Hale Communications (Europe) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03791740 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 June 2017

for

Hale Communications (Europe) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R G Dey

SECRETARY:

Mrs M P Dey

REGISTERED OFFICE:

23 Ashley Road

Altrincham

Cheshire

WA14 2DP

REGISTERED NUMBER:

03791740 (England and Wales)

ACCOUNTANTS:

Sterling Partners Limited

Chartered Accountants

Chartered Tax Advisors

2nd Floor, Grove House

774-780 Wilmslow Road

Didsbury

Manchester

Greater Manchester

M20 2DR

FIXED ASSETS

Intangible assets

4

-

16,500

Tangible assets

5

8,596

6,419

8,596

22,919

CURRENT ASSETS

Stocks

5,857

130,328

Debtors

6

675,789

613,672

Cash at bank and in hand

206,701

240,634

888,347

984,634

CREDITORS

Amounts falling due within one year

7

229,645

348,264

NET CURRENT ASSETS

658,702

636,370

TOTAL ASSETS LESS CURRENT LIABILITIES

667,298

659,289

PROVISIONS FOR LIABILITIES

1,167

1,023

NET ASSETS

666,131

658,266

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

666,121

658,256

SHAREHOLDERS' FUNDS

666,131

658,266

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

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

The director acknowledges his 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.

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

The financial statements were approved by the director on 23 February 2018 and were signed by:

Mr R G Dey - Director

1.	STATUTORY INFORMATION

Hale Communications (Europe) 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount on transfer of business in 2001. Goodwill has been impaired in full as the useful

economic life has been reconsidered to be nil.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2016

30,000

Impairments

(30,000

)

At 30 June 2017

-

AMORTISATION

At 1 July 2016

13,500

Impairments

(13,500

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

16,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 July 2016

650

15,011

17,124

32,785

Additions

-

7,092

340

7,432

Disposals

-

(3,753

)

-

(3,753

)

At 30 June 2017

650

18,350

17,464

36,464

DEPRECIATION

At 1 July 2016

585

11,481

14,300

26,366

Charge for year

16

1,090

791

1,897

Eliminated on disposal

-

(395

)

-

(395

)

At 30 June 2017

601

12,176

15,091

27,868

NET BOOK VALUE

At 30 June 2017

49

6,174

2,373

8,596

At 30 June 2016

65

3,530

2,824

6,419

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

46,830

22,962

Rent Deposit Receivable

-

3,500

Balance with related companies

580,877

449,090

Accrued income

5,671

19,471

Prepayments

7,067

20,888

Vodafone prepayments

35,344

97,761

675,789

613,672

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Payments on account

55,245

68,534

Trade creditors

33,273

73,072

Tax

19,482

38,954

Other Creditors

14

20,628

VAT

53,928

35,885

Social security & other taxes

2,317

5,011

Vodafone accruals

59,109

101,088

Pension Liability

91

-

Directors' current accounts

764

1,127

Accruals and deferred income

5,197

2,634

Credit card balances

225

1,331

229,645

348,264

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2017 and

30 June 2016:

2017

2016

£

£

Mr R G Dey

Balance outstanding at start of year

(1,127

)

(20

)

Amounts advanced

38,446

273,877

Amounts repaid

(38,083

)

(274,984

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(764

)

(1,127

)

9.	RELATED PARTY DISCLOSURES

Dey Motor Company Limited

A company in which Mr R G Dey is a shareholder and secretary.

During the year, Hale Communications (Europe) Limited invoiced sales of £Nil (2016: £66) to Dey Motor

Company Limited. £183,030 (2016: £163,750) was loaned to Dey Motor Company Limited during the year.

Net repayments of £188,371 (2016: £148,816) were made from Dey Motor Company Limited.

2017

2016

£

£

Amount due from related party at the balance sheet date

296,712

302,053

Water Wizard (Europe) Ltd

A company in which Mr R Dey's brother is a director.

During the year, Hale Communications (Europe) Limited invoiced sales to Water Wizard (Europe) totalling

£419 (2016: £35) and were invoiced expenditure from Water Wizard (Europe) totalling £17,500 (2016: £Nil).

£26,712 (2016: £Nil) was loaned and £14,900 (2016: £Nil) was borrowed from the related party. Net

repayments were received totalling £17,108 (2016: £Nil).

2017

2016

£

£

Amount due from related party at the balance sheet date

11,874

35

Pelefon Ltd

A company in which Mr R G Dey is a shareholder.

During the year, Hale Communications (Europe) Limited invoiced sales totalling £489,903 (2016: £Nil) and

net repayments were received totalling £244,750 (2016: £Nil). Hale Communications (Europe) Limited also

made loans to the company totalling £35,815 (2016: £100) and received repayments of £10,766 (2016: £Nil).

2017

2016

£

£

Amount due from related party at the balance sheet date

271,318

1,116

Wizard Trading (Europe) Limited

A company in which Mr R Dey's brother is a director.

During the year, Hale Communications (Europe) Limited invoiced sales of £54,018 (2016: £43,756) to Wizard

Trading (Europe) Limited and Hale Communications (Europe) Limited incurred expenditure invoices of

£337,360 (2016: £337,468) from Wizard Trading (Europe) Limited. Net repayments of £289,859 (2016:

£147,120) were made to Wizard Trading (Europe) Limited during the year. Hale Communications (Europe)

Limited made loans to Wizard Trading (Europe) Limited totalling £340,000 (2016: £303,025) and received

repayments in respect of these loans totalling £492,346 (2016: £Nil).

2017

2016

£

£

Amount due (to)/from related party at the balance sheet date

(57

)

145,772

The Cheshire Tap

A company in which Mr R Dey's brother is a director.

During the year, Hale Communcations (Europe) Limited invoiced sales totalling £1,320 (2016: £Nil) and

received expenditure invoiced from The Cheshire Tap totalling £266 (2016: £Nil). Hale Communications

(Europe) Limited received repayments from The Cheshire Tap totalling £756 (2016: £Nil).

2017

2016

£

£

Amount due from related party at the balance sheet date

298

-

Kings Court Café Limited

A company in which Mr R Dey's brother is a director.

During the year, Hale Communications (Europe) Limited invoiced sales of £960 (2016: £1,272) to Kings Court

Café Limited and received expenditure invoices totalling £296 (2016: £Nil) Payments of £154 were received

from Kings Court Café Limited to Hale Communications (Europe) Limited.

2017

2016

£

£

Amount due from related party at the balance sheet date

624

114

Mrs M Dey

Company Secretary

During the year, payments totalling £49,014 (2016: £20,820) were made to Mrs M Dey. Mrs M Dey repaid

£28,400 (2016: £26,060).

Dividends of £28,000 (2016: £20,000) were paid to Mrs M Dey during the year.

2017

2016

£

£

Amount due to related party at the balance sheet date

14

20,628

Pyramid Property Developments Ltd

A company in which Mr R Dey's brother is a director.

During the year, Pyramid Property Developments Ltd invoiced sales totalling £108 (2016: £Nil).

2017

2016

£

£

Amount due from related party at the balance sheet date

108

-

10.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.