Owlets (Hythe) Ltd - Period Ending 2017-03-31

Company registration number: 08384145

Owlets (Hythe) Ltd
 
  Annual Report and Unaudited Abbreviated Accounts
 
  Year Ended 31 March 2016
 

Beresfords
  Chartered Accountants
  Castle House
  Castle Hill Avenue
  Folkestone
  Kent
  CT20 2TQ

Owlets (Hythe) Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Owlets (Hythe) Ltd
(Company registration number: 08384145)
Abbreviated Balance Sheet
31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					51,333			79,333
Tangible fixed assets					2,739			3,013
					54,072			82,346
Current assets
Stocks					50,320			47,560
Debtors					2,631			5,172
Cash at bank and in hand					74,066			70,937
					127,017			123,669
Creditors: Amounts falling due within one year					(166,435)			(11,106)
Net current (liabilities)/assets					(39,418)			112,563
Total assets less current liabilities					14,654			194,909
Creditors: Amounts falling due after more than one year					-			(183,517)
Provisions for liabilities					(548)			(603)
Net assets					14,106			10,789
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					14,105			10,788
Shareholders' funds					14,106			10,789

The notes on pages 3 to 5 form an integral part of these financial statements.
 
  Page 1

Owlets (Hythe) Ltd
(Company registration number: 08384145)
Abbreviated Balance Sheet
31 March 2016......... continued

For the year ending 31 March 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 her 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 director on 22 December 2016

......................................... Mrs A Martin Director

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

Owlets (Hythe) Ltd
Notes to the Abbreviated Accounts
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).

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5 Years straight line

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
Office equipment	5 Years straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

Owlets (Hythe) Ltd
Notes to the Abbreviated Accounts
Year Ended 31 March 2016......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		140,000			3,977			143,977
Additions		-			608			608
At 31 March 2016		140,000			4,585			144,585
Depreciation
At 1 April 2015		60,667			964			61,631
Charge for the year		28,000			882			28,882
At 31 March 2016		88,667			1,846			90,513
Net book value
At 31 March 2016		51,333			2,739			54,072
At 31 March 2015		79,333			3,013			82,346

Page 4

Owlets (Hythe) Ltd
Notes to the Abbreviated Accounts
Year Ended 31 March 2016......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 5