Howard Smith & Co. Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 04659953 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 29 February 2016

for

Howard Smith & Co. Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J R Stimpson

SECRETARY:

Mrs L G Stimpson

REGISTERED OFFICE:

1 & 2 Hillbrow House

Linden Drive

Liss

Hampshire

GU33 7RJ

REGISTERED NUMBER:

04659953 (England and Wales)

ACCOUNTANTS:

Howard Smith & Co Limited

Chartered Accountants

1 & 2 Hillbrow House

Linden Drive

Liss

Hampshire

GU33 7RJ

FIXED ASSETS

Intangible assets

2

2

2

Tangible assets

3

12,604

18,854

12,606

18,856

CURRENT ASSETS

Stocks

13,220

9,496

Debtors

76,347

63,735

Cash at bank and in hand

181

934

89,748

74,165

CREDITORS

Amounts falling due within one year

34,131

28,899

NET CURRENT ASSETS

55,617

45,266

TOTAL ASSETS LESS CURRENT LIABILITIES

68,223

64,122

CREDITORS

Amounts falling due after more than one year

-

6,719

NET ASSETS

68,223

57,403

CAPITAL AND RESERVES

Called up share capital

4

1,500

1,500

Profit and loss account

66,723

55,903

SHAREHOLDERS' FUNDS

68,223

57,403

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2016 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 25 November 2016 and were signed by:

J R Stimpson - 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 net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are

depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

and 29 February 2016

325,000

AMORTISATION

At 1 March 2015

and 29 February 2016

324,998

NET BOOK VALUE

At 29 February 2016

2

At 28 February 2015

2

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2015

and 29 February 2016

38,499

DEPRECIATION

At 1 March 2015

19,645

Charge for year

6,250

At 29 February 2016

25,895

NET BOOK VALUE

At 29 February 2016

12,604

At 28 February 2015

18,854

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

29.2.16

28.2.15

value:

£

£

1,500

Ordinary

£1

1,500

1,500

5.	ULTIMATE PARENT COMPANY