| Hollywood Industrial Supplies Limited |
| Registered number: |
06889868 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Intangible assets |
3 |
|
|
6,800 |
|
|
7,200 |
| Tangible assets |
4 |
|
|
2,921 |
|
|
3,895 |
|
|
|
|
9,721 |
|
|
11,095 |
|
| Current assets |
| Stocks |
|
|
2,860 |
|
|
2,740 |
| Debtors |
5 |
|
18,397 |
|
|
20,300 |
| Cash at bank and in hand |
|
|
32,304 |
|
|
56,141 |
|
|
|
53,561 |
|
|
79,181 |
|
| Creditors: amounts falling due within one year |
6 |
|
(51,439) |
|
|
(86,370) |
|
| Net current assets/(liabilities) |
|
|
|
2,122 |
|
|
(7,189) |
|
| Net assets |
|
|
|
11,843 |
|
|
3,906 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
11,743 |
|
|
3,806 |
|
| Shareholders' funds |
|
|
|
11,843 |
|
|
3,906 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr J Farrugia |
| Director |
| Approved by the board on 23 October 2017 |
|
| Hollywood Industrial Supplies Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
over 4 years |
|
Fixtures, fittings, tools and equipment |
over 4 years |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2016 |
10,000 |
|
At 31 March 2017 |
10,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2016 |
2,800 |
|
Provided during the year |
400 |
|
At 31 March 2017 |
3,200 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
6,800 |
|
At 31 March 2016 |
7,200 |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years. |
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
7,620 |
|
1,750 |
|
9,370 |
|
At 31 March 2017 |
7,620 |
|
1,750 |
|
9,370 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
4,709 |
|
766 |
|
5,475 |
|
Charge for the year |
130 |
|
844 |
|
974 |
|
At 31 March 2017 |
4,839 |
|
1,610 |
|
6,449 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
2,781 |
|
140 |
|
2,921 |
|
At 31 March 2016 |
2,911 |
|
984 |
|
3,895 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
18,397 |
|
20,300 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
4,765 |
|
1,673 |
|
Other taxes and social security costs |
12,102 |
|
21,623 |
|
Other creditors |
34,572 |
|
63,074 |
|
|
|
|
|
|
51,439 |
|
86,370 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Controlling party |
|
|
Hollywood Industrial Supplies Limited is controlled by Mr J and Mrs E Farrugia. |
|
|
| 8 |
Transition to FRS 102 |
|
|
This is the first year that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements, for the year ended 31 March 2016, were prepared under previous UK GAAP. The transition date to FRS 102 is therefore 01 April 2015. |
|
|
| 9 |
Other information |
|
|
Hollywood Industrial Supplies Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
16 Alfreda Avenue |
|
Hollywood |
|
Birmingham |
|
B47 5BP |
