Harlequin Nutrition Limited 31/01/2018 iXBRL

Harlequin Nutrition Limited 31/01/2018 iXBRL

HARLEQUIN NUTRITION LIMITED - Company Information

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Company registration number: 04498394
Harlequin Nutrition Limited
Trading as Harlequin Nutrition Limited
Unaudited filleted financial statements
31 January 2018
Harlequin Nutrition Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Harlequin Nutrition Limited
Directors and other information
Directors Mr Christopher Hammond
Mr David Southey
Mr Ian Jones (Appointed 1 February 2017)
Company number 04498394
Registered office George Dutton Business Park
Moor Farm Road West
Ashbourne
DE6 1HD
Business address George Dutton Business Park
Moor Farm Road West
Ashbourne
DE6 1HD
Accountant Murray & Co
2 Gillison Close
Melling
Carnforth
Lancs
LA6 2RD
Harlequin Nutrition Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Harlequin Nutrition Limited
Year ended 31 January 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Harlequin Nutrition Limited for the year ended 31 January 2018 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants, I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Harlequin Nutrition Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Harlequin Nutrition Limited and state those matters that we have agreed to state to the board of directors of Harlequin Nutrition Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Harlequin Nutrition Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Harlequin Nutrition Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Harlequin Nutrition Limited. You consider that Harlequin Nutrition Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Harlequin Nutrition Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Murray & Co
Chartered Certified Accountants
2 Gillison Close
Melling
Carnforth
Lancs
LA6 2RD
8 September 2018
Harlequin Nutrition Limited
Statement of financial position
31 January 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 57,981 67,787
_______ _______
57,981 67,787
Current assets
Stocks 56,188 37,786
Debtors 7 141,083 114,054
Cash at bank and in hand 66,314 64,269
_______ _______
263,585 216,109
Creditors: amounts falling due
within one year 8 ( 56,609) ( 55,931)
_______ _______
Net current assets 206,976 160,178
_______ _______
Total assets less current liabilities 264,957 227,965
Provisions for liabilities ( 9,567) ( 11,696)
_______ _______
Net assets 255,390 216,269
_______ _______
Capital and reserves
Called up share capital 112 100
Profit and loss account 255,278 216,169
_______ _______
Shareholders funds 255,390 216,269
_______ _______
For the year ending 31 January 2018 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 08 September 2018 , and are signed on behalf of the board by:
Mr Christopher Hammond
Director
Company registration number: 04498394
Harlequin Nutrition Limited
Statement of changes in equity
Year ended 31 January 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2016 100 195,133 195,233
Profit for the year 68,145 68,145
_______ _______ _______
Total comprehensive income for the year - 68,145 68,145
Dividends paid and payable ( 47,109) ( 47,109)
_______ _______ _______
Total investments by and distributions to owners - ( 47,109) ( 47,109)
_______ _______ _______
At 31 January 2017 and 1 February 2017 100 216,169 216,269
Profit for the year 55,759 55,759
_______ _______ _______
Total comprehensive income for the year - 55,759 55,759
Issue of shares 12 12
Dividends paid and payable ( 16,650) ( 16,650)
_______ _______ _______
Total investments by and distributions to owners 12 ( 16,650) ( 16,638)
_______ _______ _______
At 31 January 2018 112 255,278 255,390
_______ _______ _______
Harlequin Nutrition Limited
Notes to the financial statements
Year ended 31 January 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Harlequin Nutrition Limited, George Dutton Business Park, Moor Farm Road West, Ashbourne, DE6 1HD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 6 (2017: 5 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2017 and 31 January 2018 2 2
_______ _______
Amortisation
At 1 February 2017 and 31 January 2018 2 2
_______ _______
Carrying amount
At 31 January 2018 - -
_______ _______
At 31 January 2017 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 February 2017 213,701 1,536 215,237
Additions 426 - 426
_______ _______ _______
At 31 January 2018 214,127 1,536 215,663
_______ _______ _______
Depreciation
At 1 February 2017 145,914 1,536 147,450
Charge for the year 10,232 - 10,232
_______ _______ _______
At 31 January 2018 156,146 1,536 157,682
_______ _______ _______
Carrying amount
At 31 January 2018 57,981 - 57,981
_______ _______ _______
At 31 January 2017 67,787 - 67,787
_______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 130,979 98,712
Other debtors 10,104 15,342
_______ _______
141,083 114,054
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 40,471 35,785
Corporation tax 14,640 18,931
Social security and other taxes - 415
Other creditors 1,498 800
_______ _______
56,609 55,931
_______ _______
9. Controlling party
The ultimate controlling parties of the company are Mr C Hammond and Mr D Southey .