Hudson Business Centres Limited Small abbreviated accounts

HUDSON BUSINESS CENTRES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER SC273564

Hudson Business Centres Limited

Unaudited Abbreviated Accounts

For the Year Ended

31 December 2014

THE A9 PARTNERSHIP LIMITED

Chartered Accountants

57-59 High Street

Dunblane

Perthshire

FK15 0EE

Hudson Business Centres Limited

Abbreviated Balance Sheet

31 December 2014

		2014		2013
Note		£	£	£	£
FIXED ASSETS	2
Intangible assets			-		-
Tangible assets			693,194		704,255
			---------		---------
			693,194		704,255

CURRENT ASSETS

Debtors		198,036		13,604
Cash at bank and in hand		43,847		78,446
		---------		--------
		241,883		92,050
CREDITORS: Amounts falling due within one year	3	160,337		131,655
		---------		---------
NET CURRENT ASSETS/(LIABILITIES)			81,546		( 39,605)
			---------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			774,740		664,650

CREDITORS: Amounts falling due after more than one year	4		300,568		331,852

PROVISIONS FOR LIABILITIES	3,577	2,162
	---------	---------
	470,595	330,636
	---------	---------

CAPITAL AND RESERVES

Called-up equity share capital	5	2	2
Profit and loss account		470,593	330,634
		---------	---------
SHAREHOLDERS' FUNDS		470,595	330,636
		---------	---------

For the year ended 31 December 2014 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; and

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

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

These abbreviated accounts were approved by the directors and authorised for issue on 25 May 2015 , and are signed on their behalf by:

Mr A Gillen

Director

Company Registration Number: SC273564

Hudson Business Centres Limited

Notes to the Abbreviated Accounts

Year Ended 31 December 2014

1. ACCOUNTING POLICIES

Basis of accounting

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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years. Useful ecomonic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of acquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 20% straight line

Fixed assets

All fixed assets are initially recorded at cost .

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Freehold Property - 2% straight line

Fixtures & Fittings - 15% reducing balance

Office Equipment - 25% reducing balance

Deferred taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions: provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold; provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable; deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on a discounted/an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2. FIXED ASSETS

Intangible Assets	Tangible Assets	Total
£	£	£

COST

At 1 January 2014	50,000	915,731	965,731
Additions	–	11,882	11,882
Disposals	–	( 586)	(586)
	--------	---------	---------
At 31 December 2014	50,000	927,027	977,027
	--------	---------	---------

DEPRECIATION

At 1 January 2014	50,000	211,476	261,476
Charge for year	–	22,823	22,823
On disposals	–	( 466)	(466)
	--------	---------	---------
At 31 December 2014	50,000	233,833	283,833
	--------	---------	---------

NET BOOK VALUE

At 31 December 2014	–	693,194	693,194
	----	---------	---------
At 31 December 2013	–	704,255	704,255
	----	---------	---------

3. CREDITORS: Amounts falling due within one year

The following liabilities disclosed under creditors falling due within one year are secured by the company:

	2014	2013
	£	£
Bank loans and overdrafts	63,677	51,698
	--------	--------

4. CREDITORS: Amounts falling due after more than one year

The following liabilities disclosed under creditors falling due after more than one year are secured by the company:

	2014	2013
	£	£
Bank loans and overdrafts	300,568	243,398
Loan - Albany Business Centres Limited	-	88,454
	---------	---------
	300,568	331,852
	---------	---------

The bank loan bought forward is repayable by 126 instalments and interest is chargeable at 1.5% per annum above bank base rate.

A further bank loan was advanced during the year. This is repayable by 56 instalments and interest is chargeable at 2.2% per annum above bank base rate.

Bank borrowings are secured by a standard security over the freehold property at 8 Albany Street, Edinburgh and a bond and floating charge over the company's assets.

5. SHARE CAPITAL

Authorised share capital:

	2014	2013
	£	£
100 Ordinary shares of £ 1 each	100	100
	----	----
	100	100
	----	----

Allotted, called up and fully paid:

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