Humberside Glazing Limited - Period Ending 2015-03-31

Registration number: 3499273

Humberside Glazing Limited

Abbreviated Accounts

for the Year Ended 31 March 2015
 

787878787
Humberside Glazing Limited
Registration number: 3499273
Abbreviated Balance Sheet at 31 March 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Intangible fixed assets		2						6,000						8,000
Tangible fixed assets		2						22,179						29,305
								28,179						37,305
Current assets
Stocks					9,436						9,765
Debtors					122,423						155,118
Cash at bank and in hand					244,125						188,407
					375,984						353,290
Creditors: Amounts falling due within one year					(124,903)						(128,262)
Net current assets								251,081						225,028
Total assets less current liabilities								279,260						262,333
Provisions for liabilities								(4,004)						(5,334)
Net assets								275,256						256,999
Capital and reserves
Called up share capital		3			6,003						6,003
Capital redemption reserve					5,000						5,000
Other reserves					10,000						10,000
Profit and loss account					254,253						235,996
Shareholders' funds								275,256						256,999

For the year ending 31 March 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 24 July 2015 and signed on its behalf by:

Mr B L Jubb
Director

The notes on pages 2 to 3 form an integral part of these financial statements.

787878787
Humberside Glazing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	over 20 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% per annum on written down value
Office equipment	15% per annum on written down value
Motor vehicles	25% per annum on written down value

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

The notes on pages 2 to 3 form an integral part of these financial statements.

787878787
Humberside Glazing Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		40,000			86,907			126,907
At 31 March 2015		40,000			86,907			126,907
Amortisation
At 1 April 2014		32,000			57,602			89,602
Charge for the year		2,000			7,126			9,126
At 31 March 2015		34,000			64,728			98,728
Net book value
At 31 March 2015		6,000			22,179			28,179
At 31 March 2014		8,000			29,305			37,305

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		6,000			6,000			6,000			6,000
Ordinary A share of £1 each		1			1			1			1
Ordinary B share of £1 each		1			1			1			1
Ordinary C share of £1 each		1			1			1			1
		6,003			6,003			6,003			6,003

The notes on pages 2 to 3 form an integral part of these financial statements.