HalfWave (UK) Limited - Period Ending 2016-12-31
HalfWave (UK) Limited - Period Ending 2016-12-31
Company registration number:
for the Year Ended
HalfWave (UK) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
HalfWave (UK) Limited
(Registration number: 08255752)
Balance Sheet as at 31 December 2016
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2016 |
(As restated) |
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Fixed assets |
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Tangible assets |
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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 |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(83) |
(319) |
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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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Profit and loss reserve |
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Total equity |
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HalfWave (UK) Limited
(Registration number: 08255752)
Balance Sheet as at 31 December 2016
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.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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HalfWave (UK) 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 and Wales.
The address of its registered office is:
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. This is the first year in which the financial statements have been prepared under FRS102 Section1A. No restatements were required to the prior year as a result of the transition to FRS102 Section 1A.
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.
These financial statements are presented in Sterling (£).
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HalfWave (UK) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
Prior period adjustments
The amount due from Halfwave (UK) Limited's parent company Halfwave AS, has been re-classified so as to show the commercial reality of the transaction. The amounts adjusted in the prior period are as follows:
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Amounts owed by group undertakings and undertakings in which the company has a participating interest | - | (83,771) | - |
Trade debtors | - | 65,764 | - |
Accrued income | - | 18,007 | - |
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and 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 |
Office equipment |
Straight line over 3 years |
Plant and machinery |
Straight line over 3 years |
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.
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HalfWave (UK) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
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.
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.
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.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Office equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 December 2016 |
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HalfWave (UK) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
Office equipment |
Plant and machinery |
Total |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
- |
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At 31 December 2015 |
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Debtors |
2016 |
(As restated) |
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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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Taxation and social security |
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Corporation tax |
2,686 |
4,084 |
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Other creditors |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
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HalfWave (UK) Limited
Notes to the Financial Statements
for the Year Ended 31 December 2016
Related party transactions |
Summary of transactions with parent
Registered office - O.H. Bangsvei 70, 1363 HØvik, Norway.
The company has taken advantage of the exemption from disclosing transactions with other member of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
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