Hopson Blinds Limited 30/06/2018 iXBRL

Hopson Blinds Limited 30/06/2018 iXBRL

HOPSON BLINDS LIMITED - Company Information

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30/06/2018 2018-06-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-07-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 04464203 2017-07-01 2018-06-30 04464203 2018-06-30 04464203 2017-06-30 04464203 2016-07-01 2017-06-30 04464203 2017-06-30 04464203 core:FurnitureFittingsToolsEquipment 2017-07-01 2018-06-30 04464203 core:NetGoodwill 2017-07-01 2018-06-30 04464203 bus:Director1 2017-07-01 2018-06-30 04464203 core:WithinOneYear 2018-06-30 04464203 core:WithinOneYear 2017-06-30 04464203 core:NetGoodwill 2017-06-30 04464203 core:NetGoodwill 2018-06-30 04464203 core:FurnitureFittingsToolsEquipment 2017-06-30 04464203 core:MotorVehicles 2017-06-30 04464203 core:FurnitureFittingsToolsEquipment 2018-06-30 04464203 core:MotorVehicles 2018-06-30 04464203 core:ShareCapital 2018-06-30 04464203 core:ShareCapital 2017-06-30 04464203 core:RetainedEarningsAccumulatedLosses 2018-06-30 04464203 core:RetainedEarningsAccumulatedLosses 2017-06-30 04464203 core:MotorVehicles 2017-07-01 2018-06-30 04464203 core:NetGoodwill 2017-06-30 04464203 core:FurnitureFittingsToolsEquipment 2017-06-30 04464203 core:MotorVehicles 2017-06-30 04464203 bus:Director1 2016-06-30 04464203 bus:Director1 2016-07-01 2017-06-30 04464203 bus:SmallEntities 2017-07-01 2018-06-30 04464203 bus:AuditExemptWithAccountantsReport 2017-07-01 2018-06-30 04464203 bus:FullAccounts 2017-07-01 2018-06-30 04464203 bus:SmallCompaniesRegimeForAccounts 2017-07-01 2018-06-30 04464203 bus:PrivateLimitedCompanyLtd 2017-07-01 2018-06-30
Company registration number: 04464203
Hopson Blinds Limited
Unaudited filleted financial statements
30 June 2018
HOPSON BLINDS LIMITED
Contents
Statement of financial position
Notes to the financial statements
HOPSON BLINDS LIMITED
STATEMENT OF FINANCIAL POSITION
30 JUNE 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 6,600 13,200
Tangible assets 6 23,322 25,096
______ ______
29,922 38,296
Current assets
Stocks 6,000 5,800
Debtors 7 32,415 23,762
Cash at bank and in hand 39,704 41,489
______ ______
78,119 71,051
Creditors: amounts falling due
within one year 8 ( 94,330) ( 93,973)
______ ______
Net current liabilities ( 16,211) ( 22,922)
______ ______
Total assets less current liabilities 13,711 15,374
Provisions for liabilities ( 4,245) ( 4,542)
______ ______
Net assets 9,466 10,832
______ ______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9 9,366 10,732
______ ______
Shareholders funds 9,466 10,832
______ ______
For the year ending 30 June 2018 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 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.
These financial statements were approved by the board of directors and authorised for issue on 14 March 2019 , and are signed on behalf of the board by:
Mr C A Hopson
Director
Company registration number: 04464203
HOPSON BLINDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 13, Hunthay Farm, Axminster, Devon, EX13 5RJ.
Principal activity
The principal activity of the company is that of the manufacture and fitting of blinds.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 15 % straight line
Motor vehicles - over 7 years on a straight line basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2017: 10 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2017 and 30 June 2018 66,000 66,000
______ ______
Amortisation
At 1 July 2017 52,800 52,800
Charge for the year 6,600 6,600
______ ______
At 30 June 2018 59,400 59,400
______ ______
Carrying amount
At 30 June 2018 6,600 6,600
______ ______
At 30 June 2017 13,200 13,200
______ ______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 July 2017 14,439 38,000 52,439
Additions 971 - 971
______ ______ ______
At 30 June 2018 15,410 38,000 53,410
______ ______ ______
Depreciation
At 1 July 2017 11,509 15,834 27,343
Charge for the year 173 2,572 2,745
______ ______ ______
At 30 June 2018 11,682 18,406 30,088
______ ______ ______
Carrying amount
At 30 June 2018 3,728 19,594 23,322
______ ______ ______
At 30 June 2017 2,930 22,166 25,096
______ ______ ______
7. Debtors
2018 2017
£ £
Trade debtors 19,809 16,531
Other debtors 12,606 7,231
______ ______
32,415 23,762
______ ______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 27,498 27,605
Accruals and deferred income 2,755 2,385
Social security and other taxes 18,554 17,898
Other creditors 45,523 46,085
______ ______
94,330 93,973
______ ______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 July 2017 Loans to / (from) the directors Balance at 30 June 2018
£ £ £
Director - - -
______ ______ ______
Loans to / (from) directors at 1 July 2016 Loans to / (from) the directors Balance at 30 June 2017
£ £ £
Director 277 ( 277) -
______ ______ ______