017

4	Tangible assets

	Office equipment  £	Total £
Cost or valuation
At 1 November 2016	3,026	3,026
At 31 October 2017	3,026	3,026
Depreciation
At 1 November 2016	2,147	2,147
Charge for the year	176	176
At 31 October 2017	2,323	2,323
Carrying amount
At 31 October 2017	703	703
At 31 October 2016	879	879

5

Stocks

	2017 £	2016 £
Other inventories	42,393	42,500

6

Debtors

	Note	2017  £	2016  £
Trade debtors		14,984	20,104
Amounts due from group undertakings		23,786	184,993
Prepayments		6,600	4,581
		45,370	209,678

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Paul Hawkins Oil & Gas Burner Services Limited

Notes to the Financial Statements

Year Ended 31 October 2017

7

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	9,475	7,813
Trade creditors		24,066	39,083
Corporation tax		17,160	13,054
Social security and other taxes		29,559	22,888
Outstanding defined contribution pension costs		97	-
Other creditors		1,061	-
Accrued expenses		4,650	3,660
		86,068	86,498

8	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank overdrafts	9,475	7,813

9	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £42,716 (2016 - £55,422).

11	Parent and ultimate parent undertaking

The company's immediate parent is Rundle & Wakeham Limited, incorporated in England & Wales.

 

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