Company Registration No. 04710957 (England and Wales)
HAYLEY LEHMANN LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
HAYLEY LEHMANN LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
HAYLEY LEHMANN LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
2
2
Tangible assets
2
8,487
6,710
8,489
6,712
Current assets
Debtors
3
6,300
8,456
Cash at bank and in hand
8,971
4,711
15,271
13,167
Creditors: amounts falling due within one year
(23,679)
(26,539)
Net current liabilities
(8,408)
(13,372)
Total assets less current liabilities
81
(6,660)
81
(6,660)
Capital and reserves
Called up share capital
4
1
1
Profit and loss account
80
(6,661)
Shareholders' funds
81
(6,660)
For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 22 December 2014
H Lehmann
Director
Company Registration No. 04710957
HAYLEY LEHMANN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
At the balance sheet date, the company's current liabilities exceeded its current assets. The company has received assurance from the director that she will continue to give financial support to the company for twelve months from the date of signing these financial statements. On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Website e-commerce software
Website e-commerce software is valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost of website e-commerce software in equal annual instalments over its estimated useful life of 5 years.
Amortisation is calculated to write off the cost of website e-commerce software in equal annual instalments over its estimated useful life of 5 years.
1.4
Website development costs
Website development costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost of website development costs in equal annual instalments over their estimated useful life of 5 years.
Amortisation is calculated to write off the cost of website development costs in equal annual instalments over their estimated useful life of 5 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Camera equipment
33.3% straight line
Fixtures and fittings
20% straight line
Computer equipment
33.3% straight line
1.6
Deferred taxation
Provision is made in full for all taxation deferred in respect of timing differences that have originated but not reversed by the balance sheet date, except for timing differences arising on revaluations of fixed assets which are not intended to be sold, gains on disposals of fixed assets which will be rolled over into replacement assets and earnings of overseas subsidiaries that are not intended to be remitted to the UK. No provision is made for taxation on permanent differences. Deferred tax assets are recognised to the extent that it is more likely than not that they will be recovered.
HAYLEY LEHMANN LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2013
8,336
189,811
198,147
Additions
7,942
7,942
Disposals
(5,684)
(5,684)
At 31 March 2014
8,336
192,069
200,405
Depreciation
At 1 April 2013
8,334
183,101
191,435
On disposals
(5,684)
(5,684)
Charge for the year
6,165
6,165
At 31 March 2014
8,334
183,582
191,916
Net book value
At 31 March 2014
2
8,487
8,489
At 31 March 2013
2
6,710
6,712
3
Debtors
Debtors include an amount of £1,680 (2013 - £2,777) which is due after more than one year.
4
Share capital
2014
2013
£
£
Allotted, called up and fully paid
1 Ordinary share of £1
1
1
