Abbreviated Company Accounts - HI-FI CONFIDENTIAL LIMITED

Abbreviated Company Accounts - HI-FI CONFIDENTIAL LIMITED

HI-FI CONFIDENTIAL LIMITED - Company Information

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Registered Number 02293691

HI-FI CONFIDENTIAL LIMITED

Abbreviated Accounts

31 March 2016

HI-FI CONFIDENTIAL LIMITED Registered Number 02293691

Abbreviated Balance Sheet as at 31 March 2016

Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 260,228 269,879
Investments 3 128,000 128,000
388,228 397,879
Current assets
Stocks 80,630 78,615
Debtors 69,398 47,677
Cash at bank and in hand 946,162 946,042
1,096,190 1,072,334
Creditors: amounts falling due within one year (651,671) (659,306)
Net current assets (liabilities) 444,519 413,028
Total assets less current liabilities 832,747 810,907
Provisions for liabilities (30,829) (31,394)
Total net assets (liabilities) 801,918 779,513
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 800,918 778,513
Shareholders' funds 801,918 779,513
  • 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 21 December 2016

And signed on their behalf by:
M J Khawaja, Director

HI-FI CONFIDENTIAL LIMITED Registered Number 02293691

Notes to the Abbreviated Accounts for the period ended 31 March 2016

1Accounting Policies

Basis of measurement and preparation of accounts
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 policy
Turnover comprises revenue recognised by the company in respect of goods, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 2% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

2Tangible fixed assets
£
Cost
At 1 April 2015 431,180
Additions 1,339
Disposals -
Revaluations -
Transfers -
At 31 March 2016 432,519
Depreciation
At 1 April 2015 161,301
Charge for the year 10,990
On disposals -
At 31 March 2016 172,291
Net book values
At 31 March 2016 260,228
At 31 March 2015 269,879

3Fixed assets Investments
Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the director, necessary in order to give a true and fair view of the financial position of the company.