Harts Ltd - Period Ending 2014-08-31

Registration number: 06675927

Harts Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Harts Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Harts Ltd
(Registration number: 06675927)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					247,000			245,000
Tangible fixed assets					51,773			63,221
Investments					60,000			60,000
					358,773			368,221
Current assets
Stocks					255,805			175,612
Debtors					329,355			261,358
Cash at bank and in hand					47			94
					585,207			437,064
Creditors: Amounts falling due within one year					(361,400)			(366,815)
Net current assets					223,807			70,249
Total assets less current liabilities					582,580			438,470
Creditors: Amounts falling due after more than one year					(182,115)			(38,451)
Net assets					400,465			400,019
Capital and reserves
Called up share capital		3			400,012			400,012
Profit and loss account					453			7
Shareholders' funds					400,465			400,019

For the year ending 31 August 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 directors acknowledge their 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 .

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Harts Ltd
(Registration number: 06675927)
Abbreviated Balance Sheet at 31 August 2014
......... continued

Approved by the Board on 28 May 2015 and signed on its behalf by:

.........................................
Mrs Melissa Vicki Carmel Bowers
Director

.........................................
Mr David Taylor
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Harts Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

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 is recognised when the company obtains the right to consideration.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

The goodwill amortisation policy has been reviewed and was originally being written off over the useful life of five years from 2010; this has been changed in 2013 and the remainder net book value will be written off over the next six years.

Asset class	Amortisation method and rate
Goodwill	over 6 years

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
Office equipment	20% reducing balance
Fixture and fittings	20% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

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.

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.

Page 3

Harts Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 September 2013		490,000			110,023			60,000			660,023
Additions		51,000			1,495			-			52,495
At 31 August 2014		541,000			111,518			60,000			712,518
Depreciation
At 1 September 2013		245,000			46,802			-			291,802
Charge for the year		49,000			12,943			-			61,943
At 31 August 2014		294,000			59,745			-			353,745
Net book value
At 31 August 2014		247,000			51,773			60,000			358,773
At 31 August 2013		245,000			63,221			60,000			368,221

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary A of £1 each		400,010			400,010			400,010			400,010
Ordinary B of £1 each		1			1			1			1
Ordinary C of £1 each		1			1			1			1
		400,012			400,012			400,012			400,012

Page 4