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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Hilite Highway Control Specialists Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Hilite Highway Control Specialists Ltd |
Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Hilite Highway Control Specialists Ltd |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Unit 14a Waterside Business Park |
Livingstone Road |
Hessle |
East Yorkshire |
HU13 0EG |
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BANKERS: |
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Willerby & Kirk Ella |
The Square |
Willerby |
East Yorkshire |
HU10 7XW |
Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Balance Sheet |
31 May 2017 |
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31.5.17 | 31.5.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | 12 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Balance Sheet - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Hilite Highway Control Specialists Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents the net invoiced sales of goods and services, excluding value added tax. |
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Revenue Recognition |
Revenue is recognised under an exchange transaction with a customer when, and to the extent that, the company |
receives a right to consideration from its performance. |
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Part completed contracts at the year-end that fulfil the criteria are included in these financial statements based on |
their fair value of the right to consideration at the balance sheet date. The value is included in debtors as |
Amounts Recoverable on Contracts. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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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, if any. Where |
it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount |
of the cash-generating unit to which the asset belongs. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2016 |
and 31 May 2017 |
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AMORTISATION |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2016 |
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Additions |
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Disposals | ( |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
At 1 June 2016 |
and 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
and 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Trade debtors |
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Amounts recoverable on contract |
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Prepayments and accrued income |
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Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts (see note 9) |
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Trade creditors |
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Tax |
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Social security and other taxes |
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Other creditors |
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Directors' current accounts | 1,051 | 3,017 |
Accrued expenses |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.17 | 31.5.16 |
£ | £ |
Hire purchase contracts (see note 9) |
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9. | LEASING AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase contracts |
31.5.17 | 31.5.16 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable operating |
leases |
31.5.17 | 31.5.16 |
£ | £ |
Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.5.17 | 31.5.16 |
£ | £ |
Bank overdraft |
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Hire purchase contracts | 20,972 | 30,895 |
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Hilite Highway Control Specialists Ltd (Registered number: 04685908) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.17 | 31.5.16 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
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12. | RESERVES |
Retained |
earnings |
£ |
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At 1 June 2016 |
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Profit for the year |
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Dividends | ( |
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At 31 May 2017 |
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13. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 May 2017 and |
31 May 2016: |
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31.5.17 | 31.5.16 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
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This amount is interest free and repayable on demand. |
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14. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £38,250 were paid to the director . |
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15. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by the director . |
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16. | FIRST YEAR ADOPTION |
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On transition to FRS102 the company has taken advantage of the following transitional relief: |
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- Not to disclose the reconciliation of equity and profit and loss due to no subsequent changes. |
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- Not to include immaterial employee benefits accruing at the balance sheet date. |