Registration number:
Hi Vac - Devices Ltd.
trading as
for the Year Ended 30 November 2019
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Company Information
Director |
Mrs AV Rowland |
Company secretary |
Mr DW Barlow |
Registered office |
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Accountants |
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Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Director's Report for the Year Ended 30 November 2019
The director presents her report and the financial statements for the year ended 30 November 2019.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is manufacturing copper gaskets
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Mrs AV Rowland
Director
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
for the Year Ended 30 November 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hi Vac - Devices Ltd. for the year ended 30 November 2019 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Hi Vac - Devices Ltd., as a body, in accordance with the terms of our engagement letter dated 31 July 2013. Our work has been undertaken solely to prepare for your approval the accounts of Hi Vac - Devices Ltd. and state those matters that we have agreed to state to the Board of Directors of Hi Vac - Devices Ltd., as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hi Vac - Devices Ltd. and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Hi Vac - Devices Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hi Vac - Devices Ltd.. You consider that Hi Vac - Devices Ltd. 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 accounts of Hi Vac - Devices Ltd.. 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 accounts.
......................................
Polegate
East Sussex
BN26 5LX
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Profit and Loss Account for the Year Ended 30 November 2019
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Operating profit |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Statement of Comprehensive Income for the Year Ended 30 November 2019
Note |
2019 |
2018 |
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Profit for the year |
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Total comprehensive income for the year |
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Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
(Registration number: 5950657)
Balance Sheet as at 30 November 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 November 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
.........................................
Mrs AV Rowland
Director
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Statement of Changes in Equity for the Year Ended 30 November 2019
Share capital |
Profit and loss account |
Total |
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At 1 December 2018 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 30 November 2019 |
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Share capital |
Profit and loss account |
Total |
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At 1 December 2017 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
|
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Dividends |
- |
( |
( |
At 30 November 2018 |
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Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Notes to the Financial Statements for the Year Ended 30 November 2019
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Notes to the Financial Statements for the Year Ended 30 November 2019
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant & Machinery |
25% reducing balance |
Furniture, fixtures and equipment |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Notes to the Financial Statements for the Year Ended 30 November 2019
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Notes to the Financial Statements for the Year Ended 30 November 2019
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
|
Cost or valuation |
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At 1 December 2018 |
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- |
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Additions |
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At 30 November 2019 |
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Depreciation |
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At 1 December 2018 |
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- |
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Charge for the year |
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At 30 November 2019 |
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Carrying amount |
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At 30 November 2019 |
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|
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At 30 November 2018 |
|
- |
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Stocks |
2019 |
2018 |
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Finished goods and goods for resale |
|
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Notes to the Financial Statements for the Year Ended 30 November 2019
Note |
2019 |
2018 |
|
Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
( |
|
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Taxation and social security |
( |
( |
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Other creditors |
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|
|
|
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Loans and borrowings |
2019 |
2018 |
|
Current loans and borrowings |
||
Other borrowings |
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Dividends |
Final dividends paid
2019 |
2018 |
|
Final dividend of £
|
|
|
Final dividend of £
|
|
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Related party transactions |
Summary of transactions with associates
£160,760 (2018 - £166,694).
Summary of transactions with other related parties
(Company Secretary of company and brother of the sole director)
At the balance sheet date the amount due from/(to) David Barlow was £9,500 (2018 - £26,000).
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Detailed Profit and Loss Account for the Year Ended 30 November 2019
2019 |
2018 |
|
Turnover (analysed below) |
1,133,536 |
1,470,338 |
Cost of sales (analysed below) |
(615,613) |
(944,460) |
Gross profit |
517,923 |
525,878 |
Gross profit (%) |
45.69% |
35.77% |
Administrative expenses |
||
Employment costs (analysed below) |
(423,677) |
(363,182) |
Establishment costs (analysed below) |
(19,990) |
(22,167) |
General administrative expenses (analysed below) |
(35,892) |
(96,470) |
Finance charges (analysed below) |
(2,357) |
2,192 |
Depreciation costs (analysed below) |
(16,520) |
(10,847) |
(498,436) |
(490,474) |
|
Operating profit |
19,487 |
35,404 |
Profit before tax |
19,487 |
35,404 |
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Detailed Profit and Loss Account for the Year Ended 30 November 2019
2019 |
2018 |
Turnover |
||
Sales |
1,133,536 |
1,470,338 |
Cost of sales |
||
Packaging |
61,799 |
47,008 |
Stock |
(99,343) |
(63,783) |
Opening Stock |
63,782 |
83,412 |
Cost Of Sales |
557,775 |
842,169 |
Subcontract Costs |
- |
4,904 |
Repairs: Plant/Machinery |
31,600 |
30,750 |
615,613 |
944,460 |
Employment costs |
||
Staff Salaries |
(348,831) |
(288,124) |
Dir's Salaries |
(8,560) |
(8,337) |
Directors Pension |
(25,173) |
(35,000) |
Staff Employer's NIC |
(25,058) |
(19,355) |
Staff Pensions |
(13,049) |
(10,387) |
Staff Private Health |
(3,006) |
(1,809) |
Staff Training |
- |
(170) |
(423,677) |
(363,182) |
Establishment costs |
||
Rent |
(8,010) |
(10,913) |
Heat, Light and water |
(11,898) |
(11,254) |
Repairs to Building |
(82) |
- |
(19,990) |
(22,167) |
General administrative expenses |
||
Coffee Tea & Milk |
(1,355) |
(1,862) |
Cleaning |
(1,985) |
(1,760) |
Printing and Stationery |
(254) |
- |
Software |
(2,645) |
(1,605) |
Telephone |
(2,074) |
(1,911) |
Human Resources |
(1,684) |
(1,632) |
Reg Charity Donations |
(309) |
(90) |
Insurance |
(6,721) |
(11,273) |
General Expenses |
(5,157) |
(2,197) |
Fuel and Oil |
(4,397) |
(5,291) |
Vehicle Servicing/Repairs |
(24,172) |
(17,262) |
Subsistence |
(975) |
(492) |
Hi Vac - Devices Ltd.
trading as Hivac-Devices Limited
Detailed Profit and Loss Account for the Year Ended 30 November 2019
Advertising |
- |
(213) |
Business Entertaining |
(4,083) |
(5,766) |
Professional Fees |
(11,742) |
(12,991) |
Accountant's Fees |
(4,045) |
(4,545) |
Bad Debt Write Off |
- |
(19) |
Bad Debt Provision |
35,706 |
(27,561) |
(35,892) |
(96,470) |
Finance charges |
||
Bank Charges |
(147) |
(123) |
Bank Interest Receivable |
101 |
- |
Exchange Rate Variance |
(2,311) |
2,315 |
(2,357) |
2,192 |
Depreciation costs |
||
Plant & Mach Dep'n |
(12,247) |
(10,214) |
Fix/Fittings Dep'n |
(862) |
(243) |
Comp Equip Dep'n |
(449) |
(390) |
Motor Vehicle Dep'n |
(2,962) |
- |
(16,520) |
(10,847) |