Homestyle 4U Limited - Limited company accounts 11.7

REGISTERED NUMBER: 06506120 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED CESSATION FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2015

FOR

HOMESTYLE 4U LIMITED

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Profit and Loss Account

4

Balance Sheet

5

Notes to the Financial Statements

6

DIRECTORS:

M Carvell

M Lowe

REGISTERED OFFICE:

75 Park Lane

Croydon

Surrey

CR9 1XS

REGISTERED NUMBER:

06506120 (England and Wales)

ACCOUNTANTS:

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

The directors present their report with the financial statements of the company for the year ended 28 February 2015.

CESSATION OF TRADING

The company ceased trading on 28 May 2015.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of trading in Database and Software Consultancy

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2014 to the date of this report.

M Carvell

M Lowe

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

THIS REPORT WAS APPROVED BY THE BOARD:

M Lowe - Director

20 May 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Homestyle 4U Limited for the year ended 28 February 2015 which comprise the Profit and Loss

Account, the Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Homestyle 4U Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Homestyle 4U Limited and state those matters that we have agreed to state to the Board of Directors of Homestyle 4U Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Homestyle 4U Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Homestyle 4U Limited. You consider that Homestyle 4U Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Homestyle 4U Limited. For

this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations

you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kings Mill Partnership

75 Park Lane

Croydon

Surrey

CR9 1XS

20 May 2015

TURNOVER

22,565

23,738

Cost of sales

3,574

13,260

GROSS PROFIT

18,991

10,478

Administrative expenses

17,592

9,386

OPERATING PROFIT

2

1,399

1,092

Exceptional item

3

34,757

-

(33,358

)

1,092

Interest payable and similar charges

(523

)

(181

)

(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

(33,881

)

911

Tax on (loss)/profit on ordinary activities

4

-

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(33,881

)

911

FIXED ASSETS

Intangible assets

5

-

9,187

CURRENT ASSETS

Debtors

6

31

23,427

Cash at bank and in hand

1,205

3,018

1,236

26,445

CREDITORS

Amounts falling due within one year

7

-

515

NET CURRENT ASSETS

1,236

25,930

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,236

35,117

CAPITAL AND RESERVES

Called up share capital

8

114

Share premium

9

49,986

Profit and loss account

9

(48,864

)

(14,983

)

SHAREHOLDERS' FUNDS

1,236

35,117

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 20 May 2015 and were signed on its behalf by:

M Lowe - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Deferred tax

Deferred tax is provided using the liability method in respect of all material timing differences that have

originated but not reversed by the balance sheet date. Deferred tax assets are recognised where it is considered

more likely than not that future profits will be available for offset. The company has not adopted a policy of

discounting deferred tax assets and liabilities.

Intangible assets

Intangible assets held for use are valued at historical cost. The carrying value of intangible assets is reviewed for

impairment annually. Intangible assets are amortised through the Profit and loss account over a period of 3 years,

estimated by the Directors' to be the useful economic life.

Cash flow statement

The director has taken advantage of the exemption for small companies under FRSSE. Consequently, no cash

flow statement has been prepared.

2.	OPERATING PROFIT

The operating profit is stated after charging:

2015

2014

£

Software development amortisation

5,223

4,910

Directors' remuneration and other benefits etc

-

3.	EXCEPTIONAL ITEMS

During the year, the company has written off a balance of £34,757 owed by the related company, Homestyle

Nationwide Limited.

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 28 February 2015 nor for the

year ended 28 February 2014.

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 March 2014

26,309

Additions

1,000

Reclassification/transfer

(27,309

)

At 28 February 2015

-

AMORTISATION

At 1 March 2014

17,122

Charge for year

5,223

Reclassification/transfer

(22,345

)

At 28 February 2015

-

NET BOOK VALUE

At 28 February 2015

-

At 28 February 2014

9,187

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

Other debtors

-

508

Due from related party

-

22,162

VAT

31

757

31

23,427

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£

Accruals

-

515

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

100

Ordinary

£1

114

9.

RESERVES

Profit

and loss

Share

account

premium

Totals

£

At 1 March 2014

(14,983

)

49,986

35,003

Deficit for the year

(33,881

)

(33,881

)

At 28 February 2015

(48,864

)

49,986

1,122

10.	RELATED PARTY DISCLOSURES

During the period, the company provided consultancy services to Homestyle Nationwide Limited, a company in

which M Lowe and M Carvell are both directors and shareholders. This transaction was carried out at arm's

length. The net balance due from Homestyle Nationwide Limited at the end of the year is £Nil (2014: £22,162).

The company has written off a balance of £34,757 (2014: £22,162) owed by the related company, Homestyle

Nationwide Limited.