Hybrid Manufacturing Technologies Limite - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08334706 (England and Wales)

HYBRID MANUFACTURING TECHNOLOGIES

LIMITED

Unaudited Financial Statements

for the Year Ended 31 December 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Coates

J B Jones

REGISTERED OFFICE:

Unit 9 Rawdon Network Centre

Rawdon Business Park, Marquis Drive

Moira

Swadlincote

Derbyshire

DE12 6EJ

REGISTERED NUMBER:

08334706 (England and Wales)

ACCOUNTANTS:

Phoenix Business Associates Limited

Chartered Certified Accountants

The Riding School House

Bulls Lane

Wishaw

Sutton Coldfield

West Midlands

B76 9QW

FIXED ASSETS

Tangible assets

4

81,395

46,971

CURRENT ASSETS

Stocks

24,800

55,684

Debtors

5

278,753

154,034

Cash at bank

112,015

322,927

415,568

532,645

CREDITORS

Amounts falling due within one year

6

595,716

339,251

NET CURRENT (LIABILITIES)/ASSETS

(180,148

)

193,394

TOTAL ASSETS LESS CURRENT LIABILITIES

(98,753

)

240,365

CREDITORS

Amounts falling due after more than one year

7

131,950

446,340

NET LIABILITIES

(230,703

)

(205,975

)

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Retained earnings

(233,703

)

(208,975

)

SHAREHOLDERS' FUNDS

(230,703

)

(205,975

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 28 September 2018 and were signed on its behalf by:

P J Coates - Director

J B Jones - Director

1.	STATUTORY INFORMATION

Hybrid Manufacturing Technologies 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.

As at the balance sheet date the company is showing an insolvent position. However, included in

creditors are amounts received in advance of project expenditure due over the next three years.

Accordingly the directors consider the going concern basis of preparation to be appropriate.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

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.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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.

Holiday pay accrual

Liability reflected in accounts in recognition of employees providing a service in exchange for benefits

to be paid at a future date.

Grants

The Company has adopted the accruals model for accounting for grant income.

Upon initial receipt of the grant the company classifies the grant according to whether it is a grant

relating to revenue or a grant relating to assets.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in

which the company recognises the related costs for which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the

purpose of giving immediate financial support to the company with no future related costs will be

recognised in income in the period in which it becomes receivable.

Grants relating to assets shall be recognised in income on a systematic basis over the expected useful

life of the asset.

Where part of a grant relating to an asset is deferred it shall be recognised as deferred income and not

deducted from the carrying amount of the asset.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2017

66,098

Additions

59,809

Disposals

(15,000

)

At 31 December 2017

110,907

DEPRECIATION

At 1 January 2017

19,127

Charge for year

14,548

Eliminated on disposal

(4,163

)

At 31 December 2017

29,512

NET BOOK VALUE

At 31 December 2017

81,395

At 31 December 2016

46,971

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

Plant and

machinery

etc

£

COST

At 1 January 2017

58,606

Additions

58,696

Disposals

(15,000

)

At 31 December 2017

102,302

DEPRECIATION

At 1 January 2017

16,263

Charge for year

13,531

Eliminated on disposal

(4,163

)

At 31 December 2017

25,631

NET BOOK VALUE

At 31 December 2017

76,671

At 31 December 2016

42,343

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/17

31/12/16

£

£

Trade debtors

152,472

39,336

Amounts owed by participating interests

118,422

43,500

Other debtors

7,859

71,198

278,753

154,034

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/17

31/12/16

£

£

Hire purchase contracts

28,591

17,238

Trade creditors

11,170

79,354

Amounts owed to participating interests

14,363

58,526

Taxation and social security

-

1,996

Other creditors

541,592

182,137

595,716

339,251

The directors loans are not subject to any formal loan agreements, no interest is charged and there is

no set date for repayment. On the basis that no formal agreement exists, the loans are deemed to be

repayable on demand.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/17

31/12/16

£

£

Hire purchase contracts

29,041

9,872

Other creditors

102,909

436,468

131,950

446,340

8.	POST BALANCE SHEET EVENTS

In March 2018 the company became a wholly owned subsidiary of Ex Scintilla Limited, a company

registered and operating in England and Wales.

9.	ULTIMATE CONTROLLING PARTY

The company considers its directors to have ultimate control.