S.W.P. Hydraulics Limited - Period Ending 2016-03-31

 
 
 
 
 
 
 
  S.W.P. Hydraulics Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2016
 
  Company Registration Number: 03155306

S.W.P. Hydraulics Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

S.W.P. Hydraulics Limited
Abbreviated Balance Sheet
31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			248,868			102,064
Current assets
Stocks					15,000			15,000
Debtors					342,671			471,841
Cash at bank and in hand					147,677			87,371
					505,348			574,212
Creditors: Amounts falling due within one year					(332,827)			(412,076)
Net current assets					172,521			162,136
Total assets less current liabilities					421,389			264,200
Creditors: Amounts falling due after more than one year					(22,392)			(55,564)
Provisions for liabilities					(22,757)			(14,159)
Net assets					376,240			194,477
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					375,240			193,477
Shareholders' funds					376,240			194,477

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

S.W.P. Hydraulics Limited
Abbreviated Balance Sheet
31 March 2016 ......... continued

For the year ending 31 March 2016 the company was entitled to exemption 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 director acknowledges his 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 .

Approved by the director on 21 December 2016

Mr W McWattie
Director

Company Registration Number: 03155306

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

S.W.P. Hydraulics Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

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 January 2015).

Turnover

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

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	25% reducing balance
Fixtures and fittings	20% reducing balance
Motor vehicles	20% reducing balance

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.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

S.W.P. Hydraulics Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. 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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		282,590			282,590
Additions		324,247			324,247
Disposals		(156,195)			(156,195)
At 31 March 2016		450,642			450,642
Depreciation
At 1 April 2015		180,526			180,526
Charge for the year		33,248			33,248
Eliminated on disposals		(12,000)			(12,000)
At 31 March 2016		201,774			201,774
Net book value
At 31 March 2016		248,868			248,868
At 31 March 2015		102,064			102,064

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		14,036			18,269
Amounts falling due after more than one year		22,392			55,564
Total secured creditors		36,428			73,833

Page 4

S.W.P. Hydraulics Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2016 ......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

5

Control

The immediate parent company is Mabil Limited, a company registered in England and Wales. Accounts for Mabil Limited are available from Companies House .
 

Page 5