Harlech Commercial Finance Limited - Period Ending 2016-10-31

Registration number: 06004947

Harlech Commercial Finance Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Harlech Commercial Finance Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Harlech Commercial Finance Limited
(Registration number: 06004947)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			1,000			2,000
Tangible fixed assets		2			10,124			12,842
					11,124			14,842
Current assets
Debtors					34,126			17,099
Cash at bank and in hand					81,284			91,164
					115,410			108,263
Creditors: Amounts falling due within one year					(20,916)			(21,570)
Net current assets					94,494			86,693
Total assets less current liabilities					105,618			101,535
Creditors: Amounts falling due after more than one year					(6,068)			(7,335)
Net assets					99,550			94,200
Capital and reserves
Called up share capital		4			10			10
Profit and loss account					99,540			94,190
Shareholders' funds					99,550			94,200

For the year ending 31 October 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 15 December 2016 and signed on its behalf by:

.........................................
Mr N A McDonagh
Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Harlech Commercial Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 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).

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received in advance of services provided, the amounts are recorded as Deferred Income and included as part of the Creditors due within one year.

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	Straight line over 10 years

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
Short leasehold land and buildings	10% straight line
Fixtures and fittings	20% straight line
Motor vehicles	20% straight line

Hire purchase and leasing

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Harlech Commercial Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation 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. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2015		10,000			22,376			32,376
Additions		-			1,266			1,266
At 31 October 2016		10,000			23,642			33,642
Depreciation
At 1 November 2015		8,000			9,534			17,534
Charge for the year		1,000			3,984			4,984
At 31 October 2016		9,000			13,518			22,518
Net book value
At 31 October 2016		1,000			10,124			11,124
At 31 October 2015		2,000			12,842			14,842

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Harlech Commercial Finance Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		1,267			1,268
Amounts falling due after more than one year		6,068			7,335
Total secured creditors		7,335			8,603

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		10			10			10			10

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr N A McDonagh
Amounts advanced and repaid	9,988	-	-	-
Mrs S M McDonagh
Amounts advanced and repaid	10,000	-	-	-

These transactions have been aggregated by kind. The directors consider that this treatment does not impair a true and fair view of the financial statements.

Page 4