Hortic Holdings Limited - Period Ending 2016-12-31
Hortic Holdings Limited - Period Ending 2016-12-31
Registration number:
Hortic Holdings Limited
for the Year Ended 31 December 2016
Hortic Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Hortic Holdings Limited
Company Information
Directors |
M W Panter L A Eijgenraam |
Company secretary |
M W Panter |
Registered office |
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Solicitors |
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Bankers |
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Accountants |
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Page 1 |
Hortic Holdings Limited
(Registration number: 04676197)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
- |
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Investments |
- |
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- |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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( |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
M W Panter
Director
Page 2 |
Hortic Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land and buildings |
Nil and 4% straight line |
Other property, plant and equipment |
25% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Page 3 |
Hortic Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4 |
Hortic Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Financial instruments
Classification
Recognition and measurement
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Tangible assets |
Land and buildings |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Disposals |
( |
( |
( |
At 31 December 2016 |
- |
- |
- |
Depreciation |
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At 1 January 2016 |
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Eliminated on disposal |
( |
( |
( |
At 31 December 2016 |
- |
- |
- |
Carrying amount |
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At 31 December 2016 |
- |
- |
- |
At 31 December 2015 |
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Included within the net book value of land and buildings above is £Nil (2015 - £626,468) in respect of freehold land and buildings.
Page 5 |
Hortic Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investments |
2016 |
2015 |
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Investments in subsidiaries |
- |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2016 |
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Disposals |
( |
At 31 December 2016 |
- |
Provision |
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Carrying amount |
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At 31 December 2016 |
- |
At 31 December 2015 |
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Page 6 |
Hortic Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Trade creditors |
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Loans and borrowings |
- |
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Corporation tax |
1,849 |
6,916 |
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Social security and other taxes |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2016 |
2015 |
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Current loans and borrowings |
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Bank borrowings |
- |
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2016 |
2015 |
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Non-current loans and borrowings |
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Bank borrowings |
- |
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Financial instruments |
Categorisation of financial instruments
Page 7 |
Hortic Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2016 |
2015 |
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Financial assets that are debt instruments measured at amortised cost |
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Financial liabilities measured at amortised cost |
( |
( |
Loan commitments measured at cost less impairment |
- |
( |
( |
( |
Transition to FRS 102 |
Page 8 |