Company Registration No. 01051404 (England and Wales)
HYDRAULIC & TRANSMISSION SERVICES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2016
HYDRAULIC & TRANSMISSION SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
HYDRAULIC & TRANSMISSION SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2016
31 July 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
548,438
447,823
Current assets
Stocks
315,075
295,672
Debtors
721,474
731,921
Cash at bank and in hand
1,587,616
1,256,174
2,624,165
2,283,767
Creditors: amounts falling due within one year
(821,717)
(404,934)
Net current assets
1,802,448
1,878,833
Total assets less current liabilities
2,350,886
2,326,656
Capital and reserves
Called up share capital
3
521
521
Profit and loss account
2,350,365
2,326,135
Shareholders' funds
2,350,886
2,326,656
For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 15 March 2017
P P Harrison
Director
Company Registration No. 01051404
HYDRAULIC & TRANSMISSION SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
2% on cost
Plant and machinery
20% on cost
Fixtures, fittings & equipment
20% on cost
Motor vehicles
25% on cost
In accordance with Statement of Standard Accounting Practice 19, no depreciation is provided on the freehold investment properties held as fixed assets. This conflicts with the Companies Act 2006 which requires all properties to be depreciated. The directors consider that, as these properties are not held for consumption but for their investment potential, to depreciate them would not give a true and fair view and that it is necessary to adopt SSAP 19 in order to give a true and fair view. If this departure from the Act had not been made, the profit for the year would have been reduced by depreciation. However the amount of depreciation cannot be reasonably quantified because depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Investment properties are revalued in accordance with SSAP 19 and the aggregate surplus or deficit transferred to the revaluation reserve.
HYDRAULIC & TRANSMISSION SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 August 2015
109,500
840,022
949,522
Additions
-
141,154
141,154
Disposals
-
(44,192)
(44,192)
At 31 July 2016
109,500
936,984
1,046,484
Depreciation
At 1 August 2015
109,500
392,199
501,699
On disposals
-
(35,569)
(35,569)
Charge for the year
-
31,916
31,916
At 31 July 2016
109,500
388,546
498,046
Net book value
At 31 July 2016
-
548,438
548,438
At 31 July 2015
-
447,823
447,823
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
521 Ordinary shares of £1 each
521
521