Company Registration No. 03406554 (England and Wales)
HubSolutions Ltd
Abbreviated unaudited accounts
for the year ended 31 July 2016
HubSolutions Ltd
Abbreviated Balance Sheet
as at 31 July 2016
Tangible assets
7,017
5,403
Cash at bank and in hand
78,573
98,888
Creditors: amounts falling due within one year
(83,282)
(106,492)
Net current assets
109,298
78,296
Total assets less current liabilities
120,806
83,699
Provisions for liabilities
(1,053)
(654)
Called up share capital
4
4
Profit and loss account
119,749
83,041
Total shareholders' funds
119,753
83,045
For the year ending 31 July 2016 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the board on 18 November 2016
Peter Hall
Director
Company Registration No. 03406554
HubSolutions Ltd
Notes to the Abbreviated Accounts
for the year ended 31 July 2016
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers. In respect of contracts for ongoing services, turnover represents the value of work done in the year, including estimates, but not yet invoiced at the balance sheet date, and is recognised by reference to the stage of completion.
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Work-in-progress is valued at net realisable value.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
HubSolutions Ltd
Notes to the Abbreviated Accounts
for the year ended 31 July 2016
Contributions in respect of the company's defined contribution pension scheme are charged to the profit and loss account for the year in which they are payable to the scheme. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
2
Intangible fixed assets
Other
Intangible fixed assets are software licences.
3
Tangible fixed assets
Computer equipment
Allotted, called up and fully paid:
4 Ordinary shares of £1 each
4
4
