Hot Hippo Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 06779465 (England and Wales)

HOT HIPPO LIMITED

TRADING AS

WILDSIDE CYCLES

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 NOVEMBER 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A A Knight

REGISTERED OFFICE:

77-83 Camden Road

Tunbridge Wells

Kent

TN1 2QL

REGISTERED NUMBER:

06779465 (England and Wales)

ACCOUNTANTS:

Busbys

Chartered Accountants

Unit 7

Pickhill Business Centre

Smallhythe Road

Tenterden

Kent

TN30 7LZ

FIXED ASSETS

Intangible assets

2

9,079

12,701

Tangible assets

3

22,216

24,300

31,295

37,001

CURRENT ASSETS

Stocks

239,186

234,553

Debtors

13,789

37,330

Cash at bank and in hand

208

117

253,183

272,000

CREDITORS

Amounts falling due within one year

266,463

223,650

NET CURRENT (LIABILITIES)/ASSETS

(13,280

)

48,350

TOTAL ASSETS LESS CURRENT LIABILITIES

18,015

85,351

CREDITORS

Amounts falling due after more than one year

(26,667

)

(75,000

)

PROVISIONS FOR LIABILITIES

(3,099

)

(5,064

)

NET (LIABILITIES)/ASSETS

(11,751

)

5,287

CAPITAL AND RESERVES

Called up share capital

4

204

204

Profit and loss account

(11,955

)

5,083

SHAREHOLDERS' FUNDS

(11,751

)

5,287

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 2 August 2016 and were signed by:

A A Knight - 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 April 2008).

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2009, was being amortised

evenly over its estimated useful life of ten years. In anticipation of new accounting rules, the balance of

goodwill at 1 December 2014 is now being amortised evenly over three years and will be fully amortised by 30

November 2017.

Intangible fixed assets

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

life.

Trade marks

- 10% on reducing balance

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Website

-

25% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

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 December 2014

and 30 November 2015

23,656

AMORTISATION

At 1 December 2014

10,955

Amortisation for year

3,622

At 30 November 2015

14,577

NET BOOK VALUE

At 30 November 2015

9,079

At 30 November 2014

12,701

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2014

62,900

Additions

8,524

Disposals

(3,476

)

At 30 November 2015

67,948

DEPRECIATION

At 1 December 2014

38,600

Charge for year

10,608

Eliminated on disposal

(3,476

)

At 30 November 2015

45,732

NET BOOK VALUE

At 30 November 2015

22,216

At 30 November 2014

24,300

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Nominal

Number:

Class:

value:

30.11.14

30.11.13

50

Ordinary A

£1

50

50

150

Ordinary B

£1

150

150

4

Ordinary C

£1

4

4

5.	RELATED PARTY DISCLOSURES

The company paid dividends to the director, A A Knight, of £nil (2014 : £5,218).

6.	GOING CONCERN

The director subscribed £65,000 of his loan to purchase additional shares in the company on 11 March 2016,

and the company is now solvent. As a result the accounts have been prepared on a going concern basis and the

director will not withdraw the balance of his loan account until the company is sufficiently profitable to allow

him to do so.