Hipflow Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08980800 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2017

for

Hipflow Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P D A Gardiner

P Jackson

REGISTERED OFFICE:

Beavis Morgan LLP

82 St John Street

London

EC1M 4JN

REGISTERED NUMBER:

08980800 (England and Wales)

ACCOUNTANTS:

Ampersand Partnership Limited

Salisbury House

20 Queen's Road

Weybridge

Surrey

KT13 9XE

CURRENT ASSETS

Stocks

2,680,397

1,964,636

Debtors

5,421

14,420

Cash at bank

741

4,829

2,686,559

1,983,885

CREDITORS

Amounts falling due within one year

2,900,825

2,080,934

NET CURRENT LIABILITIES

(214,266

)

(97,049

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(214,266

)

(97,049

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(214,268

)

(97,051

)

SHAREHOLDERS' FUNDS

(214,266

)

(97,049

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 January 2018 and were signed on its behalf by:

P D A Gardiner - Director

1.	STATUTORY INFORMATION

Hipflow Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the balance sheet date the company had net liabilities of £214,266 (2016: £97,049). The financial

statements have been prepared on the going concern basis which assumes that the company will

continue as a going concern for the foreseeable future. The validity of this assumption depends on

the continuing support of the company creditors to provide adequate financial support and by not

seeking repayment of amounts owed to them. The directors have no reason to believe this support

is not forthcoming and accordingly believe it appropriate to prepare the financial statements on the

going concern basis.

Stocks

Stock and work in progress comprise developments in progress. Developments in progress include

land and units in the course of construction and include the cost of the land and the construction

costs incurred to date.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive income

or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that

are expected to apply to the reversal of the timing difference.

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.

3.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.17

30.4.16

£

£

Bank loans

2,127,500

1,308,795

4.	RELATED PARTY DISCLOSURES

P Jackson - a director

At the year end £400,000 (2016: £400,000) was due to P Jackson.

Renoir Estates Limited - a company in which PDA Gardiner is a director

During the year the company made purchases of £705,433 (2016: £434,146) from Renoir Estates

Limited. At the year end £nil (2016: £29,553) was due to Renoir Estates Limited.

Flowglade Limited - a company with common directors

At the year end £117,416 (2016: £108,516) was due from Flowglade Limited.