Registration number:
Hebtroco Ltd
for the Year Ended 31 January 2021
Hebtroco Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Hebtroco Ltd
Company Information
Directors |
Mr G B Richards Mr J E Oxley |
Registered office |
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Accountants |
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Hebtroco Ltd
(Registration number: 09958194)
Statement of financial position as at 31 January 2021
Note |
2021 |
2020 |
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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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( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
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( |
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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 31 January 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Hebtroco Ltd
(Registration number: 09958194)
Statement of financial position as at 31 January 2021
Approved and authorised by the
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Director
.........................................
Director
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
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.
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Significant judgements. |
The directors have reviewed the carrying balance of stock and are of the opinion that the fair value is not materially different from that which is stated in the accounts. No other significant judgements have had to be made by the directors in preparing these financial statements. |
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.
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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.
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 and machinery |
15% reducing balance |
Fixtures and fittings |
20% reducing balance |
Motor vehicles |
25% reducing balance |
Office equipment |
25% straight line |
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.
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
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.
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 Income Statement 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.
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2020 |
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Additions |
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Disposals |
- |
- |
- |
( |
( |
At 31 January 2021 |
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Depreciation |
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At 1 February 2020 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
( |
At 31 January 2021 |
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Carrying amount |
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At 31 January 2021 |
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At 31 January 2020 |
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Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Stocks |
2021 |
2020 |
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Other inventories |
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Debtors |
2021 |
2020 |
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Prepayments |
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Creditors |
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other payables |
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Accrued expenses |
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Income tax liability |
14,588 |
3,555 |
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Deferred income |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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10 |
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10 |
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Loans and borrowings |
2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
Related party transactions |
Transactions with directors |
2021 |
At 1 February 2020 |
Advances to directors |
Repayments by director |
At 31 January 2021 |
Mr G B Richards |
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Loan advance to company |
7,700 |
( |
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Mr J E Oxley |
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Loan advance to company |
7,370 |
( |
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2020 |
At 1 February 2019 |
Advances to directors |
Repayments by director |
At 31 January 2020 |
Mr G B Richards |
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Loan advance to company |
1,472 |
( |
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Mr J E Oxley |
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Loan advance to company |
60 |
( |
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Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Directors' remuneration
The directors' remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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Contributions paid to money purchase schemes |
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61,600 |
20,800 |
Hebtroco Ltd
Notes to the Financial Statements for the Year Ended 31 January 2021
Dividends paid to directors |
2021 |
2020 |
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Mr G B Richards |
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Dividends on ordinary shares |
60,000 |
2,000 |
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Mr J E Oxley |
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Dividends on ordinary shares |
60,000 |
2,000 |
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