Company Registration No. 01642188 (England and Wales)
H W AUDIO LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
H W AUDIO LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
H W AUDIO LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,237
10,772
Current assets
Stocks
421,146
362,546
Debtors
87,695
64,135
Cash at bank and in hand
60,895
29,104
569,736
455,785
Creditors: amounts falling due within one year
(464,645)
(366,957)
Net current assets
105,091
88,828
Total assets less current liabilities
113,328
99,600
Provisions for liabilities
(1,647)
(1,386)
111,681
98,214
Capital and reserves
Called up share capital
3
3,001
3,001
Other reserves
17,744
17,744
Profit and loss account
90,936
77,469
Shareholders' funds
111,681
98,214
For the financial year ended 31 July 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 26 April 2017
Mr R J Harfield
Director
Company Registration No. 01642188
H W AUDIO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2016
- 2 -
1
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 sales of goods and services, after the deduction of trade discounts and value added tax and is recognised when the sale is made or work done.
1.3
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:
Land and buildings Leasehold
Straight line over the life of the lease
Fixtures, fittings & equipment
Ranging from 15% reducing balance to 25% straight line
Motor vehicles
15% straight line
1.4
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
2
Fixed assets
Tangible assets
£
Cost
At 1 August 2015
127,896
Disposals
(6,995)
At 31 July 2016
120,901
Depreciation
At 1 August 2015
117,124
On disposals
(6,820)
Charge for the year
2,360
At 31 July 2016
112,664
Net book value
At 31 July 2016
8,237
At 31 July 2015
10,772
H W AUDIO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
3,001 Ordinary Shares of £1 each
3,001
3,001
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