Hotcam Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03799976

Hotcam Limited

Filleted Unaudited Accounts

31 March 2019

Hotcam Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6		1,740,068	1,902,084

Current assets

Debtors	7	196,158	129,510
Cash at bank and in hand		302,525	303,658
		---------	---------
		498,683	433,168

Creditors: amounts falling due within one year	8	( 455,941)		( 344,214)
		---------		---------
Net current assets			42,742	88,954
			------------	------------
Total assets less current liabilities			1,782,810	1,991,038

Creditors: amounts falling due after more than one year	9		( 81,745)	( 55,707)

Provisions

Taxation including deferred tax	( 157,359)	( 190,435)
	------------	------------
Net assets	1,543,706	1,744,896
	------------	------------

Capital and reserves

Called up share capital	50	50
Capital redemption reserve	50	50
Profit and loss account	1,543,606	1,744,796
	------------	------------
Shareholders funds	1,543,706	1,744,896
	------------	------------

These accounts 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 31 March 2019 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts .

Hotcam Limited

Statement of Financial Position (continued)

31 March 2019

These accounts were approved by the board of directors and authorised for issue on 14 October 2019 , and are signed on behalf of the board by:

T P Hotz

Director

Company registration number: 03799976

Hotcam Limited

Notes to the Accounts

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18-22 Telford Way, Westway Industrial Estate, London, W3 7XS.

2. Statement of compliance

These accounts 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 measured at fair value through profit or loss as set out in the accounting policies below.

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.

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 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. Revenue from rental of equipment is recognised on a straight line basis over the term of the rental period.

Income 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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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 straight line

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.

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:

Office Equipment	-	15% on reducing balance
Fixtures & Fittings	-	15% on reducing balance
Motor Vehicles	-	25% on reducing balance
Equipment	-	15% on 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.

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.

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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 24 (2018: 23 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2018	60,000
Additions	–
Disposals	( 60,000)
	--------
At 31 March 2019	–
	--------
Amortisation
At 1 April 2018	60,000
Charge for the year	–
Disposals	( 60,000)
	--------
At 31 March 2019	–
	--------
Carrying amount
At 31 March 2019	–
	--------
At 31 March 2018	–
	--------

6. Tangible assets

	Office equipment	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2018	74,775	301,145	84,577	3,785,190	4,245,687
Additions	–	190	88,206	104,853	193,249
Disposals	–	–	( 37,933)	( 46,124)	( 84,057)
	--------	---------	---------	------------	------------
At 31 March 2019	74,775	301,335	134,850	3,843,919	4,354,879
	--------	---------	---------	------------	------------
Depreciation
At 1 April 2018	44,310	170,182	25,903	2,103,208	2,343,603
Charge for the year	4,570	19,673	36,720	268,024	328,987
Disposals	–	–	( 20,165)	( 37,614)	( 57,779)
	--------	---------	---------	------------	------------
At 31 March 2019	48,880	189,855	42,458	2,333,618	2,614,811
	--------	---------	---------	------------	------------
Carrying amount
At 31 March 2019	25,895	111,480	92,392	1,510,301	1,740,068
	--------	---------	---------	------------	------------
At 31 March 2018	30,465	130,963	58,674	1,681,982	1,902,084
	--------	---------	---------	------------	------------

7. Debtors

	2019	2018
	£	£
Trade debtors	104,164	104,136
Other debtors	91,994	25,374
	---------	---------
	196,158	129,510
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	273,338	50,613
Corporation tax	–	11,826
Social security and other taxes	88,652	84,791
Other creditors	93,951	196,984
	---------	---------
	455,941	344,214
	---------	---------

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

	2019	2018
	£	£
Other creditors	81,745	55,707
	--------	--------

10. Prior period errors

There were disposals of tangible fixed assets with a net book value of £204,236 which had not been recognised in periods up to 31 March 2017 as well as associated deferred tax movement of £38,805. The opening reserves as at 1 April 2017 have been restated to reflect this cumulative error. The reserves have been restated to reflect the necessary correction for this cumulative error.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	146,300	108,787
Later than 1 year and not later than 5 years	438,900	585,200
	---------	---------
	585,200	693,987
	---------	---------