P H Hardwill Limited Small abbreviated accounts

P H Hardwill Limited Small abbreviated accounts


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COMPANY REGISTRATION NUMBER 02684537
P H HARDWILL LIMITED
UNAUDITED ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED
30 June 2016
CHALMERS & CO (SW) LIMITED
Chartered Accountants
Trading as Chalmers & Co.
6 The Linen Yard
South Street
Crewkerne
Somerset
TA18 8AB
P H HARDWILL LIMITED
ABBREVIATED BALANCE SHEET
30 June 2016
2016
2015
Note
£
£
£
FIXED ASSETS
2
Tangible assets
411,747
384,156
----------
----------
CURRENT ASSETS
Stocks
170,496
179,291
Debtors
871,518
619,444
Cash at bank and in hand
350,508
200,269
------------
----------
1,392,522
999,004
CREDITORS: Amounts falling due within one year
572,546
514,935
------------
----------
NET CURRENT ASSETS
819,976
484,069
------------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,231,723
868,225
CREDITORS: Amounts falling due after more than one year
-
8,807
PROVISIONS FOR LIABILITIES
82,349
64,344
------------
----------
1,149,374
795,074
------------
----------
CAPITAL AND RESERVES
Called up equity share capital
3
100
100
Profit and loss account
1,149,274
794,974
------------
----------
SHAREHOLDERS' FUNDS
1,149,374
795,074
------------
----------
For the year ended 30 June 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 accounts for the year in question in accordance with section 476; and
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime.
These abbreviated accounts were approved by the directors and authorised for issue on 21 March 2017 , and are signed on their behalf by:
P J Hardwill Director
Company Registration Number: 02684537
P H HARDWILL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30 JUNE 2016
1. ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention, and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
The turnover shown in the profit and loss account represents amounts invoiced, exclusive of Value Added Tax. In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Leasehold Improvements-10% of the cost
Plant & Machinery-25% of the net book value
Office Equipment-25% of the net book value
Motor Vehicles-25% of the net book value
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pension costs
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
Deferred taxation
In accordance with Financial Reporting Standard for Smaller Entities (effective January 2015) FRSSE, the difference between the accounting treatment and tax treatment for depreciation in respect of accelerated capital allowances and other timing differences, is provided in full. Provision is made, or recovery anticipated, where timing differences have originated but not reversed by the balance sheet date.
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.
2. FIXED ASSETS
Tangible Assets
£
COST
At 1 July 2015
1,229,274
Additions
179,707
Disposals
( 141,913)
------------
At 30 June 2016
1,267,068
------------
DEPRECIATION
At 1 July 2015
845,118
Charge for year
112,992
On disposals
( 102,789)
----------
At 30 June 2016
855,321
----------
NET BOOK VALUE
At 30 June 2016
411,747
----------
At 30 June 2015
384,156
----------
3. SHARE CAPITAL
Allotted, called up and fully paid:
2016
2015
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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