Company Registration No. 1779997 (England and Wales)
NORTHERN HI-TEC LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
NORTHERN HI-TEC LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
NORTHERN HI-TEC LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORTHERN HI-TEC LIMITED FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Northern Hi-Tec Limited for the year ended 31 March 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of Northern Hi-Tec Limited, as a body, in accordance with the terms of our engagement letter dated 30 November 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Northern Hi-Tec Limited and state those matters that we have agreed to state to the Board of Directors of Northern Hi-Tec Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Northern Hi-Tec Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Northern Hi-Tec Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Northern Hi-Tec Limited. You consider that Northern Hi-Tec Limited 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 financial statements of Northern Hi-Tec Limited. 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 financial statements.
Moore and Smalley LLP
Chartered Accountants
Priory Close
St Marys Gate
Lancaster
LA1 1XB
12 December 2016
NORTHERN HI-TEC LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
520,824
617,511
Current assets
Stocks
1,431,492
1,278,904
Debtors
802,588
779,252
Cash at bank and in hand
503
16,046
2,234,583
2,074,202
Creditors: amounts falling due within one year
(1,411,159)
(1,107,374)
Net current assets
823,424
966,828
Total assets less current liabilities
1,344,248
1,584,339
Creditors: amounts falling due after more than one year
(167,548)
(258,342)
Provisions for liabilities
(83,872)
(80,019)
Accruals and deferred income
(68,969)
(77,765)
1,023,859
1,168,213
Capital and reserves
Called up share capital
3
276,000
275,000
Profit and loss account
747,859
893,213
Shareholders' funds
1,023,859
1,168,213
NORTHERN HI-TEC LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 3 -
For the financial year ended 31 March 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 12 December 2016
Ms M S Hewitt
Director
Company Registration No. 1779997
NORTHERN HI-TEC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets 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 Leasehold
5% straight line
Plant and machinery
10% straight line
Motor vehicles
20% Straight line
1.4
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates
two
defined contribution scheme
s
for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
1.9
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
NORTHERN HI-TEC LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
1,632,584
Additions
22,339
At 31 March 2016
1,654,923
Depreciation
At 1 April 2015
1,015,073
Charge for the year
119,026
At 31 March 2016
1,134,099
Net book value
At 31 March 2016
520,824
At 31 March 2015
617,511
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
153,332 Ordinary A shares of £1 each
153,332
250,000
0 Ordinary B shares of £1 each
-
25,000
122,668 Ordinary C shares of £1 each
122,668
-
276,000
275,000
During the year
500
ordinary
K
shares
, and 500
ordinary
L
shares
of £
1
each were allotted and fully paid at par for cash consideration
.
Ordinary shares rank pari passu in all respects but shall constitute separate classes of shares. Each share held entitles the shareholder to dividends and voting rights; and the right to receive notice of and to attend, speak and vote at all general meetings of the Company.
4
Directors' benefits: Advances, credits and guarantees
Mr G E Hewitt and Mrs M S Hewitt have a loan account with the company against which personal expenditure and drawings may be charged. The loan account with the company was overdrawn at 31 March 2016 by £14,469 (2015: £nil). During the period personal expenditure totalling £18,367 (2015: £nil) was met on behalf of the directors. During the same period a repayment was made of £3,898 (2015: £nil). During the period the maximum overdrawn balance on the loan was £14,469.
No interest has been charged on this loan by the company.