Horsepower & Heavymetal Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03784853 (England and Wales)

Abbreviated Unaudited Accounts

For The Year Ended 30th June 2016

for

Horsepower & Heavymetal Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

Report of the Accountants

5

DIRECTOR:

Anthony James Foley

SECRETARY:

Veronica Ruth Foley

REGISTERED OFFICE:

South Brent Post Office

3/5 Fore Street

South Brent

Devon

TQ10 9BE

REGISTERED NUMBER:

03784853 (England and Wales)

ACCOUNTANTS:

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

FIXED ASSETS

Intangible assets

2

-

10,000

Tangible assets

3

-

1,023

-

11,023

CURRENT ASSETS

Stocks

-

22,500

Debtors

-

829

-

23,329

CREDITORS

Amounts falling due within one year

249,627

255,802

NET CURRENT LIABILITIES

(249,627

)

(232,473

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(249,627

)

(221,450

)

CAPITAL AND RESERVES

Called up share capital

4

2

Profit and loss account

(249,629

)

(221,452

)

SHAREHOLDERS' FUNDS

(249,627

)

(221,450

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 24th August 2016 and were signed by:

Anthony James Foley - 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 January 2015).

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance and 15% 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.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st July 2015

10,000

Disposals

(10,000

)

At 30th June 2016

-

NET BOOK VALUE

At 30th June 2016

-

At 30th June 2015

10,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st July 2015

18,515

Additions

2,912

Disposals

(21,427

)

At 30th June 2016

-

DEPRECIATION

At 1st July 2015

17,492

Charge for year

203

Eliminated on disposal

(17,695

)

At 30th June 2016

-

NET BOOK VALUE

At 30th June 2016

-

At 30th June 2015

1,023

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.16

30.6.15

value:

£

2

Ordinary

£1

2

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The company rents it's retail premises from the director at the commercial rent of £5,000 per annum. (2015

£5,000)

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to four)

have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 30th June 2016 set out on pages two to four and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wildin & Co

Accountants

& Statutory Auditors

Kings Buildings

Lydney

Gloucestershire

GL15 5HE

Date: 24th August 2016