Hollowrap Limited Accounts

CGA AUTOMATION LIMITED - Company Information






Hollowrap Limited
	Company No. 05412428
		Directors' Report and Unaudited Accounts
		31 December 2016




						Pages

Company Information						2
Directors' Report						3
Accountant's Report						4
Profit and Loss Account						5
Balance Sheet						6

Notes to the Accounts						7 to 13

Directors

D. Paxton
M. Pickering











































Registered Office

8 Highmeres Road
Thurmaston
Leicester

LE4 9LZ

Accountants

Gowards
102 Burnmill Road
Market Harborough


LE16 7JG

The Directors present their report and the accounts for the year ended 31 December 2016.

Principal activities
The principal activity of the company during the year under review was manufacturers of special purpose machinery.




Directors

The Directors who served at any time during the year were as follows:

D. Paxton
M. Pickering


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

D. Paxton
Director
21 March 2017

Chartered Accountant's Report to the Board of directors of Hollowrap Limited on the preparation of the unaudited statutory accounts for the year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006 and in accordance with your instructions, we have prepared for your approval the financial statements of Hollowrap Limited for the year ended 31 December 2016 set out on pages 5 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of directors of Hollowrap Limited, as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the financial statements of Hollowrap Limited and state those matters that we have agreed to state to the the Board of directors of Hollowrap Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hollowrap Limited and its Board of directors as a body for our work or for this report.

It is your duty to ensure that Hollowrap Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Hollowrap Limited. You consider that Hollowrap Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Hollowrap Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Gowards
Chartered Accountants
102 Burnmill Road
Market Harborough


LE16 7JG
21 March 2017

for the year ended 31 December 2016

	Notes	2016	2015

		£	£
Turnover		2,633,203	2,541,580

Cost of sales		(1,800,170)	(1,743,243)

Gross profit		833,033	798,337

Distribution costs and selling expenses		(15,604)	(12,952)

Administrative expenses		(399,740)	(488,270)



Operating profit		417,689	297,115





Other interest receivable		651	382

Interest payable and similar charges		(2,815)	(3,977)



Profit on ordinary activities before taxation		415,525	293,520

Taxation		(83,607)	(42,988)

Profit for the financial year after taxation		331,918	250,532

STATEMENT OF COMPREHENSIVE INCOME

for the year ended 31 December 2016

		2016	2015

		£	£
Profit for the financial year after taxation		331,918	250,532

Other comprehensive income		-	-





Total comprehensive income for the year		331,918	250,532

at	31 December 2016

Company No.		05412428	Notes	2016	2015
				£	£
Fixed assets
	Intangible assets		2	2	2
	Tangible assets		3	63,316	56,964


				63,318	56,966
Current assets
	Stocks		4	153,035	230,885
	Debtors		5	208,052	200,805

	Cash at bank and in hand			642,480	572,016
				1,003,567	1,003,706
Creditors: Amount falling due within one year			6	(1,007,974)	(948,609)
Net current (liabilities)/assets				(4,407)	55,097
Total assets less current liabilities				58,911	112,063
Creditors: Amounts falling due after more than one year			7	(3,035)	(16,105)



Net assets				55,876	95,958

Capital and reserves
	Called up share capital			20	20

	Capital redemption reserve		8	80	80
	Profit and loss account			55,776	95,858

Total equity				55,876	95,958


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.


Approved by the board on 21 March 2017

And signed on its behalf by:

D. Paxton
Director
21 March 2017

for the year ended 31 December 2016

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

% over the period of the lease

Plant and machinery

15% straight line

Motor vehicles

25% reducing balance

Furniture, fittings and equipment

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Intangible fixed assets
			Goodwill	Patents and trade-marks	Total
			£	£	£
		Cost
		At 1 January 2016	1	1	2


		At 31 December 2016	1	1	2






		Net book values
		At 31 December 2016	1	1	2
		At 31 December 2015	1	1	2

3	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 January 2016	5,149	42,000	82,280	12,598	142,027
		Additions	-	-	26,989	-	26,989


		Disposals	-	-	(18,500)	-	(18,500)
		At 31 December 2016	5,149	42,000	90,769	12,598	150,516
		Depreciation
		At 1 January 2016	5,149	42,000	31,011	6,903	85,063
		Charge for the year	-	-	14,616	1,632	16,248


		Disposals	-	-	(14,111)	-	(14,111)
		At 31 December 2016	5,149	42,000	31,516	8,535	87,200
		Net book values
		At 31 December 2016	-	-	59,253	4,063	63,316
		At 31 December 2015	-	-	51,269	5,695	56,964

4	Stocks
			2016	2015
			£	£

		Work in progress	153,035	230,885

			153,035	230,885

5	Debtors
			2016	2015
			£	£
		Trade debtors	146,323	111,964



		VAT recoverable	37,525	65,549


		Prepayments and accrued income	24,204	23,292
			208,052	200,805

6	Creditors:
		amounts falling due within one year
			2016	2015
			£	£



		Obligations under finance lease and hire purchase contracts	13,014	14,727
		Trade creditors	294,849	328,755

		Corporation tax	83,579	43,017
		Other taxes and social security	8,783	7,842

		Other creditors	604,748	551,568
		Accruals and deferred income	3,001	2,700
			1,007,974	948,609

7	Creditors:
		amounts falling due after more than one year
			2016	2015
			£	£



		Obligations under finance lease and hire purchase contracts	3,035	16,105




			3,035	16,105

8	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 January 2015	80	80



		At 31 December 2015 and 1 January 2016	80	80



		At 31 December 2016	80	80


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.

9	Commitments


		Financial commitments
			2016	2015
			£	£
		Total commitments under non-cancellable operating leases:	40,200	40,200

10	Dividends
			2016	2015
			£	£
		Dividends for the period:

		Dividends accrued at the period end	372,000	280,000


		Dividends by type:

		Equity dividends	372,000	280,000
			372,000	280,000

Related party disclosures

Controlling parties

Immediate controlling parties

There is no controlling entity

Additional information

Hollowrap Limited is a private company limited by shares and registered in England.

It's registered number is:

05412428

It's registered office is:

8 Highmeres Road

Thurmaston

Leicester

LE4 9LZ

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