HULME ASSOCIATES LIMITED Filleted accounts for Companies House (small and micro)

HULME ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04918162

HULME ASSOCIATES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 August 2018

HULME ASSOCIATES LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2018

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 8

HULME ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION

31 August 2018

	2018	2017
		(restated)
Note	£	£

Fixed assets

Intangible assets	5	61,650	68,500
Tangible assets	6	3,251	2,744
		--------	--------
		64,901	71,244

Current assets

Debtors	7	97,695	120,440
Cash at bank and in hand		62	100
		--------	---------
		97,757	120,540

Creditors: amounts falling due within one year	8	( 120,862)	( 134,255)
		---------	---------
Net current liabilities		( 23,105)	( 13,715)
		--------	--------
Total assets less current liabilities		41,796	57,529

Creditors: amounts falling due after more than one year	9	( 34,415)	( 38,873)
		--------	--------
Net assets		7,381	18,656
		--------	--------

Capital and reserves

Called up share capital	99	99
Profit and loss account	7,282	18,557
	-------	--------
Shareholders funds	7,381	18,656
	-------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 August 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 .

HULME ASSOCIATES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 August 2018

These financial statements were approved by the board of directors and authorised for issue on 21 May 2019 , and are signed on behalf of the board by:

C J Hulme

Director

Company registration number: 04918162

HULME ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vernon Road, Stoke on Trent, Staffordshire, ST4 2QY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. 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. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. See tangible assets note for the carrying amount of the assets and the accounting policy for the useful economic lives for each class of assets. (ii) Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See the notes to the financial statements for the net carrying amount of the debtors.

Revenue recognition

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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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	-	Over economic life of 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Short leasehold property	-	straight line over the lift of the lease
Fixtures & fittings	-	20% reducing balance
Computer equipment	-	25% straight line

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. For the purposes of impairment testing, 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 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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 as a finance cost 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 12 (2017: 13 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 September 2017 (as restated) and 31 August 2018	167,002
	---------
Amortisation
At 1 September 2017	98,502
Charge for the year	6,850
	---------
At 31 August 2018	105,352
	---------
Carrying amount
At 31 August 2018	61,650
	---------
At 31 August 2017	68,500
	---------

6. Tangible assets

	Short leasehold property	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost
At 1 September 2017 (as restated)	1,041	18,359	20,600	40,000
Additions	–	–	1,481	1,481
	-------	--------	--------	--------
At 31 August 2018	1,041	18,359	22,081	41,481
	-------	--------	--------	--------
Depreciation
At 1 September 2017	1,041	15,796	20,419	37,256
Charge for the year	–	513	461	974
	-------	--------	--------	--------
At 31 August 2018	1,041	16,309	20,880	38,230
	-------	--------	--------	--------
Carrying amount
At 31 August 2018	–	2,050	1,201	3,251
	-------	--------	--------	--------
At 31 August 2017	–	2,563	181	2,744
	-------	--------	--------	--------

7. Debtors

	2018	2017
		(restated)
	£	£
Trade debtors	21,072	24,219
Amounts owed by group undertakings and undertakings in which the company has a participating interest	75,926	95,597
Other debtors	697	624
	--------	---------
	97,695	120,440
	--------	---------

8. Creditors: amounts falling due within one year

	2018	2017
		(restated)
	£	£
Bank loans and overdrafts	32,160	31,222
Trade creditors	9,438	17,386
Amounts owed to group undertakings and undertakings in which the company has a participating interest	16,216	–
Corporation tax	23,197	26,808
Social security and other taxes	13,049	14,579
Other creditors	399	730
Other creditors	26,403	43,530
	---------	---------
	120,862	134,255
	---------	---------

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

	2018	2017
		(restated)
	£	£
Bank loans and overdrafts	10,915	15,373
Other creditors	23,500	23,500
	--------	--------
	34,415	38,873
	--------	--------

10. Prior period errors

The prior period adjustment of £9,458 arises from a change in amortisation policy for goodwill. The adjustment has increased the previously stated 2017 reserves by £9,458.

11. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C J Hulme	( 26,990)	30,549	( 24,523)	( 20,964)
R D Johnson	( 14,451)	30,810	( 24,523)	( 8,164)
A G Johnson	( 87)	30,630	( 24,523)	6,020
	--------	--------	--------	--------
	( 41,528)	91,989	( 73,569)	( 23,108)
	--------	--------	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
C J Hulme	( 23,931)	28,377	( 31,436)	( 26,990)
R D Johnson	( 10,821)	32,805	( 36,436)	(14,452)
A G Johnson	1,134	30,214	( 31,436)	(88)
	--------	--------	--------	--------
	( 33,618)	91,396	( 99,308)	(41,530)
	--------	--------	--------	--------

12. Related party transactions

Details of the transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS102.

13. Controlling party

The ultimate parent undertaking is Keates Hulme Holdings Limited , a company registered in England & Wales.