Haywoods Agencies Limited - Filleted accounts

Haywoods Agencies Limited - Filleted accounts

HAYWOODS AGENCIES LTD - Company Information

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Registered number
07726199
Haywoods Agencies Limited
Filleted Financial Statements
For the year ended 31 March 2017
Haywoods Agencies Limited
Registered number: 07726199
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Current assets
Debtors 3 39,431 3,270
Cash at bank and in hand 13,227 5,932
52,658 9,202
Creditors: amounts falling due within one year 4 (41,830) (26,669)
Net current assets/(liabilities) 10,828 (17,467)
Net assets/(liabilities) 10,828 (17,467)
Capital and reserves
Called up share capital 2 1 1
Profit and loss account 10,827 (17,468)
Shareholders' funds 10,828 (17,467)
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies
The members have not required the company to obtain an audit of the financial statements for the year in question 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 financial statements.
The financial statements 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.
Piers Bingley
Director
Approved by the board on 14 December 2017
Haywoods Agencies Limited
Notes to the Financial Statements
for the year ended 31 March 2017
1 Accounting policies
1.1 Accounting Convention
These financial statements have been prepared in accordance with FRS 102 "The Financial reporting standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of Services
Revenue from the rendering of services is recognised when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that economic benefits associated with the transaction will flow to the Company;
- the stage of completion of the transaction at the end of the reporing period can be measured reliably; and
- the costs incurred for the transaction and the costs to complete the transaction can be reliably measured.
1.5 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6 Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7 Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
1.8 Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
1.9 Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10 Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11 Taxation
The tax currently payable is based on taxable profit for the year.

Current tax
Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2 Share Capital Nominal 2017 2017 2016
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 1 1 1
1 1 1
3 Debtors 2017 2016
£ £
Trade debtors 38,289 3,270
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,142 -
39,431 3,270
4 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 1,704 5,219
Amounts owed to group undertakings and undertakings in which the company has a participating interest 34,306 16,985
Other creditors 5,820 4,465
41,830 26,669
5 Related party transactions
Included within debtors is £1,142 [2016: £NIL] receivable from entities under common control.

Included within creditors: amounts falling due within one year is £34,306 [2016: £16,985] payable to entities under common control.
6 Other information
Haywoods Agencies Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5
3 Eastfields Avenue
Riverside Quarter
London
SW18 1GN
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