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Hose Express Thurrock (1999) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2019

Beresfords
Chartered Accountants
Castle House
Castle Hill Avenue
Folkestone
Kent
CT20 2TQ

Hose Express Thurrock (1999) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 11

Hose Express Thurrock (1999) Limited

Company Information

Director

Mr L Tubb

Registered office

Unit 10 The Glade Business Centre Eastern Avenue West Thurrock Essex RM20 3FH

Page 1

Hose Express Thurrock (1999) Limited

(Registration number: 03714938)
Balance Sheet as at 28 February 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	15,000	25,000
Tangible assets	5	98,568	33,798
		113,568	58,798
Current assets
Stocks	6	86,642	65,601
Debtors	7	134,089	116,729
Cash at bank and in hand		8,487	48,255
		229,218	230,585
Creditors: Amounts falling due within one year	8	(148,411)	(110,253)
Net current assets		80,807	120,332
Total assets less current liabilities		194,375	179,130
Creditors: Amounts falling due after more than one year	8	(62,487)	(20,006)
Provisions for liabilities		(10,663)	(6,254)
Net assets		121,225	152,870
Capital and reserves
Called up share capital		50,000	50,000
Profit and loss account		71,225	102,870
Total equity		121,225	152,870

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 2

Hose Express Thurrock (1999) Limited

(Registration number: 03714938)
Balance Sheet as at 28 February 2019

For the financial year ending 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 Profit and Loss Account has been taken.

Approved and authorised by the director on 16 March 2019
 

......................................... Mr L Tubb Director

The notes on pages 4 to 11 form an integral part of these financial statements.

Page 3

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 10
The Glade Business Centre
Eastern Avenue
West Thurrock
Essex
RM20 3FH

The principal place of business is:
Unit 10
The Glade Business Centre
Eastern Avenue
West Thurrock
Essex
RM20 3FH

2	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 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.

Page 4

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

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	10 year straight line
Fixtures and fittings	5 year straight line
Motor vehicles	3 year straight line
Office equipment	5 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	20 year straight line
Licence fee	10 year 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.

Page 5

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Page 6

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2018 - 6).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 March 2018	150,000	150,000
At 28 February 2019	150,000	150,000
Amortisation
At 1 March 2018	125,000	125,000
Amortisation charge	10,000	10,000
At 28 February 2019	135,000	135,000
Carrying amount
At 28 February 2019	15,000	15,000
At 28 February 2018	25,000	25,000

Page 7

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

5	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 March 2018	31,025	21,873	83,050	120,580	256,528
Additions	-	-	1,600	90,741	92,341
Disposals	-	-	-	(48,145)	(48,145)
At 28 February 2019	31,025	21,873	84,650	163,176	300,724
Depreciation
At 1 March 2018	29,042	21,301	58,737	113,649	222,729
Charge for the year	219	79	5,714	19,888	25,900
Eliminated on disposal	-	-	-	(46,473)	(46,473)
At 28 February 2019	29,261	21,380	64,451	87,064	202,156
Carrying amount
At 28 February 2019	1,764	493	20,199	76,112	98,568
At 28 February 2018	1,983	572	24,312	6,931	33,798

Page 8

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

6

Stocks

	2019 £	2018 £
Other inventories	86,642	65,601

7

Debtors

	2019 £	2018 £
Trade debtors	128,230	112,102
Prepayments	5,859	4,627
	134,089	116,729

Page 9

Hose Express Thurrock (1999) Limited

Notes to the Financial Statements for the Year Ended 28 February 2019

8

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	2018 £
Due within one year
Bank loans and overdrafts	9	31,107	11,549
Trade creditors		68,838	52,545
Taxation and social security		16,198	15,085
Other creditors		31,964	31,074
Directors current account		304	-
		148,411	110,253