Handshake Limited - Period Ending 2017-03-29

Handshake Limited

Annual Report and Unaudited Financial Statements

Year Ended 29 March 2017

Handshake Limited

Balance Sheet

29 March 2017

Registration Number: 1602045

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	12,273	17,191
Investments		2	2
Other financial assets	6	85,000	169,955
		97,275	187,148
Current assets
Debtors	7	358,736	239,289
Cash at bank and in hand		147,963	131,822
		506,699	371,111
Creditors: Amounts falling due within one year	8	(290,264)	(239,945)
Net current assets		216,435	131,166
Net assets		313,710	318,314
Capital and reserves
Called up share capital		100	100
Profit and loss account		313,610	318,214
Total equity		313,710	318,314

For the financial year ending 29 March 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 accounts for the year in question in accordance with section 476; and
•	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 Board on
30 November 2017 and signed on its behalf by:
 

.........................................

JS Littlewood

Director

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Handshake Limited

Notes to the Financial Statements

Year Ended 29 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
c/o Cassons
Rational House
64 Bridge Street
Manchester
M3 3BN

The principal place of business is:
Ground Floor
2 Holly House
Alexandra Mills
Saddleworth
Lancashire
OL3 6LZ

These financial statements were authorised for issue by the Board on 30 November 2017.

2	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.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue 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 value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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Handshake Limited

Notes to the Financial Statements

Year Ended 29 March 2017

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	33.3% reducing balance
Office equipment	33.3% reducing balance
Fixtures and fittings	33.3% reducing balance

Fixed asset investments

Investments in equity shares are measured at cost less impairment.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2016 - 8).

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Handshake Limited

Notes to the Financial Statements

Year Ended 29 March 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 30 March 2016	10,717	78,265	88,982
Additions	-	1,432	1,432
Disposals	-	(19,191)	(19,191)
At 29 March 2017	10,717	60,506	71,223
Depreciation
At 30 March 2016	10,579	61,212	71,791
Charge for the year	47	5,853	5,900
Eliminated on disposal	-	(18,741)	(18,741)
At 29 March 2017	10,626	48,324	58,950
Carrying amount
At 29 March 2017	91	12,182	12,273
At 29 March 2016	138	17,053	17,191

5	Investments

	2017 £	2016 £
Investments in subsidiaries	2	2

Subsidiaries	£
Cost or valuation
At 30 March 2016	2
At 29 March 2017	2
Carrying amount
At 29 March 2017	2
At 29 March 2016	2

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Handshake Limited

Notes to the Financial Statements

Year Ended 29 March 2017

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Virgo Productions Limited		Ordinary	100%	100%
	England and Wales

The principal activity of Virgo Productions Limited is Theatre production Its financial period end is 31 March.

The loss for the financial period of Virgo Productions Limited was £6,050 and the aggregate amount of capital and reserves at the end of the period was £(717).

6	Other financial assets (current and non-current)

	Listed investments £	Total £
Non-current financial assets
Cost or valuation
At 30 March 2016	169,955	169,955
Disposals	(84,955)	(84,955)
At 29 March 2017	85,000	85,000
Impairment
Carrying amount
At 29 March 2017	85,000	85,000
At 29 March 2016	169,955	169,955

7

Debtors

	2017 £	2016 £
Trade debtors	237,066	114,614
Other debtors	121,670	124,675
Total current trade and other debtors	358,736	239,289

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Handshake Limited

Notes to the Financial Statements

Year Ended 29 March 2017

8

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		34,318	53,611
Taxation and social security		3,097	12,241
Other creditors		252,849	174,093
		290,264	239,945

9	Related party transactions

Summary of transactions with other related parties

Mr J S Littlewood & Mrs S M Littlewood are directors and shareholders of the company.
 
The maximum balance outstanding during the year was £39,626 on which interest of 3% has been applied in the year. At the balance sheet date the amount due to Mr J S Littlewood and Mrs S M Littlewood was £1,064 (2016 - £1,767).
 

10	Transition to FRS 102

This is the first accounting period the company has prepared financial statements in accordance with FRS 102.

There are no adjustments arising on transition from previous UK GAAP to FRS 102.

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