HARD_8_LIMITED - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

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

Hard 8 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Proper Food and Drink Shed, Unit 2, Bicester Park, Charbridge Way, Bicester, OX26 4SS.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover represents amounts receivable for consultancy services and the sale of stock net of VAT. Other operating income represents rent receivable.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The average monthly number of persons (including directors) employed by the company during the year was 5 (2015 - 5).

On 23 November 2016 Hard 8 Limited converted £489,500 of the debt owed from One Event Management Limited into a capital contribution.

On 29 November 2016 Hard 8 Limited sold the shares held in One Event Management Limited.

Investment property brought forward comprises The Muddy Duck Staff House, Heath and The Muddy Duck Pub. The fair value of the investment properties have been arrived at on the basis of a valuation carried out in April 2015 by Lambert Smith Hampton, who are not connected with the company. The valuations of £365,000 and £2,250,000 were made on an open market value basis by reference to market evidence of transaction prices for similar properties. The valuation for The Muddy Duck Pub included fixtures and fittings and plant and machinery which are not shown in the investment property value above because they are included in tangible assets.

In November 2016 Hard 8 Limited purchased The Proper Food and Drink shed. The purchase was made on an open market basis. The directors consider the cost to reflect the fair value at the year end.

Included in creditors due after more than one year is the directors loan balance due to N J Harris at 31 December 2016 of £2,351,145.

The directors loan balance due to NJ Harris at 31 December 2016 is £2,351,145. The loan is interest free on a 12 month and 1 day rolling basis.

The company was under the control of N J Harris throughout the period by virtue of his 95% shareholding.