Horsfield-Smith Limited - Period Ending 2015-10-31

Registration number: 06728053

Horsfield-Smith Limited

Unaudited Abbreviated Accounts

31 October 2015
 

Horsfield-Smith Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Horsfield-Smith Limited
abbreviated balance sheet
31 October 2015

		Note			2015						2014 £
	£			£
Fixed assets
Intangible fixed assets								158,326			208,326
Tangible fixed assets								11,064			25,958
								169,390			234,284
Current assets
Stocks					26,695						25,038
Debtors					468,953						475,837
Cash at bank and in hand					1,551						731
					497,199						501,606
Creditors: Amounts falling due within one year					(584,745)						(579,987)
Net current liabilities								(87,546)			(78,381)
Total assets less current liabilities								81,844			155,903
Creditors: Amounts falling due after more than one year								(49,582)			(99,582)
Provisions for liabilities								(1,196)			(3,953)
Net assets								31,066			52,368
Capital and reserves
Called up share capital		3			840						840
Profit and loss account					30,226						51,528
Shareholders' funds								31,066			52,368

For the year ending 31 October 2015 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.

The notes on pages 3 to 5 form an integral part of these financial statements.
1

Horsfield-Smith Limited
abbreviated balance sheet ......... continued
31 October 2015

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

Approved by the Board on 28 June 2016 and signed on its behalf by:

.........................................
C A Nuttall
Director

Company Registration Number: 06728053

The notes on pages 3 to 5 form an integral part of these financial statements.
2

Horsfield-Smith Limited
Notes to the Abbreviated Accounts
Year Ended 31 October 2015

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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts invoiced during the year, exculsive of value added tax. The company has recognised UTIF40 in calculating it's turnover.

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
Goodwill	10% straight line

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% straight line
Fixtures and Fittings	20% straight line
Computer equipment	25% straight line

Work in progress

3

Horsfield-Smith Limited
Notes to the Abbreviated Accounts
Year Ended 31 October 2015

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Deferred tax

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. 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 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.

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.

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.

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.

4

Horsfield-Smith Limited
Notes to the Abbreviated Accounts
Year Ended 31 October 2015

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2014		500,000			96,707			596,707
Additions		-			8,310			8,310
At 31 October 2015		500,000			105,017			605,017
Depreciation
At 1 November 2014		291,674			70,749			362,423
Charge for the year		50,000			23,204			73,204
At 31 October 2015		341,674			93,953			435,627
Net book value
At 31 October 2015		158,326			11,064			169,390
At 31 October 2014		208,326			25,958			234,284

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary Shares of £1 each of £1 each		840			840			840			840

5