HB Cables and Components Limited Filleted accounts for Companies House (small and micro)

HB CABLES AND COMPONENTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05766437

HB Cables and Components Limited

Filleted Unaudited Financial Statements

30 April 2018

HB Cables and Components Limited

Financial Statements

Year ended 30 April 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

HB Cables and Components Limited

Statement of Financial Position

30 April 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5		410,255		1,919

Current assets

Stocks		135,010	144,759
Debtors	6	168,630	139,869
Cash at bank and in hand		29,428	82,979
		---------	---------
		333,068	367,607

Creditors: amounts falling due within one year	7	273,743		104,245
		---------		---------
Net current assets			59,325		263,362
			---------		---------
Total assets less current liabilities			469,580		265,281

Creditors: amounts falling due after more than one year	8		181,042		–

Provisions

Taxation including deferred tax	2,302	364
	---------	---------
Net assets	286,236	264,917
	---------	---------

Capital and reserves

Called up share capital	9	2	2
Profit and loss account		286,234	264,915
		---------	---------
Shareholders funds		286,236	264,917
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2018 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

HB Cables and Components Limited

Statement of Financial Position (continued)

30 April 2018

These financial statements were approved by the board of directors and authorised for issue on 23 January 2019 , and are signed on behalf of the board by:

Mr P G Berry
Director

Company registration number: 05766437

HB Cables and Components Limited

Notes to the Financial Statements

Year ended 30 April 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 72 St Johns Road, Stansted, Essex, CM24 8JS, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	20% reducing balance
Motor Vehicles	-	20% straight line

Investment property

Investment property, which is property held to earn rentals, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).

5. Tangible assets

	Investment property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 May 2017	–	7,961	–	7,961
Additions	398,140	1,875	11,350	411,365
	---------	-------	--------	---------
At 30 April 2018	398,140	9,836	11,350	419,326
	---------	-------	--------	---------
Depreciation
At 1 May 2017	–	6,042	–	6,042
Charge for the year	–	759	2,270	3,029
	---------	-------	--------	---------
At 30 April 2018	–	6,801	2,270	9,071
	---------	-------	--------	---------
Carrying amount
At 30 April 2018	398,140	3,035	9,080	410,255
	---------	-------	--------	---------
At 30 April 2017	–	1,919	–	1,919
	---------	-------	--------	---------

6. Debtors

	2018	2017
	£	£
Trade debtors	168,630	138,006
Prepayments and accrued income	–	660
Director's loan account	–	1,203
	---------	---------
	168,630	139,869
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	10,374	–
Trade creditors	67,024	63,922
Accruals and deferred income	4,144	3,160
Corporation tax	7,020	12,815
Social security and other taxes	33,188	24,348
Director loan accounts	151,993	–
	---------	---------
	273,743	104,245
	---------	---------

The bank loan is secured by a fixed legal charge over the investment property.

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	181,042	–
	---------	----

The bank loan is secured by a fixed legal charge over the investment property.

Included within creditors: amounts falling due after more than one year is an amount of £138,364 (2017: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

9. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2.00	2	2.00
	----	-----	----	-----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	2,526	6,063
Later than 1 year and not later than 5 years	–	2,526
	-------	-------
	2,526	8,589
	-------	-------

11. Director's advances, credits and guarantees

At the year end Mr P G Berry owed the company £Nil (2017 - £1,203). The maximum amount outstanding during the year was £6,470. No interest has been charged on this loan.

12. Related party transactions

At the year end the company owed the director £151,993 (2017: £Nil) which is shown amongst creditors.