Heart of Soho Limited - Period Ending 2017-04-30

Heart of Soho Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2017

Registration number: 03357257

Heart of Soho Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Heart of Soho Limited

Balance Sheet

30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	8,222	7,413
Current assets
Stocks	5	120,848	170,662
Debtors	6	155,492	159,285
Cash at bank and in hand		23,603	14,824
		299,943	344,771
Creditors: Amounts falling due within one year	7	(288,988)	(317,062)
Net current assets		10,955	27,709
Total assets less current liabilities		19,177	35,122
Provisions for liabilities		(364)	-
Net assets		18,813	35,122
Capital and reserves
Called up share capital		2	2
Profit and loss account		18,811	35,120
Total equity		18,813	35,122

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Heart of Soho Limited

Balance Sheet

30 April 2017

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.

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 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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 31 January 2018 and signed on its behalf by:
 

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

T Branston

Director

Company Registration Number: 03357257

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Heart of Soho Limited

Notes to the Financial Statements

Year Ended 30 April 2017

1	General information

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

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Spring Lane
Forest Gate
Ringwood
Hampshire
BH24 3FH

These financial statements were authorised for issue by the Board on 31 January 2018.

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.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 May 2015. There is no material impact on the reported financial position and financial performance.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of adult products in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

Heart of Soho Limited

Notes to the Financial Statements

Year Ended 30 April 2017

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
Long leasehold land and buildings	Over the life of the lease
Furniture, fittings and equipment	33% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 26 (2016 - 31).

Page 4

Heart of Soho Limited

Notes to the Financial Statements

Year Ended 30 April 2017

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 May 2016	8,131	56,771	64,902
Additions	-	6,901	6,901
At 30 April 2017	8,131	63,672	71,803
Depreciation
At 1 May 2016	8,131	49,358	57,489
Charge for the year	-	6,092	6,092
At 30 April 2017	8,131	55,450	63,581
Carrying amount
At 30 April 2017	-	8,222	8,222
At 30 April 2016	-	7,413	7,413

Included within the net book value of land and buildings above is £Nil (2016 - £Nil) in respect of long leasehold land and buildings.
 

5

Stocks

	2017 £	2016 £
Stock	120,848	170,662

6

Debtors

	2017  £	2016  £
Trade debtors	101,675	79,230
Other debtors	53,817	80,055
	155,492	159,285

Page 5

Heart of Soho Limited

Notes to the Financial Statements

Year Ended 30 April 2017

7

Creditors

	Note	2017  £	2016  £
Due within one year
Trade creditors		217,303	217,098
Social security and other taxes		27,017	34,235
Other creditors		44,205	58,299
Corporation tax		463	7,430
		288,988	317,062

8	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £1,175,000 (2016 - £1,410,000).

Page 6