Alltype Hose & Couplings Limited Company Accounts

ALLTYPE HOSE & COUPLINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 3132712

Alltype Hose & Couplings Limited

Filleted Unaudited Financial Statements

30 April 2017

Alltype Hose & Couplings Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Alltype Hose & Couplings Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		2,928	3,573

Current assets

Stocks		61,450	46,424
Debtors	5	17,019	19,781
Cash at bank and in hand		100	100
		--------	--------
		78,569	66,305

Creditors: amounts falling due within one year	6	75,808		59,016
		--------		--------
Net current assets			2,761	7,289
			-------	--------
Total assets less current liabilities			5,689	10,862

Provisions

Taxation including deferred tax	303	–
	-------	--------
Net assets	5,386	10,862
	-------	--------

Capital and reserves

Called up share capital	72	72
Profit and loss account	5,314	10,790
	-------	--------
Shareholders funds	5,386	10,862
	-------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Alltype Hose & Couplings Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 27 January 2018 , and are signed on behalf of the board by:

A Daburn Esq
Director

Company registration number: 3132712

Alltype Hose & Couplings Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, P012 1LY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

No significant judgements have been made by the director in preparing these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

4. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 May 2016	15,422	12,368	22,829	50,619
Additions	–	–	332	332
	--------	--------	--------	--------
At 30 April 2017	15,422	12,368	23,161	50,951
	--------	--------	--------	--------
Depreciation
At 1 May 2016	15,117	12,208	19,721	47,046
Charge for the year	88	40	849	977
	--------	--------	--------	--------
At 30 April 2017	15,205	12,248	20,570	48,023
	--------	--------	--------	--------
Carrying amount
At 30 April 2017	217	120	2,591	2,928
	--------	--------	--------	--------
At 30 April 2016	305	160	3,108	3,573
	--------	--------	--------	--------

5. Debtors

	2017	2016
	£	£
Trade debtors	17,019	19,781
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	10,443	9,362
Trade creditors	13,862	13,335
Corporation tax	332	303
Social security and other taxes	17,437	11,264
Other creditors	33,734	24,752
	--------	--------
	75,808	59,016
	--------	--------

7. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A Daburn Esq	( 20,888)	( 8,837)	( 29,725)
	--------	-------	--------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
A Daburn Esq	( 15,511)	( 5,377)	( 20,888)
	--------	-------	--------

8. Related party transactions

During the period the company received services from Morningside Marketing totalling £23,890 (2016: £17,310). £7,533 (2016: £2,049) was outstanding at the balance sheet date. A Daburn Esq is the managing director and sole shareholder of Morningside marketing Limited

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.