Haring Woods Studio
Haring Woods Studio
Registered number: 04892026
Unaudited Financial Statements
For The Year Ended 7 March 2017
The Avanti Group (UK) Ltd
Qualified Accountants & Tax Advisers
Units 4 & 5, Brightwell Barns
Waldringfield Road
Brightwell
Suffolk
IP10 0BJ
Haring Woods Studio
Unaudited Financial Statements
For The Year Ended 7 March 2017
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—6 |
Haring Woods Studio
Balance Sheet
As at
7 March 2017
Balance Sheet
Registered number:
04892026
For the year ending 7 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2017 | 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 7 |
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| NET ASSETS |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | (62,769) | (70,332) | |||
Page 1
Haring Woods Studio
Balance Sheet (continued)
As at
7 March 2017
Directors' responsibilities:
-
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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The Company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the Profit and Loss Account
On behalf of the board
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The notes on pages 4 to 6 form part of these financial statements.
Page 2
Haring Woods Studio
Statement of Changes in Equity
For The Year Ended 7 March 2017
Statement of Changes in Equity
| Profit & Loss Account | |
|---|---|
| £ | |
| As at 8 March 2015 |
( |
| Profit for the year and total comprehensive income |
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| As at 7 March 2016 and 8 March 2016 |
( |
| Profit for the year and total comprehensive income |
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| As at |
( |
Page 3
Haring Woods Studio
Notes to the Unaudited Accounts
For The Year Ended 7 March 2017
Notes to the Unaudited Accounts
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Fixtures & Fittings |
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| Computer Equipment |
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1.5.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 4
Haring Woods Studio
Notes to the Unaudited Accounts (continued)
For The Year Ended 7 March 2017
4.
Tangible Assets
| Fixtures & Fittings | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
| As at |
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| Additions |
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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5.
Debtors
| 2017 | 2016 | ||
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| £ | £ | ||
| Due within one year | |||
| Other taxes and social security | - |
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6.
Creditors: Amounts Falling Due Within One Year
| 2017 | 2016 | ||
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| £ | £ | ||
| Corporation tax |
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| Accruals and deferred income |
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| Directors' loan accounts |
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Page 5
Haring Woods Studio
Notes to the Unaudited Accounts (continued)
For The Year Ended 7 March 2017
7.
Deferred Taxation
| 2017 | 2016 | ||
|---|---|---|---|
| £ | £ | ||
| As at |
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| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is made up of accelerated capital allowances
9.
Ultimate Controlling Party
During the period the company was under the control of its directors.
10.
Balance sheet deficiency
The accounts have been prepared on a going concern basis despite the balance sheet deficiency on the grounds that:-
a) The Directors' have undertaken not to seek repayment of their directors loan accounts for the following year, if this was to leave the company unable to meet its other obligations
b) The Directors' are confident that future profitability will eliminate the deficiency.
c) The Company has the full support of the bank.
11.
Transition to FRS 102
These financial statements for the year ended 7th March 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 8th March 2016. The transition to FRS 102 Section 1A small entities has resulted in a very small number of changes in accounting policies to those used previously.
12.
General Information
Haring Woods Studio Registered number 04892026 is a limited by guarantee company without share capital and use of 'Limited' exemption, incorporated in England & Wales. The Registered Office is Units 4 & 5 Brightwell Barns, Waldringfield Road, Brightwell, Ipswich, Suffolk, IP10 0BJ.
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