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HYPER (DERBY) LIMITED
REGISTERED NUMBER: 07663612
ABBREVIATED BALANCE SHEET
AS AT 30 JUNE 2014
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 June 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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HYPER (DERBY) LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 30 JUNE 2014
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 4 form part of these financial statements.
Page 2
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HYPER (DERBY) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises of rent receivable exclusive of value added tax and is accounted for under the accruals concept.
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Investment properties are included in the balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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Deferred tax is not provided on timing differences arising from the revaluation of fixed assets in the financial statements.
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A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 3
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HYPER (DERBY) LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2014
2.FIXED ASSET INVESTMENTS
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At 1 July 2013 and 30 June 2014
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The investment property was revalued by the directors at 30 June 2014 based on a valuation carried out by GVA Grimley Limited, chartered surveyors, on 8 July 2011. The historical cost of the property was £489,916.
The investment property is let under an operating lease and the rental income received during the period was £71,717 (2013: £74,131).
3.CREDITORS:
Amounts falling due within one year
A bridging loan of £308,000 was secured on the investment property disclosed in note 2 and by a fixed and floating charge over the other assets of the company. The loan was repaid during the year.
R D Whitton and D Burney, previous directors of the company; have provided personal guarantees for the bridging loan which was repaid during the year up to a combined maximum amount of £150,000 (2013: £150,000).
4.SHARE CAPITAL
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Allotted, called up and fully paid
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Page 4
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