HERNFIELD_LIMITED - Accounts

HERNFIELD LIMITED - Company Information

Print Friendly Version

Company Registration No. 07063947 (England and Wales)

HERNFIELD LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

HERNFIELD LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

HERNFIELD LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

5,000

Tangible assets

3,350

4,412

Investments

1,000

4,350

10,412

Current assets

Stocks

81,450

69,938

Debtors

107,037

70,402

Cash at bank and in hand

8,472

20,161

196,959

160,501

Creditors: amounts falling due within one year

(180,321)

(240,241)

Net current assets/(liabilities)

16,638

(79,740)

Total assets less current liabilities

20,988

(69,328)

Capital and reserves

Called up share capital

Profit and loss account

20,987

(69,329)

Shareholders' funds

20,988

(69,328)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 January 2017

N Gershinson

Director

Company Registration No. 07063947

HERNFIELD LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT.VAT.

1.3

Research and development

Website development costs are initially capitalised and subsequently written off in equal instalments over the period in which economic benefits will accrue to the company due to the costs being incurred. The rate of amortisation used is 50% straight line.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

20% straight line

1.5

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Foreign currency translation

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

Fixed assets

Intangible assets

Tangible assets

Investments

Total

Cost

At 1 April 2015 & at 31 March 2016

15,000

5,312

1,000

21,312

Depreciation

At 1 April 2015

10,000

900

10,900

Charge for the year

5,000

1,062

6,062

At 31 March 2016

15,000

1,962

16,962

Net book value

At 31 March 2016

3,350

1,000

4,350

At 31 March 2015

5,000

4,412

1,000

10,412

The fixed asset investment relates to 749 Ordinary shares in Made Kenya Limited, representing a minority interest.

HERNFIELD LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of 1p each