HalfWave (UK) Limited - Period Ending 2014-12-31

Registration number: 08255752

HalfWave (UK) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

HalfWave (UK) Limited
Contents

Page

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

HalfWave (UK) Limited
(Registration number: 08255752)
Abbreviated Balance Sheet at 31 December 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					3,864			2,529
Current assets
Debtors					3,245			2,368
Cash at bank and in hand					161,326			159,481
					164,571			161,849
Creditors: Amounts falling due within one year					(131,187)			(130,600)
Net current assets					33,384			31,249
Total assets less current liabilities					37,248			33,778
Provisions for liabilities					(773)			-
Net assets					36,475			33,778
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					36,473			33,776
Shareholders' funds					36,475			33,778

For the year ending 31 December 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 17 March 2015

P S Cooper  Director

Page 1

HalfWave (UK) Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 December 2014

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of services and projects to customers. Revenue is recognised in line with the degree of completion of the service or project when the outcome can be reliably estimated. When the outcome cannot be reliably estimated, only revenue equal to the accrued project costs is recognised. In the period that it is identified that a service or project will result in a loss, the estimated loss is recognised in full.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	Straight line over three years
Office equipment	Straight line over three years

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions denominated in foreign currencies are translated at the exchange rate in operation on the date on which the transaction occured. Any monetary assets and liabilities denominated in foreign currencies are translated using the closing exchange rate at the balance sheet date. Any exchange gains or losses on settled transactions and unsettled monetary items are reported as part of the profit or loss for the year from ordinary activities.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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HalfWave (UK) Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 December 2014

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 January 2014		3,640			3,640
Additions		3,163			3,163
At 31 December 2014		6,803			6,803
Depreciation
At 1 January 2014		1,111			1,111
Charge for the year		1,828			1,828
At 31 December 2014		2,939			2,939
Net book value
At 31 December 2014		3,864			3,864
At 31 December 2013		2,529			2,529

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

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