HB Group (UK) Limited - Period Ending 2014-03-31

Registration number: 03141983

HB Group (UK) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

HB Group (UK) Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

HB Group (UK) Limited
(Registration number: 03141983)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			(As restated) 2013 £
Fixed assets
Intangible fixed assets					27,175			37,233
Tangible fixed assets		2			115,006			127,449
Investments					200			200
					142,381			164,882
Current assets
Stocks					132,000			100,500
Debtors					553,296			431,906
Cash at bank and in hand					14,574			7,703
					699,870			540,109
Creditors: Amounts falling due within one year		3			(727,977)			(569,208)
Net current liabilities					(28,107)			(29,099)
Total assets less current liabilities					114,274			135,783
Creditors: Amounts falling due after more than one year		3			(7,802)			-
Provisions for liabilities					(6,225)			(6,345)
Net assets					100,247			129,438
Capital and reserves
Called up share capital		4			950			950
Capital redemption reserve					50			50
Profit and loss account					99,247			128,438
Shareholders' funds					100,247			129,438

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

HB Group (UK) Limited
(Registration number: 03141983)
Abbreviated Balance Sheet at 31 March 2014
......... continued

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 3 December 2014 and signed on its behalf by:

.........................................
R G Harrison
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

HB Group (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Income is recognised based on the date goods are despatched and the level of completion of services.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an aquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Over 15 years

Depreciation

Tangible fixed assets are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Fixtures, fittings and equipment	15% reducing balance
Motor vehicles	25% reducing balance
Short term leasehold properties	5% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

HB Group (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by Financial Reporting Standard for Smaller Entities. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

HB Group (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 April 2013		150,850			390,373			200			541,423
Additions		-			19,703			-			19,703
Disposals		-			(18,916)			-			(18,916)
At 31 March 2014		150,850			391,160			200			542,210
Depreciation
At 1 April 2013		113,617			262,924			-			376,541
Charge for the year		10,058			29,600			-			39,658
Eliminated on disposals		-			(16,370)			-			(16,370)
At 31 March 2014		123,675			276,154			-			399,829
Net book value
At 31 March 2014		27,175			115,006			200			142,381
At 31 March 2013		37,233			127,449			200			164,882

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Walrus Office Supplies Limited	Ordinary shares	100%	Dormant
Walrus Legal Stationers Limited	Ordinary shares	100%	Dormant

The profit for the financial period of Walrus Office Supplies Limited was £nil and the aggregate amount of capital and reserves at the end of the period was (£852).

The profit for the financial period of Walrus Legal Stationers Limited was £nil and the aggregate amount of capital and reserves at the end of the period was (£100).

Page 5

HB Group (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		3,112			10,691
Amounts falling due after more than one year		7,802			-
Total secured creditors		10,915			10,691

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary share capital of £1 each		950			950			950			950

5	Related party transactions

Directors' advances and credits

	2014 £		2013 £
R G Harrison
Balance brought forward	(696)		9,652
Dividend voted	26,595		25,895
Dividends drawn	(25,895)		(25,895)
Transfer of loan	-		-
Withdrawals	(962)		(10,348)
Monies introduced	-		-
Balance carried forward	(958)		(696)
M Harrison
Balance brought forward	(696)		9,652
Dividends voted	18,700		24,000
Dividends drawn	(18,000)		(24,000)
Transfer	-		-
Withdrawals	(48,120)		(10,348)
Monies introduced	89,486		-
Balance carried down	41,370		(696)

Page 6