Company Registration No. 08247448 (England and Wales)
1HX SPORTS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
1HX SPORTS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
1HX SPORTS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
11,600
17,400
Tangible assets
2
4,144
4,826
15,744
22,226
Current assets
Stocks
12,813
10,214
Debtors
496
313
Cash at bank and in hand
4,926
3,404
18,235
13,931
Creditors: amounts falling due within one year
(55,491)
(53,191)
Net current liabilities
(37,256)
(39,260)
Total assets less current liabilities
(21,512)
(17,034)
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
(21,612)
(17,134)
Shareholders' funds
(21,512)
(17,034)
For the financial year ended 31 October 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 26 July 2016
Mr I Croad
Director
Company Registration No. 08247448
1HX SPORTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Revenue is recognised when the goods are dispatched, which is the same day on which the goods are delivered and hence is the point at which the risks and rewards of ownership pass to the buyer. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for the services provided.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% reducing balance basis
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 November 2014
29,000
8,580
37,580
Additions
-
699
699
At 31 October 2015
29,000
9,279
38,279
Depreciation
At 1 November 2014
11,600
3,754
15,354
Charge for the year
5,800
1,381
7,181
At 31 October 2015
17,400
5,135
22,535
Net book value
At 31 October 2015
11,600
4,144
15,744
At 31 October 2014
17,400
4,826
22,226
1HX SPORTS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
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