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COMPANY REGISTRATION NUMBER: 03300702
Honeyglen Anodising Limited
Filleted Unaudited Abridged Financial Statements
31 March 2018
Honeyglen Anodising Limited
Abridged Statement of Financial Position
31 March 2018
2018
2017
Note
£
£
£
Fixed assets
Tangible assets
5
52,186
65,318
Investments
6
1
1
--------
--------
52,187
65,319
Current assets
Stocks
11,839
10,938
Debtors
220,620
240,909
Cash at bank and in hand
302,014
375,616
---------
---------
534,473
627,463
Creditors: amounts falling due within one year
138,563
158,620
---------
---------
Net current assets
395,910
468,843
---------
---------
Total assets less current liabilities
448,097
534,162
Provisions
Taxation including deferred tax
4,274
10,245
---------
---------
Net assets
443,823
523,917
---------
---------
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss account
343,823
423,917
---------
---------
Shareholders funds
443,823
523,917
---------
---------
These abridged 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 comprehensive income has not been delivered.
For the year ending 31 March 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Honeyglen Anodising Limited
Abridged Statement of Financial Position (continued)
31 March 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 23 October 2018 , and are signed on behalf of the board by:
Mr J. Ecclestone
Director
Company registration number: 03300702
Honeyglen Anodising Limited
Notes to the Abridged Financial Statements
Year ended 31 March 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 62 Sampson Road North, Sparkbrook, Birmingham.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
Deferred taxation is provided using the liability method in respect of the taxation effect on all timing differences other than those which are expected with reasonable probability to continue in the foreseeable future.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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
-
15% to 20% per annum reducing balance
Fixtures, Fittings and Equipment
-
20% per annum reducing balance
Motor Vehicles
-
25% per annum reducing balance
Investments
Fixed asset investments are stated at cost less provision for domination in value.
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. Raw materials, consumables and goods for resale - purchase cost on a first-in, first-out basis Work in progress and finished goods - Cost of direct materials and labour plus attributable overheads based on normal level of activity
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The company operates a defined contribution pensions scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2017: 21 ).
5. Tangible assets
£
Cost
At 1 April 2017
365,105
Additions
1,760
Disposals
( 7,000)
---------
At 31 March 2018
359,865
---------
Depreciation
At 1 April 2017
299,787
Charge for the year
9,598
Disposals
( 1,706)
---------
At 31 March 2018
307,679
---------
Carrying amount
At 31 March 2018
52,186
---------
At 31 March 2017
65,318
---------
6. Investments
£
Cost
At 1 April 2017 and 31 March 2018
1
----
Impairment
At 1 April 2017 and 31 March 2018
----
Carrying amount
At 31 March 2018
1
----
At 31 March 2017
1
----
7. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018
2017
£
£
Not later than 1 year
42,500
42,500
Later than 1 year and not later than 5 years
77,917
120,417
---------
---------
120,417
162,917
---------
---------
8. Director's advances, credits and guarantees
The director made loans to the company during the year. The loans are interest free and repayable on demand. The balance outstanding at 31st March 2018 was £4,797 (2017 £5,257).
9. Controlling party
J. Ecclestone controls the company as a result of controlling directly and indirectly 100% of the issued ordinary share capital.