Hurricane Design Consultants Limited - Period Ending 2017-04-30

Registration number: 01865123

Hurricane Design Consultants Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

Hurricane Design Consultants Limited

(Registration number: 01865123)
Balance Sheet as at 30 April 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	4	9,846	3,042
Current assets
Debtors	5	155,696	158,057
Cash at bank and in hand		11,318	12,483
		167,014	170,540
Creditors: Amounts falling due within one year	6	(40,502)	(173,202)
Net current assets/(liabilities)		126,512	(2,662)
Total assets less current liabilities		136,358	380
Deferred tax liabilities		(1,404)	(210)
Net assets		134,954	170
Capital and reserves
Called up share capital		75	75
Profit and loss account		134,879	95
Total equity		134,954	170

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director on 24 January 2018
 

D P Myerson

Director

The notes on pages 2 to 6 form an integral part of these financial statements.
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Hurricane Design Consultants Limited

Notes to the Financial Statements for the Year Ended 30 April 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:
Church Mews
Church Street
Cheltenham
GL50 3HA

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures, fittings & computer equipment	50% on cost per annum

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Hurricane Design Consultants Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

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Hurricane Design Consultants Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	2017  No.	2016  No.
Average number of employees	7	7

4

Tangible assets

	Furniture, fittings and equipment  £
Cost
At 1 May 2016	71,399
Additions	17,405
At 30 April 2017	88,804
Depreciation
At 1 May 2016	68,357
Charge for the year	10,601
At 30 April 2017	78,958
Carrying amount
At 30 April 2017	9,846
At 30 April 2016	3,042

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Hurricane Design Consultants Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

5

Debtors

	Note	2017  £	2016  £
Trade debtors		51,318	78,029
Amounts owed by related parties	8	11,860	69,200
Other debtors		82,013	-
Prepayments		10,505	10,828
		155,696	158,057

6

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	-	107,224
Trade creditors		11,234	21,681
Social security and other taxes		16,211	11,617
Outstanding defined contribution pension costs		91	-
Other creditors		4,305	7,912
Accrued expenses		8,661	9,861
Corporation tax liability		-	14,907
		40,502	173,202

7

Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Factoring account (secured)	-	32,845
Cadet Management	-	74,379
	-	107,224

8

Related party transactions

At 30 April 2017 the director, D P Myerson owed the company £11,860 (2016: £69,200) in the form of a director's loan account. The loan is not secured, interest free and repayable on demand.


Other related party transactions

At the year end loans of £nil (2016: £74,379) were owed to Cadet Management, a pension scheme of which the director, D P Myerson is a Trustee. No interest was charged on the loans in the year.

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Hurricane Design Consultants Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

9

Transition to FRS 102

This is the first period 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 under previous UK GAAP were for the period from 1 May 2015 to 30 April 2016 and the date of transition to FRS 102 was therefore 1 May 2015. There are no transitional adjustments as a result of adopting FRS 102 for the first time.

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