Company Registration No. 01772660 (England and Wales)
CORBY HOSE & HYDRAULICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
CORBY HOSE & HYDRAULICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
CORBY HOSE & HYDRAULICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,651
10,900
Current assets
Stocks
120,443
88,197
Debtors
4
128,839
191,259
Cash at bank and in hand
141,908
143,936
391,190
423,392
Creditors: amounts falling due within one year
5
(121,360)
(133,925)
Net current assets
269,830
289,467
Total assets less current liabilities
277,481
300,367
Provisions for liabilities
(1,090)
(1,637)
Net assets
276,391
298,730
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
276,291
298,630
Total equity
276,391
298,730
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CORBY HOSE & HYDRAULICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2019 and are signed on its behalf by:
Mr K P Lattimer
Director
Company Registration No. 01772660
CORBY HOSE & HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
Corby Hose & Hydraulics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Geddington Road, Corby, Northamptonshire, NN18 8ET.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
1.2
Going concern
The accounts have been prepared on the going concern basis. As explained in the contingent liabilities note the company acts as guarantor for the bank borrowings of Hightrack Company Limited. The directors are of the opinion, having regard to their knowledge of the results, state of affairs and future prospects of Hightrack Company Limited that the possibility of any liability under the guarantee crystallising in the foreseeable future is remote.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
10% on cost
Fixtures and fittings
10% on cost
Computers
at varying rates on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CORBY HOSE & HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
CORBY HOSE & HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 8 (2018 - 7).
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2018
12,553
3,366
9,572
30,064
55,555
Disposals
-
-
-
(9,731)
(9,731)
At 31 March 2019
12,553
3,366
9,572
20,333
45,824
Depreciation and impairment
At 1 April 2018
12,553
3,366
9,113
19,623
44,655
Depreciation charged in the year
-
-
229
2,610
2,839
Eliminated in respect of disposals
-
-
-
(9,321)
(9,321)
At 31 March 2019
12,553
3,366
9,342
12,912
38,173
Carrying amount
At 31 March 2019
-
-
230
7,421
7,651
At 31 March 2018
-
-
459
10,441
10,900
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
128,839
191,259
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
86,634
86,908
Corporation tax
6,977
13,553
Other taxation and social security
25,149
30,864
Other creditors
2,600
2,600
121,360
133,925
CORBY HOSE & HYDRAULICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
7
Financial commitments, guarantees and contingent liabilities
The company acts as guarantor for the bank borrowings of Hightrack Company Limited. At 31st March 201
8
the amount guaranteed was
£165,537. Security has been given in the form of fixed and floating charges over all of the company's assets.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
3,913
8,182