Haven Engineering 2016 Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 7065991

Haven Engineering 2016 Limited

Filleted Unaudited Financial Statements

30 November 2017

Haven Engineering 2016 Limited

Financial Statements

Year ended 30 November 2017

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 5

Haven Engineering 2016 Limited

Statement of Financial Position

30 November 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	117,940	525

Current assets

Stocks		140,649	6,530
Debtors	6	151,338	16,628
Cash at bank and in hand		–	15,664
		---------	--------
		291,987	38,822

Creditors: amounts falling due within one year	7	( 368,078)	( 13,138)
		---------	--------
Net current (liabilities)/assets		( 76,091)	25,684
		---------	--------
Total assets less current liabilities		41,849	26,209

Creditors: amounts falling due after more than one year	8	( 6,833)	–
		--------	--------
Net assets		35,016	26,209
		--------	--------

Capital and reserves

Called up share capital	9	31,100	31,100
Profit and loss account		3,916	( 4,891)
		--------	--------
Shareholders funds		35,016	26,209
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 30 November 2017 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 31 August 2018 , and are signed on behalf of the board by:

Mrs L.C. Scourfield
Director

Company registration number: 7065991

Haven Engineering 2016 Limited

Notes to the Financial Statements

Year ended 30 November 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Trem Yr Afon, Fleet Street, Pennar, Pembroke Dock, SA72 6RG, Pembrokeshire.

2. Statement of compliance

These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property Improvements	-	2% straight line
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 12 (2016: 5 ).

5. Tangible assets

	Property Improvements	Plant & Machinery	Fixtures & Fittings	Motor Vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Dec 2016	–	–	–	–	4,755	4,755
Additions	103,274	185	1,780	18,875	943	125,057
	---------	----	-------	--------	-------	---------
At 30 Nov 2017	103,274	185	1,780	18,875	5,698	129,812
	---------	----	-------	--------	-------	---------
Depreciation
At 1 Dec 2016	–	–	–	–	4,230	4,230
Charge for the year	2,065	46	445	4,719	367	7,642
	---------	----	-------	--------	-------	---------
At 30 Nov 2017	2,065	46	445	4,719	4,597	11,872
	---------	----	-------	--------	-------	---------
Carrying amount
At 30 Nov 2017	101,209	139	1,335	14,156	1,101	117,940
	---------	----	-------	--------	-------	---------
At 30 Nov 2016	–	–	–	–	525	525
	---------	----	-------	--------	-------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant & Machinery
	£
At 30 November 2017	7,200
	-------
At 30 November 2016	–
	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	90,176	16,367
Other debtors	61,162	261
	---------	--------
	151,338	16,628
	---------	--------

Other debtors include an amount of £nil (2016 £nil) falling due after more than one year.

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	14,838	–
Trade creditors	124,861	4,874
Hire purchase creditor (secured)	1,561	–
Social security and other taxes	208,005	1,602
Other creditors	18,813	6,662
	---------	--------
	368,078	13,138
	---------	--------

8. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Hire purchase creditor (secured)	6,833	–
	-------	----

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	31,100	31,100	31,100	31,100
	--------	--------	--------	--------

10. Related party transactions

The company was under the control of Mrs L.C. Scourfield throughout the current and previous year. Mrs L.C. Scourfield is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

Reconciliation of equity

	1 December 2015			30 November 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	–	–	–	525	–	525
Current assets	2,549	–	2,549	38,822	–	38,822
Creditors: amounts falling due within one year	( 3,237)	–	( 3,237)	( 7,530)	( 5,608)	( 13,138)
	-------	----	-------	--------	-------	--------
Net current (liabilities)/assets	( 688)	–	( 688)	31,292	( 5,608)	25,684
	-------	----	-------	--------	-------	--------
Total assets less current liabilities	( 688)	–	( 688)	31,817	( 5,608)	26,209

	-------	----	-------	--------	-------	--------
Net assets	( 688)	–	( 688)	31,817	( 5,608)	26,209
	-------	----	-------	--------	-------	--------

	-------	----	-------	--------	-------	--------
Capital and reserves	( 688)	–	( 688)	31,817	( 5,608)	26,209
	-------	----	-------	--------	-------	--------

Prior to the adoption of FRS102, Haven Engineering 2016 Ltd did not make provision for holiday pay earned but not yet taken before the year end. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service that increases their entitlement. Consequently an additional accrual of £5,608 at 1 December 2016 has been made to reflect this. The provision at 30 November 2017 had increased to £14,482 and the increase of £8,874 has been charge to the profit and loss in the year ended 30 November 2017.