Hudson Media Partnership Limited - Filleted accounts

Hudson Media Partnership Limited - Filleted accounts

HUDSON MEDIA PARTNERSHIP LTD - Company Information

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Hudson Media Partnership Limited
Registered number: 04771343
Balance Sheet
as at 31 January 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 4 6,042 6,057
Current assets
Stocks 33,466 23,379
Debtors 5 104,723 133,209
Cash at bank and in hand 7,588 -
145,777 156,588
Creditors: amounts falling due within one year 6 (136,035) (161,275)
Net current assets/(liabilities) 9,742 (4,687)
Net assets 15,784 1,370
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,684 1,270
Shareholders' funds 15,784 1,370
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Flory
Director
Approved by the board on 10 June 2018
Hudson Media Partnership Limited
Notes to the Accounts
for the year ended 31 January 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 18 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2017 39,850
At 31 January 2018 39,850
Amortisation
At 1 February 2017 39,850
At 31 January 2018 39,850
Net book value
At 31 January 2018 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2017 19,133 54,001 17,610 90,744
Additions - 3,980 - 3,980
At 31 January 2018 19,133 57,981 17,610 94,724
Depreciation
At 1 February 2017 19,133 54,001 11,553 84,687
Charge for the year - 995 3,000 3,995
At 31 January 2018 19,133 54,996 14,553 88,682
Net book value
At 31 January 2018 - 2,985 3,057 6,042
At 31 January 2017 - - 6,057 6,057
5 Debtors 2018 2017
£ £
Trade debtors 89,723 115,910
Other debtors 15,000 17,299
104,723 133,209
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 41,961 33,433
Trade creditors 62,917 95,964
Corporation tax 4,290 -
Directors Loan Account 10,255 5,455
Other taxes and social security costs 10,073 23,663
Other creditors 6,539 2,760
136,035 161,275
7 Other information
Hudson Media Partnership Limited is a private company limited by shares and incorporated in England. Its registered office isUnit 3 Cristal Business Park 47 Knightsdale Road Ipswich Suffolk IP1 4JJ:
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