Hoverwood Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 03303738 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 January 2014

for

Hoverwood Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mr M Neville

Mr L D Westall

REGISTERED OFFICE:

C/o Finnigan & Co

37 Lower Brook Street

Ipswich

Suffolk

IP4 1AQ

REGISTERED NUMBER:

03303738 (England and Wales)

ACCOUNTANTS:

Finnigan & Co

37 Lower Brook Street

Ipswich

Suffolk

IP4 1AQ

FIXED ASSETS

Tangible assets

2

441,572

445,022

CURRENT ASSETS

Stocks

15,000

11,216

Debtors

172,632

101,562

Cash at bank and in hand

131,039

126,598

318,671

239,376

CREDITORS

Amounts falling due within one year

3

130,077

114,348

NET CURRENT ASSETS

188,594

125,028

TOTAL ASSETS LESS CURRENT LIABILITIES

630,166

570,050

CREDITORS

Amounts falling due after more than one year

3

(264,175

)

(285,378

)

PROVISIONS FOR LIABILITIES

(7,058

)

(6,927

)

NET ASSETS

358,933

277,745

CAPITAL AND RESERVES

Called up share capital

4

100

100

Profit and loss account

358,833

277,645

SHAREHOLDERS' FUNDS

358,933

277,745

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2014 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 20 October 2014 and were signed on its behalf by:

Mr M Neville - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

1% on reducing balance

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 February 2013

482,291

Additions

9,100

At 31 January 2014

491,391

DEPRECIATION

At 1 February 2013

37,269

Charge for year

12,550

At 31 January 2014

49,819

NET BOOK VALUE

At 31 January 2014

441,572

At 31 January 2013

445,022

3.

CREDITORS

Creditors include an amount of £ 283,106 (31.1.13 - £ 301,952 ) for which security has been given.

They also include the following debts falling due in more than five years:

31.1.14

31.1.13

£

£

Repayable by instalments

188,451

219,081

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.14

31.1.13

value:

£

£

100

Ordinary

£1

100

100