Hollywood Industrial Supplies Limited - Filleted accounts

Hollywood Industrial Supplies Limited - Filleted accounts


Registered number
06889868
Hollywood Industrial Supplies Limited
Unaudited Filleted Accounts
31 March 2019
Hollywood Industrial Supplies Limited
Registered number: 06889868
Balance Sheet
as at 31 March 2019
Notes 2019 2018
£ £
Fixed assets
Intangible assets 3 6,000 6,400
Tangible assets 4 3 960
6,003 7,360
Current assets
Stocks 3,280 2,920
Debtors 5 21,834 17,316
Cash at bank and in hand 23,502 13,293
48,616 33,529
Creditors: amounts falling due within one year 6 (29,779) (30,564)
Net current assets 18,837 2,965
Net assets 24,840 10,325
Capital and reserves
Called up share capital 100 100
Profit and loss account 24,740 10,225
Shareholders' funds 24,840 10,325
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J Farrugia
Director
Approved by the board on 13 December 2019
Hollywood Industrial Supplies Limited
Notes to the Accounts
for the year ended 31 March 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2018 10,000
At 31 March 2019 10,000
Amortisation
At 1 April 2018 3,600
Provided during the year 400
At 31 March 2019 4,000
Net book value
At 31 March 2019 6,000
At 31 March 2018 6,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2018 7,620 1,750 9,370
At 31 March 2019 7,620 1,750 9,370
Depreciation
At 1 April 2018 6,961 1,449 8,410
Charge for the year 657 300 957
At 31 March 2019 7,618 1,749 9,367
Net book value
At 31 March 2019 2 1 3
At 31 March 2018 659 301 960
5 Debtors 2019 2018
£ £
Trade debtors 21,834 17,316
6 Creditors: amounts falling due within one year 2019 2018
£ £
Trade creditors 4,968 2,338
Other taxes and social security costs 12,786 9,022
Other creditors 12,025 19,204
29,779 30,564
7 Controlling party
Hollywood Industrial Supplies Limited is controlled by Mr J and Mrs E Farrugia.
8 Other information
Hollywood Industrial Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is:
16 Alfreda Avenue
Hollywood
Birmingham
B47 5BP
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