Company Registration No. 02570756 (England and Wales)
Heico Fasteners UK Ltd
Unaudited accounts
for the year ended 31 December 2018
Heico Fasteners UK Ltd
Unaudited accounts
Contents
Heico Fasteners UK Ltd
Company Information
for the year ended 31 December 2018
Directors
Jan Heimann
Theo Heimann
Company Number
02570756 (England and Wales)
Registered Office
6 ELDON WAY INDUSTRIAL ESTATE, ELDON WAY
HOCKLEY
ESSEX
SS5 4AD
Accountants
O'Connor & Co
22 Kendals Close
Radlett
Herts
WD7 8NQ
Heico Fasteners UK Ltd
Statement of financial position
as at
31 December 2018
Tangible assets
6,917
9,577
Inventories
935,624
660,489
Cash at bank and in hand
119,274
142,937
Creditors: amounts falling due within one year
(675,469)
(340,380)
Net current assets
1,070,995
1,034,327
Total assets less current liabilities
1,077,912
1,043,904
Provisions for liabilities
Net assets
1,077,461
1,043,137
Called up share capital
50,000
50,000
Profit and loss account
1,027,461
993,137
Shareholders' funds
1,077,461
1,043,137
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 20 February 2019.
Jan Heimann
Director
Company Registration No. 02570756
Heico Fasteners UK Ltd
Notes to the Accounts
for the year ended 31 December 2018
Heico Fasteners UK Ltd is a private company, limited by shares, registered in England and Wales, registration number 02570756. The registered office is 6 ELDON WAY INDUSTRIAL ESTATE, ELDON WAY, HOCKLEY, ESSEX, SS5 4AD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% to 33% on a straight line basis
Fixtures & fittings
20% to 33% on a straight line basis
Other tangible fixed assets
As they are consumed
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Heico Fasteners UK Ltd
Notes to the Accounts
for the year ended 31 December 2018
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2018
82,491
127,057
209,548
At 31 December 2018
82,491
130,953
213,444
At 1 January 2018
81,298
118,673
199,971
Charge for the year
1,194
5,362
6,556
At 31 December 2018
82,492
124,035
206,527
At 31 December 2018
(1)
6,918
6,917
At 31 December 2017
1,193
8,384
9,577
Finished goods
935,624
660,489
Trade debtors
682,811
564,379
Other debtors
8,755
6,902
Heico Fasteners UK Ltd
Notes to the Accounts
for the year ended 31 December 2018
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Creditors: amounts falling due within one year
2018
2017
Trade creditors
521,213
223,493
Taxes and social security
97,881
92,328
Other creditors
56,375
24,559
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Transactions with related parties
Heico Beteiligungs GmbH and HeicoFrance SARL jointly owned Heico Fasteners UK Limited. All related parties were under the control of the Heimann family.
The company sales to related parties during the year amounted £314 (2017 £7,968)
The following purchases were made from related parties.
Heico Befestigungstechnik GmbH £1,086,915
Heico Umformtechnik GmbH £113,002
Heico Fasteners, Incorporated £47,345
Heico France £42,696
Total 2018 £1,289,958
Total 2017 £850,493
The amount the company owed to related parties as at the balance sheet date were as follows:
Heico Befestigungstechnik GmbH £414,724
Heico Umformtechnik GmbH £17,548
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Average number of employees
During the year the average number of employees was 11 (2017: 12).