HFW Interactive Limited - Period Ending 2016-03-31

Registration number: 04736945

HFW Interactive Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Antrams
Accountants
44-46 Old Steine
Brighton
East Sussex
BN1 1NH

HFW Interactive Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
HFW Interactive Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HFW Interactive Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of HFW Interactive Limited, as a body, in accordance with the terms of our engagement letterdated 2 December 2013. Our work has been undertaken solely to prepare for your approval the accounts of HFW Interactive Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HFW Interactive Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that HFW Interactive Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of HFW Interactive Limited. You consider that HFW Interactive Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of HFW Interactive Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Antrams
Accountants
44-46 Old Steine
Brighton
East Sussex
BN1 1NH

19 December 2016

Page 1

HFW Interactive Limited
(Registration number: 04736945)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					50,118			75,449
Current assets
Stocks					5,390			65,558
Debtors					352,924			331,387
Cash at bank and in hand					-			2,901
					358,314			399,846
Creditors: Amounts falling due within one year					(489,601)			(676,845)
Net current liabilities					(131,287)			(276,999)
Net liabilities					(81,169)			(201,550)
Capital and reserves
Called up share capital		4			177			177
Share premium account					324,932			324,932
Profit and loss account					(406,278)			(526,659)
Shareholders' deficit					(81,169)			(201,550)

For the year ending 31 March 2016 the company was entitled to exemption 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 directors acknowledge their 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 .

Approved by the Board on 19 December 2016 and signed on its behalf by:

.........................................
Ms S Gale
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

HFW Interactive Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis because the directors and shareholders have undertaken to continue to support the company. In addition, the company is dependent upon the continued support of the company's bankers. The directors consider that the company will continue to operate within the facility currently agreed. After making enquiries the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason the directors continue to adopt the going concern basis in preparing the accounts.

Turnover

Turnover represents amounts derived from ordinary activites for goods and services provided in the UK net of VAT and trade discounts. Turnover is recognised when the company has obtained the right to consideration in exchange for its performance under each contract

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Other tangible assets	25% on a straight line basis
Office equipment	25% on a straight line basis

Stock and work in progress

Stocks are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Cost is computed on a first in first out basis. Net realisable value is based on estimated selling price less estimated cost of disposal

Deferred tax

Except where otherwise required by accounting standards, full provision without discounting is made for all timing differences, which have arisen but not reversed at the balance sheet date. Deferred tax assets are recognised only to the extent that it is more likely than noy that they will be recovered.

Hire purchase and leasing

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease

Page 3

HFW Interactive Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		261,422			261,422
Additions		7,020			7,020
At 31 March 2016		268,442			268,442
Depreciation
At 1 April 2015		185,973			185,973
Charge for the year		32,351			32,351
At 31 March 2016		218,324			218,324
Net book value
At 31 March 2016		50,118			50,118
At 31 March 2015		75,449			75,449

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		197,996			192,516

Page 4

HFW Interactive Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £0.20 each		882			176			882			176

Page 5