Hogarth Coachworks Limited Company Accounts

HOGARTH COACHWORKS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02883550

Hogarth Coachworks Limited

Filleted Unaudited Financial Statements

31 October 2017

Hogarth Coachworks Limited

Financial Statements

Year ended 31 October 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Hogarth Coachworks Limited

Statement of Financial Position

31 October 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		127,107	147,274

Current assets

Stocks		24,533	21,224
Debtors	6	808,177	836,588
Cash at bank and in hand		95,658	226,247
		---------	------------
		928,368	1,084,059

Creditors: amounts falling due within one year	7	422,024		583,737
		---------		------------
Net current assets			506,344	500,322
			---------	---------
Total assets less current liabilities			633,451	647,596

Creditors: amounts falling due after more than one year	8		14,195	30,127

Provisions

Taxation including deferred tax	19,315	23,566
	---------	---------
Net assets	599,941	593,903
	---------	---------

Hogarth Coachworks Limited

Statement of Financial Position (continued)

31 October 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	599,939	593,901
	---------	---------
Shareholder funds	599,941	593,903
	---------	---------

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 31 October 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 member has 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 .

These financial statements were approved by the board of directors and authorised for issue on 30 January 2018 , and are signed on behalf of the board by:

Mr S Hogarth
Director

Company registration number: 02883550

Hogarth Coachworks Limited

Notes to the Financial Statements

Year ended 31 October 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 Unit 10, Durham Road Trading Estate, Durham Road, Birtley, Co Durham, DH3 2BQ.

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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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:

Leasehold improvements	-	over the remaining life of the lease
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25%/10% Straight line General/Recovery
Equipment	-	33% straight line

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 41 (2016: 40 ).

5. Tangible assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2016	42,853	49,815	130,895	12,373	235,936
Additions	–	3,678	–	856	4,534
	--------	--------	---------	--------	---------
At 31 October 2017	42,853	53,493	130,895	13,229	240,470
	--------	--------	---------	--------	---------
Depreciation
At 1 November 2016	3,204	19,706	58,102	7,650	88,662
Charge for the year	938	5,068	16,562	2,133	24,701
	--------	--------	---------	--------	---------
At 31 October 2017	4,142	24,774	74,664	9,783	113,363
	--------	--------	---------	--------	---------
Carrying amount
At 31 October 2017	38,711	28,719	56,231	3,446	127,107
	--------	--------	---------	--------	---------
At 31 October 2016	39,649	30,109	72,793	4,723	147,274
	--------	--------	---------	--------	---------

6. Debtors

	2017	2016
	£	£
Trade debtors	543,957	687,085
Amounts owed by group undertakings and undertakings in which the company has a participating interest	151,612	30,329
Other debtors	112,608	119,174
	---------	---------
	808,177	836,588
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	241,379	306,572
Amounts owed to group undertakings and undertakings in which the company has a participating interest	–	69,712
Social security and other taxes	116,752	147,439
Other creditors	63,893	60,014
	---------	---------
	422,024	583,737
	---------	---------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Other creditors	14,195	30,127
	--------	--------

9. Indebtedness, guarantees and other financial commitments

On 25 April 2016 the company entered into a composite guarantee agreement with HSBC Bank plc to secure all borrowings from all the companies within the S Hogarth Holdings Limited Group. At the year end there was no indication that there would be any liability arising from this guarantee.

Included within creditors falling due within one year are secured hire purchase creditors totalling £17,992 (2016 : £17,238). This liability is secured against the assets to which it relates.

Included within creditors falling due after one year are secured hire purchase creditors totalling £14,195 (2016 : £30,127). This liability is secured against the assets to which it relates.

10. Director's advances, credits and guarantees

At the year end the directors loan account was overdrawn by £35,000 (2016 - £30,000). This loan is non interest bearing and is repayable upon demand.

11. Transition to FRS 102

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

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