HULME ASSOCIATES LIMITED Company Accounts

HULME ASSOCIATES LIMITED Company Accounts

HULME ASSOCIATES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04918162
HULME ASSOCIATES LIMITED
Filleted Unaudited Financial Statements
31 August 2017
HULME ASSOCIATES LIMITED
Financial Statements
Year ended 31 August 2017
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
HULME ASSOCIATES LIMITED
Statement of Financial Position
31 August 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
5
59,002
68,852
Tangible assets
6
2,744
5,176
--------
--------
61,746
74,028
Current assets
Debtors
7
120,440
105,418
Cash at bank and in hand
100
3,077
---------
---------
120,540
108,495
Creditors: amounts falling due within one year
8
( 134,255)
( 145,186)
---------
---------
Net current liabilities
( 13,715)
( 36,691)
--------
--------
Total assets less current liabilities
48,031
37,337
Creditors: amounts falling due after more than one year
9
( 38,873)
( 33,653)
--------
--------
Net assets
9,158
3,684
--------
--------
Capital and reserves
Called up share capital
99
99
Profit and loss account
9,059
3,585
-------
-------
Shareholders funds
9,158
3,684
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HULME ASSOCIATES LIMITED
Statement of Financial Position (continued)
31 August 2017
These financial statements were approved by the board of directors and authorised for issue on 30 May 2018 , and are signed on behalf of the board by:
C J Hulme
Director
Company registration number: 04918162
HULME ASSOCIATES LIMITED
Notes to the Financial Statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vernon Road, Stoke on Trent, Staffordshire, ST4 2QY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over economic life of 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
straight line over the lift of the lease
Fixtures & fittings
-
20% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2016: 14 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2016 and 31 August 2017
167,002
---------
Amortisation
At 1 September 2016
98,150
Charge for the year
9,850
---------
At 31 August 2017
108,000
---------
Carrying amount
At 31 August 2017
59,002
---------
At 31 August 2016
68,852
---------
6. Tangible assets
Land and buildings
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 September 2016
1,041
18,205
20,600
39,846
Additions
–
154
–
154
-------
--------
--------
--------
At 31 August 2017
1,041
18,359
20,600
40,000
-------
--------
--------
--------
Depreciation
At 1 September 2016
1,041
15,156
18,473
34,670
Charge for the year
–
640
1,946
2,586
-------
--------
--------
--------
At 31 August 2017
1,041
15,796
20,419
37,256
-------
--------
--------
--------
Carrying amount
At 31 August 2017
–
2,563
181
2,744
-------
--------
--------
--------
At 31 August 2016
–
3,049
2,127
5,176
-------
--------
--------
--------
7. Debtors
2017
2016
£
£
Trade debtors
24,219
29,117
Amounts owed by group undertakings and undertakings in which the company has a participating interest
95,597
75,851
Other debtors
624
450
---------
---------
120,440
105,418
---------
---------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
31,222
33,781
Trade creditors
17,386
29,855
Corporation tax
26,808
30,907
Social security and other taxes
14,579
14,550
Other creditors
730
474
Other creditors
43,530
35,619
---------
---------
134,255
145,186
---------
---------
9. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
15,373
20,653
Other creditors
23,500
13,000
--------
--------
38,873
33,653
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C J Hulme
( 23,931)
28,377
( 31,436)
( 26,990)
R D Johnson
( 10,821)
32,805
( 36,436)
( 14,452)
A G Johnson
1,134
30,214
( 31,436)
( 88)
--------
--------
--------
--------
( 33,618)
91,396
( 99,308)
( 41,530)
--------
--------
--------
--------
2016
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
C J Hulme
( 32,932)
37,063
( 28,062)
( 23,931)
R D Johnson
( 18,395)
37,136
( 29,562)
( 10,821)
A G Johnson
( 7,937)
37,632
( 28,562)
1,133
--------
---------
--------
--------
( 59,264)
111,831
( 86,186)
(33,619)
--------
---------
--------
--------
11. Related party transactions
Details of the transactions between fellow group companies have not been disclosed in line with paragraph 33.1A of FRS102.
12. Controlling party
The ultimate parent undertaking is Keates Hulme Holdings Limited , a company registered in England & Wales.
13. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.