Company Registration No. 00718394 (England and Wales)
A K HUGHES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
A K HUGHES LIMITED
CONTENTS
PAGE
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 6
A K HUGHES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
FIXED ASSETS
Tangible assets
2
807,285
818,742
Investments
2
897,215
877,215
1,704,500
1,695,957
CURRENT ASSETS
Stocks
3,966
41,862
Debtors
14,399
22,502
Cash at bank and in hand
409,024
407,565
427,389
471,929
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
(705,376)
(720,482)
NET CURRENT LIABILITIES
(277,987)
(248,553)
TOTAL ASSETS LESS CURRENT LIABILITIES
1,426,513
1,447,404
CAPITAL AND RESERVES
Called up share capital
3
100,000
100,000
Profit and loss account
1,326,513
1,347,404
SHAREHOLDERS' FUNDS
1,426,513
1,447,404
A K HUGHES LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 17 November 2016
Mr M K Hughes
Mrs M R Hughes
DIRECTOR
DIRECTOR
COMPANY REGISTRATION NO. 00718394
A K HUGHES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
1
ACCOUNTING POLICIES
1.1
ACCOUNTING CONVENTION
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
COMPLIANCE WITH ACCOUNTING STANDARDS
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.
1.3
TURNOVER
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Freehold property
2% on cost
Computer equipment
33% on cost
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
1.5
INVESTMENTS
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
STOCK
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.7
PENSIONS
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
A K HUGHES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
ACCOUNTING POLICIES
(Continued)
- 4 -
1.8
DEFERRED TAXATION
Full provision for deferred tax is made for timing differences between the recognition of gains and losses in the financial statements and their recognition in tax computations, using appropriate tax rates. Deferred tax assets are only recognised to the extent that it is more likely than not that they will be recovered.
1.9
FOREIGN CURRENCY TRANSLATION
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.10
GROUP ACCOUNTS
The consolidated profit and loss account and balance sheet include the financial statements of the company and its subsidiary undertakings made up to 31 March 2016. The results of subsidiaries sold or acquired are included in the profit and loss account up to, or from the date control passes. Intra-group sales and profits are eliminated fully on consolidation.
A K HUGHES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
2
FIXED ASSETS
Tangible assets
Investments
Total
£
£
£
COST
At 1 April 2015
655,493
1,306,766
1,962,259
Additions
-
20,000
20,000
At 31 March 2016
655,493
1,326,766
1,982,259
DEPRECIATION
At 1 April 2015
209,771
56,531
266,302
Charge for the year
11,457
-
11,457
At 31 March 2016
221,228
56,531
277,759
NET BOOK VALUE
At 31 March 2016
434,265
1,270,235
1,704,500
At 31 March 2015
445,722
1,250,235
1,695,957
HOLDINGS OF MORE THAN 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
SUBSIDIARY UNDERTAKINGS
Autolok Security Products Limited
United Kingdom
Ordinary £1
100.00
South Wales Industrial Valve Services Limited
United Kingdom
Ordinary £1
57.47
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
PRINCIPAL ACTIVITY
£
£
Autolok Security Products Limited
Dormant
663,869
-
South Wales Industrial Valve Services Limited
Re-conditioning of plant and machinery
1,548,884
98,904
A K HUGHES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
3
SHARE CAPITAL
2016
2015
£
£
ALLOTTED, CALLED UP AND FULLY PAID
100,000 Ordinary of £1 each
100,000
100,000
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