Headline Filters Limited - Abbreviated accounts

HEADLINE FILTERS LIMITED - Company Information

Registered number

01994218

Headline Filters Limited

Abbreviated Accounts

30 June 2016

Applied Accountancy Limited

Headline Filters Limited
Registered number:	01994218
Abbreviated Balance Sheet
as at 30 June 2016

Notes			2016		2015
			£		£
Fixed assets
Tangible assets	2		685,231		842,175

Current assets
Stocks		119,992		106,630
Debtors		470,896		449,979
Cash at bank and in hand		381,230		270,999
		972,118		827,608

Creditors: amounts falling due within one year	4	(956,945)		(745,187)

Net current assets			15,173		82,421

Total assets less current liabilities			700,404		924,596

Creditors: amounts falling due after more than one year	4		(284,488)		(369,569)

Provisions for liabilities			(65,037)		(74,881)


Net assets			350,879		480,146

Capital and reserves
Called up share capital	3		30,000		30,000
Profit and loss account			320,879		450,146

Shareholders' funds			350,879		480,146

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.



Brian Head
Director
Approved by the board on 17 November 2016

Headline Filters Limited
Notes to the Abbreviated Accounts
for the year ended 30 June 2016

1	Accounting policies

	Basis of preparation
	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
	Turnover represents the invoice value, net of value added tax and discounts, of goods sold to customers during the accounting period.

	Depreciation
	Depreciation has been provided at the following rates in order to write off the cost, less estimated residual value of each tangible fixed asset, over its expected useful life:-

	Freehold Land		Nil
	Freehold Building		4% on cost
	Plant and Machinery		15% on cost
	Fixtures, Fittings & Equipment		15% - 25% on cost
	Motor Vehicles		25% on cost

	Stocks and work in progress
	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 stocks. Cost includes all direct costs incurred in bringing stocks to their present location and condition.
	Deferred taxation
	Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.

	Foreign currencies
	Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

	Leasing and hire purchase commitments
	Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet 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 the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Rentals paid under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
1	Accounting policies
	Pensions
	Contributions paid to the directors' and certain employees' defined contribution pension schemes are charged to the profit and loss account as they become payable.
	Provision for repair or replacement of goods under guarantee
	Provision is made for the cost of the repair or replacement of goods sold during the year but remaining under guarantee at the balance sheet date.
2	Tangible fixed assets			£

	Cost
	At 1 July 2015			1,764,042
	Additions			198,950
	Disposals			(206,207)
	At 30 June 2016			1,756,785

	Depreciation
	At 1 July 2015			921,867
	Charge for the year			206,452
	On disposals			(56,765)
	At 30 June 2016			1,071,554

	Net book value
	At 30 June 2016			685,231
	At 30 June 2015			842,175


3	Share capital	Nominal	2016	2016	2015
		Value	Number	£	£
	Allotted, called up and fully paid:
	Ordinary shares	25p each	120,000	30,000	30,000

4	Secured liabilities
	Creditors due within one year include secured liaiblities of £126,272 (2015 - £122,419) and creditors
	due after more than one year include secured liabilities of £271,601 (2015 - £369,569).