Hughes Galleries Ltd - Limited company - abbreviated - 11.9
Hughes Galleries Ltd - Limited company - abbreviated - 11.9
REGISTERED NUMBER: |
Hughes Galleries Ltd |
Abbreviated Unaudited Accounts |
for the Year Ended 31 March 2015 |
Hughes Galleries Ltd (Registered number: NI048454) |
Contents of the Abbreviated Accounts |
for the year ended 31 March 2015 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 4 |
Hughes Galleries Ltd |
Company Information |
for the year ended 31 March 2015 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
BANKERS: |
SOLICITORS: |
Hughes Galleries Ltd (Registered number: NI048454) |
Abbreviated Balance Sheet |
31 March 2015 |
2015 | 2014 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
Tangible assets | 3 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 4 |
Profit and loss account |
SHAREHOLDERS' FUNDS |
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. |
Hughes Galleries Ltd (Registered number: NI048454) |
Abbreviated Balance Sheet - continued |
31 March 2015 |
The financial statements were approved by the Board of Directors on by: |
Hughes Galleries Ltd (Registered number: NI048454) |
Notes to the Abbreviated Accounts |
for the year ended 31 March 2015 |
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. |
Goodwill |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The director considers that the value of land and buildings is not less than cost and does not expect the value to |
reduce in the foreseeable future. Consequently depreciation charged on this asset has been written back and the |
property is now stated at the original cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2014 |
and 31 March 2015 |
NET BOOK VALUE |
At 31 March 2015 |
At 31 March 2014 |
Hughes Galleries Ltd (Registered number: NI048454) |
Notes to the Abbreviated Accounts - continued |
for the year ended 31 March 2015 |
3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2014 |
Additions |
At 31 March 2015 |
DEPRECIATION |
At 1 April 2014 |
Charge for year |
At 31 March 2015 |
NET BOOK VALUE |
At 31 March 2015 |
At 31 March 2014 |
4. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2015 | 2014 |
value: | £ | £ |
Ordinary A shares - Voting | 1 |
5. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |
6. | SECURED DEBTS |
Northern Bank holds the following security over monies borrowed by Hughes Galleries Ltd: |
Fixed and floating charge. |
Joint and several letter of guarantee in the name of Mr and Mrs Hughes for £50,000. |
Legal Mortgage over 100A Glenshesk Road, Armoy. |