Haywoods Limited Company Accounts

HAYWOODS LEEDS LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2016-06-01 Sage Accounts Production Advanced 2017 - FRS 40,000 40,000 xbrli:pure xbrli:shares iso4217:GBP 04744440 2016-06-01 2017-05-31 04744440 2017-05-31 04744440 2016-05-31 04744440 2015-06-01 2016-05-31 04744440 2016-05-31 04744440 core:FurnitureFittings 2016-06-01 2017-05-31 04744440 bus:RegisteredOffice 2016-06-01 2017-05-31 04744440 bus:OrdinaryShareClass1 2016-06-01 2017-05-31 04744440 bus:LeadAgentIfApplicable 2016-06-01 2017-05-31 04744440 bus:Director1 2016-06-01 2017-05-31 04744440 bus:Director2 2016-06-01 2017-05-31 04744440 bus:CompanySecretary1 2016-06-01 2017-05-31 04744440 core:NetGoodwill 2017-05-31 04744440 core:FurnitureFittings 2016-05-31 04744440 core:FurnitureFittings 2017-05-31 04744440 core:WithinOneYear 2017-05-31 04744440 core:WithinOneYear 2016-05-31 04744440 core:ShareCapital 2017-05-31 04744440 core:ShareCapital 2016-05-31 04744440 core:RetainedEarningsAccumulatedLosses 2017-05-31 04744440 core:RetainedEarningsAccumulatedLosses 2016-05-31 04744440 core:FurnitureFittings 2016-05-31 04744440 bus:Director1 2016-05-31 04744440 bus:Director1 2017-05-31 04744440 bus:Director1 2015-05-31 04744440 bus:Director1 2016-05-31 04744440 bus:Director1 2015-06-01 2016-05-31 04744440 bus:FRS102 2016-06-01 2017-05-31 04744440 bus:AuditExemptWithAccountantsReport 2016-06-01 2017-05-31 04744440 bus:FullAccounts 2016-06-01 2017-05-31 04744440 bus:SmallCompaniesRegimeForAccounts 2016-06-01 2017-05-31 04744440 bus:PrivateLimitedCompanyLtd 2016-06-01 2017-05-31 04744440 bus:OrdinaryShareClass1 2017-05-31 04744440 bus:OrdinaryShareClass1 2016-05-31 04744440 core:NetGoodwill 2016-06-01 2017-05-31 04744440 core:OtherPropertyPlantEquipment 2016-06-01 2017-05-31 04744440 core:OtherPropertyPlantEquipment 2016-05-31 04744440 core:OtherPropertyPlantEquipment 2017-05-31

COMPANY REGISTRATION NUMBER: 04744440

Haywoods Limited

Unaudited Financial Statements

31 May 2017

LITHGOW PERKINS LLP

Chartered Accountants

Crown Chambers

Princes Street

Harrogate

Haywoods Limited

Financial Statements

Year ended 31 May 2017

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Haywoods Limited

Officers and Professional Advisers

The board of directors	R A Haywood
	J E Coulter

Company secretary	S M Haywood

Registered office	Crown Chambers
	Princes Street
	Harrogate

Accountants	LITHGOW PERKINS LLP
	Chartered Accountants
	Crown Chambers
	Princes Street
	Harrogate

Bankers	National Westminster Bank PLC
	P O Box 4
	3 Cambridge Crescent
	Harrogate

Haywoods Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Haywoods Limited

Year ended 31 May 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Haywoods Limited for the year ended 31 May 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Haywoods Limited, as a body, in accordance with the terms of our engagement letter dated 22 November 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Haywoods Limited and state those matters that we have agreed to state you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Haywoods Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Haywoods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Haywoods Limited. You consider that Haywoods Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Haywoods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

LITHGOW PERKINS LLP Chartered Accountants

Crown Chambers Princes Street Harrogate

6 November 2017

Haywoods Limited

Statement of Financial Position

31 May 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	7	6,619	7,057

Current assets

Stocks	8	12,625	10,249
Debtors	9	109,018	20,863
Cash at bank and in hand		206,942	17,148
		-----------	----------
		328,585	48,260

Creditors: amounts falling due within one year	10	189,395	14,425
		-----------	----------
Net current assets		139,190	33,835
		-----------	----------
Total assets less current liabilities		145,809	40,892

Provisions

Taxation including deferred tax	1,450	1,450
	-----------	----------
Net assets	144,359	39,442
	-----------	----------

Haywoods Limited

Statement of Financial Position (continued)

31 May 2017

	2017	2016
Note	£	£

Capital and reserves

Called up share capital	11	100	100
Profit and loss account		144,259	39,342
		-----------	----------
Members funds		144,359	39,442
		-----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2017 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 financial statements were approved by the board of directors and authorised for issue on 6 November 2017 , and are signed on behalf of the board by:

R A Haywood

Director

Company registration number: 04744440

Haywoods Limited

Notes to the Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Crown Chambers, Princes Street, Harrogate.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

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	-	Fully amortised

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	10% reducing balance
Equipment	-	15% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2016: 2).

5. Profit before taxation

Profit/(loss) before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	1,075	1,187
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Jun 2016 and 31 May 2017	40,000
	----------
Amortisation
At 1 Jun 2016 and 31 May 2017	40,000
	----------
Carrying amount
At 31 May 2017	–
	----------

7. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 June 2016	1,632	20,545	22,177
Additions	707	–	707
Disposals	–	( 274)	( 274)
	--------	----------	----------
At 31 May 2017	2,339	20,271	22,610
	--------	----------	----------
Depreciation
At 1 June 2016	760	14,360	15,120
Charge for the year	158	917	1,075
Disposals	–	( 204)	( 204)
	--------	----------	----------
At 31 May 2017	918	15,073	15,991
	--------	----------	----------
Carrying amount
At 31 May 2017	1,421	5,198	6,619
	--------	----------	----------
At 31 May 2016	872	6,185	7,057
	--------	----------	----------

8. Stocks

	2017	2016
	£	£
Raw materials and consumables	12,625	10,249
	----------	----------

9. Debtors

	2017	2016
	£	£
Trade debtors	7,082	8,308
Other debtors	101,936	12,555
	-----------	----------
	109,018	20,863
	-----------	----------

10. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	5,647	2,658
Corporation tax	8,850	–
Social security and other taxes	–	4,357
Other creditors	174,898	7,410
	-----------	----------
	189,395	14,425
	-----------	----------

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	-----	-----	-----	-----

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
R A Haywood	( 1,711)	( 6,448)	6,448	( 1,711)
	--------	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
R A Haywood	( 1,690)	( 28,021)	28,000	( 1,711)
	--------	----------	----------	--------

The loan is interest-free and repayable on demand.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.

No transitional adjustments were required in equity or profit or loss for the year.