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Able Hydraulics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2017

Thompson Jones Business Solutions Limited
Chartered Accountants
2 Heap Bridge
Bury
Lancashire
BL9 7HR

Able Hydraulics Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Able Hydraulics Limited

Company Information

Directors

S Robinson R Phelan

Registered office

2 Heap Bridge Bury Lancashire BL9 7HR

Bankers

NatWest Blackpool 20 Corporation Street Blackpool FY1 1EL

Accountants

Thompson Jones Business Solutions Limited Chartered Accountants 2 Heap Bridge Bury Lancashire BL9 7HR

Page 1

Able Hydraulics Limited

(Registration number: 01593258)
Balance Sheet as at 28 February 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	43,051	47,787
Current assets
Stocks	5	79,532	84,782
Debtors	6	997,897	990,151
Cash at bank and in hand		108,030	137,417
		1,185,459	1,212,350
Creditors: Amounts falling due within one year	7	(505,289)	(482,707)
Net current assets		680,170	729,643
Total assets less current liabilities		723,221	777,430
Provisions for liabilities		(9,000)	(9,000)
Net assets		714,221	768,430
Capital and reserves
Called up share capital		2,630	2,630
Share premium reserve		24,522	24,522
Profit and loss account		687,069	741,278
Total equity		714,221	768,430

For the financial year ending 28 February 2017 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 accounts for the year in question in accordance with section 476; and
•	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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 July 2017 and signed on its behalf by:
 

.........................................

R Phelan

Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Able Hydraulics Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

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:
2 Heap Bridge
Bury
Lancashire
BL9 7HR

The principal place of business is:
Unit 1a Broadoak Ind Estate
Ashburton Road West
Trafford Park
Manchester
M17 1RW

These financial statements were authorised for issue by the Board on 26 July 2017.

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.

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
Motor Vehicles	25% reducing balance
Plant and Machinery	15% 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.

Page 3

Able Hydraulics Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

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.

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.

Page 4

Able Hydraulics Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

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 directors) during the year, was 12 (2016 - 12).

4	Tangible assets

	Office equipment  £	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 March 2016	-	26,349	189,627	215,976
Additions	2,372	-	1,500	3,872
At 28 February 2017	2,372	26,349	191,127	219,848
Depreciation
At 1 March 2016	-	20,129	148,060	168,189
Charge for the year	593	1,555	6,460	8,608
At 28 February 2017	593	21,684	154,520	176,797
Carrying amount
At 28 February 2017	1,779	4,665	36,607	43,051
At 29 February 2016	-	6,220	41,567	47,787

5

Stocks

	2017 £	2016 £
Other inventories	79,532	84,782

6

Debtors

	Note	2017 £	2016 £
Trade debtors		288,231	290,358
Amounts owed by group undertakings and undertakings in which the company has a participating interest		693,770	693,770
Other debtors		15,896	6,023
Total current trade and other debtors		997,897	990,151

Page 5

Able Hydraulics Limited

Notes to the Financial Statements for the Year Ended 28 February 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Bank loans and overdrafts	8	210,147	228,413
Trade creditors		165,204	125,491
Amounts owed to group undertakings and undertakings in which the company has a participating interest		235	173
Taxation and social security		31,252	30,397
Other creditors		98,451	98,233
		505,289	482,707