Holmes Miller Ltd. - Abbreviated accounts 16.1

REGISTERED NUMBER: SC400828

HOLMES MILLER LTD.

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2016

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

420,000

490,000

Tangible assets

3

740,373

773,382

1,160,373

1,263,382

CURRENT ASSETS

Debtors

1,319,162

1,067,770

Cash at bank and in hand

212,819

767,126

1,531,981

1,834,896

CREDITORS

Amounts falling due within one year

4

909,961

1,125,187

NET CURRENT ASSETS

622,020

709,709

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,782,393

1,973,091

CREDITORS

Amounts falling due after more than one
year

4

(507,313

)

(470,460

)

PROVISIONS FOR LIABILITIES

(3,536

)

(9,892

)

NET ASSETS

1,271,544

1,492,739

CAPITAL AND RESERVES

Called up share capital

5

1,007

Profit and loss account

1,270,537

1,491,732

SHAREHOLDERS' FUNDS

1,271,544

1,492,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

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.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 June 2016 and were signed on its behalf by:

C M Houston - Director

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 January 2015).

Turnover

Turnover represents the invoice value of services rendered during the year, excluding value added tax. The

company's policy is to recognise a sale when substantively all of the risks and rewards in connection with the

services have been passed to the buyer. Where the substance of a contract is that the company's contractual

obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the

company's partial performance of its contractual obligations.

Goodwill

Goodwill, representing the amount established on incorporation of The Holmes Partnership in 2011, is being

amortised evenly over its estimated useful life of ten years although there was no amortisation in the period of

acquisition. The length of time is presumed to be the maximum useful life of purchased goodwill because it is

difficult to make projections beyond this period. Goodwill is reviewed for impairment at the end of the first full

financial year following each acquisition and subsequently as and when necessary if circumstances emerge that

indicate that the carrying value may not be recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Heritable property

-

Nil rate depreciation

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

No depreciation is provided on heritable property. Although the Companies Act requires the systematic annual

depreciation of fixed assets, the directors are of the opinion that given that the life of the company's heritable

property is so long and that it is maintained to a high standard, the residual value would be sufficiently high to

make any depreciation charge immaterial.

The directors also consider the property market and the impact on carrying values. In the event of an impairment

being identified any loss will be charged to the profit and loss account.

Deferred tax

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax

is not recognised on revaluation gains. Deferred taxation is measured on a non-discounted basis at the average

tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that

have been enacted by the balance sheet date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension schemes for directors and employees. The assets of the

scheme are held separately from those of the company. The annual contributions payable are charged to the

profit and loss account.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

700,000

AMORTISATION

At 1 April 2015

210,000

Amortisation for year

70,000

At 31 March 2016

280,000

NET BOOK VALUE

At 31 March 2016

420,000

At 31 March 2015

490,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

962,666

Additions

28,957

At 31 March 2016

991,623

DEPRECIATION

At 1 April 2015

189,284

Charge for year

61,966

At 31 March 2016

251,250

NET BOOK VALUE

At 31 March 2016

740,373

At 31 March 2015

773,382

4.

CREDITORS

Creditors include an amount of £ 55,505 (2015 - £ 95,505 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

1,000

Ordinary

£1

1,000

7

Ordinary A - G

£1

7

1,007