Abbreviated Company Accounts - HOWARD FINANCIAL SERVICES LIMITED

HOWARD FINANCIAL SERVICES LIMITED - Company Information

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Registered Number 04528057

HOWARD FINANCIAL SERVICES LIMITED

Abbreviated Accounts

30 September 2014

HOWARD FINANCIAL SERVICES LIMITED Registered Number 04528057

Abbreviated Balance Sheet as at 30 September 2014

	Notes	2014	2013
		£	£
Fixed assets
Intangible assets	2	11,000	22,000
Tangible assets	3	9,184	17,060
		20,184	39,060
Current assets
Debtors	4	528,477	512,332
Investments		-	92,463
Cash at bank and in hand		92,025	166,645
		620,502	771,440
Creditors: amounts falling due within one year		(83,142)	(90,553)
Net current assets (liabilities)		537,360	680,887
Total assets less current liabilities		557,544	719,947
Provisions for liabilities		(1,674)	(3,158)
Total net assets (liabilities)		555,870	716,789
Capital and reserves
Called up share capital	5	100	100
Profit and loss account		555,770	716,689
Shareholders' funds		555,870	716,789

For the year ending 30 September 2014 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 17 November 2014

And signed on their behalf by:
Mr S L Howard, Director

HOWARD FINANCIAL SERVICES LIMITED Registered Number 04528057

Notes to the Abbreviated Accounts for the period ended 30 September 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts derived from ordinary activities during the year.

Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & Fittings - 20% straight line
Motor Vehicles - 25% straight line

Provisions for the expected costs of maintenance under guarantees are charged against profits when products have been invoiced. The effect of the time value of money is not material and therefore the provisions are not discounted.

Intangible assets amortisation policy
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - amortised over 3 years

2Intangible fixed assets

	£
Cost
At 1 October 2013	33,000
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 30 September 2014	33,000
Amortisation
At 1 October 2013	11,000
Charge for the year	11,000
On disposals	-
At 30 September 2014	22,000
Net book values
At 30 September 2014	11,000
At 30 September 2013	22,000

3Tangible fixed assets

	£
Cost
At 1 October 2013	50,702
Additions	2,002
Disposals	-
Revaluations	-
Transfers	-
At 30 September 2014	52,704
Depreciation
At 1 October 2013	33,642
Charge for the year	9,878
On disposals	-
At 30 September 2014	43,520
Net book values
At 30 September 2014	9,184
At 30 September 2013	17,060

4Debtors

	2014 £	2013 £
Debtors include the following amounts due after more than one year	430,000	430,000

5Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
100 Ordinary shares of £1 each	100	100

6Transactions with directors

Name of director receiving advance or credit:	Mr S Howard
Description of the transaction:	Loan
Balance at 1 October 2013:	£ 250,000
Advances or credits made:	-
Advances or credits repaid:	-
Balance at 30 September 2014:	£ 250,000

During the current period the company had a loan outstanding to Mr S Howard of £250,000 (2013: £250,000. Interest is being charged on the outstanding loan at 4% on a £130,000 additional loan and 4.75% on the original £120,000 loan.