H&I Adventures Limited - Period Ending 2013-12-31

Registration number: SC438812

H&I Adventures Limited

Annual Report and Unaudited Financial Statements

for the Period from 13 December 2012 to 31 December 2013

 

Shaun Hendry Accountancy
Chartered Certified Accountant
Unit 13C2
Balmakeith Industrial Estate
Nairn
Highland
IV12 5QW

H&I Adventures Limited
Contents

Company Information 1

Directors' Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 10

H&I Adventures Limited
Company Information

Directors

Ms Catherine Elizabeth Shearer Mr Euan Wilson

Registered office

80 Grigor Drive Inverness Highland IV2 4LS

Accountants

Shaun Hendry Accountancy Chartered Certified Accountant Unit 13C2 Balmakeith Industrial Estate Nairn Highland IV12 5QW

Page 1

H&I Adventures Limited
Directors' Report for the Period from 13 December 2012 to 31 December 2013

The directors present their report and the unaudited financial statements for the period from 13 December 2012 to 31 December 2013.

Incorporation

The company was incorporated on 13 December 2012.

Directors of the company

The directors who held office during the period were as follows:

Ms Catherine Elizabeth Shearer (appointed 13 December 2012)

Mr Euan Wilson (appointed 13 December 2012)

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 31 August 2014 and signed on its behalf by:

.........................................
Mr Euan Wilson
Director

Page 2

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
H&I Adventures Limited
for the Period Ended 31 December 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of H&I Adventures Limited for the period ended 31 December 2013 set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of H&I Adventures Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of H&I Adventures Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H&I Adventures Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that H&I Adventures Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of H&I Adventures Limited. You consider that H&I Adventures Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of H&I Adventures 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 accounts.

......................................

Shaun Hendry Accountancy
Chartered Certified Accountant
Unit 13C2
Balmakeith Industrial Estate
Nairn
Highland
IV12 5QW

31 August 2014

Page 3

H&I Adventures Limited
Profit and Loss Account for the Period from 13 December 2012 to 31 December 2013

		Note			13 December 2012 to 31 December 2013 £
Turnover					117,905
Cost of sales					(82,333)
Gross profit					35,572
Administrative expenses					(47,727)
Operating loss		2			(12,155)
Interest payable and similar charges					(248)
Loss on ordinary activities before taxation					(12,403)
Loss for the financial period		9			(12,403)

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 4

H&I Adventures Limited
(Registration number: SC438812)
Balance Sheet at 31 December 2013

		Note			31 December 2013 £
Fixed assets
Intangible fixed assets		3			8,910
Tangible fixed assets		4			10,418
					19,328
Current assets
Debtors		5			24,120
Cash at bank and in hand					9,457
					33,577
Creditors: Amounts falling due within one year		6			(48,761)
Net current liabilities					(15,184)
Total assets less current liabilities					4,144
Creditors: Amounts falling due after more than one year		7			(6,547)
Net liabilities					(2,403)
Capital and reserves
Called up share capital		8			10,000
Profit and loss account		9			(12,403)
Shareholders' deficit					(2,403)

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 December 2013 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.

Approved and authorised for issue by the Board on 31 August 2014 and signed on its behalf by:

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 5

H&I Adventures Limited
(Registration number: SC438812)
Balance Sheet at 31 December 2013
......... continued

.........................................
Mr Euan Wilson
Director

The notes on pages 7 to 10 form an integral part of these financial statements.
Page 6

H&I Adventures Limited
Notes to the Financial Statements for the Period from 13 December 2012 to 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

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 amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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

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

Asset class	Amortisation method and rate
Intellectual property	10% Straight line basis

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	25% Reducing balance
Fixtures and Fittings	15% Reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 7

H&I Adventures Limited
Notes to the Financial Statements for the Period from 13 December 2012 to 31 December 2013
......... continued

2	Operating loss

Operating loss is stated after charging:

		13 December 2012 to 31 December 2013 £
Depreciation of tangible fixed assets		3,261
Amortisation		990

3	Intangible fixed assets

		Goodwill £			Total £
Cost
Additions		9,900			9,900
At 31 December 2013		9,900			9,900
Amortisation
Charge for the period		990			990
At 31 December 2013		990			990
Net book value
At 31 December 2013		8,910			8,910

4	Tangible fixed assets

		Plant and machinery £			Fixtures and fittings £			Total £
Cost or valuation
Additions		12,097			1,582			13,679
Depreciation
Charge for the period		3,024			237			3,261
Net book value
At 31 December 2013		9,073			1,345			10,418

Page 8

H&I Adventures Limited
Notes to the Financial Statements for the Period from 13 December 2012 to 31 December 2013
......... continued

5

Debtors

		31 December 2013 £
Trade debtors		2,750
Other debtors		21,370
		24,120

6	Creditors: Amounts falling due within one year

		31 December 2013 £
Bank loans and overdrafts		21,266
Other taxes and social security		2,558
Other creditors		24,937
		48,761

7	Creditors: Amounts falling due after more than one year

		31 December 2013 £
Other creditors		6,547

8	Share capital

Allotted, called up and fully paid shares

	31 December 2013
		No.			£
Ordinary of £1 each		10,000			10,000

Page 9

H&I Adventures Limited
Notes to the Financial Statements for the Period from 13 December 2012 to 31 December 2013
......... continued

9

Reserves

		Profit and loss account £			Total £
Loss for the period		(12,403)			(12,403)
At 31 December 2013		(12,403)			(12,403)

10

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 10