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Registered number: 01107781
Hield Furnishing Limited
Unaudited
Abbreviated accounts
For the year ended 30 April 2014
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Hield Furnishing Limited
Company Information
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Hield Furnishing Limited
Contents
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Notes to the Abbreviated Accounts
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Hield Furnishing Limited
Registered number: 01107781
Abbreviated balance sheet
As at 30 April 2014
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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Hield Furnishing Limited
Abbreviated balance sheet (continued)
As at 30 April 2014
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 30 April 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 29 January 2015.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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Hield Furnishing Limited
Notes to the abbreviated accounts
For the Year Ended 30 April 2014
1.Accounting policies
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Basis of preparation of financial statements
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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).
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The directors have considered the likely cash flows and profitability of the company for the year ended ing 12 months from the signing of the balance sheet. On the basis of this cash flow information and the continued support of its bankers, its parent undertaking and other related parties, the directors believe that it is appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.
IIf the company was unable to continue in operational existence, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities.
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Turnover comprises revenue recognised by the company in respect of goods sold supplied during the year.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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between 10% and 25% on cost on a straight line basis
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Stocks and work in progress
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Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 3
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Hield Furnishing Limited
Notes to the abbreviated accounts
For the Year Ended 30 April 2014
1.Accounting policies (continued)
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Profit and loss account.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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Page 4
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Hield Furnishing Limited
Notes to the abbreviated accounts
For the Year Ended 30 April 2014
2.Tangible fixed assets
3.Debtors
Debtors include £546,520 (2013 - £224,825) falling due after more than one year.
4.Creditors:
Amounts falling due within one year
A first fixed and floating charge is held by one bank in relation to £378,294 (2013 - £236,887) of the bank overdrafts.
A second fixed and floating charge is held by another bank in relation to £80,844 (2013 - £35,179) of the bank overdrafts.
A personal guaranteee has been given by one of the directors in connection with £19,659 (2013 - £134,667) of the bank overdrafts.
5.Share capital
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Allotted, called up and fully paid
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351,000 ordinary shares of £1 each
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Page 5
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Hield Furnishing Limited
Notes to the abbreviated accounts
For the Year Ended 30 April 2014
6.Related party transactions
The company has taken advantage of the exemption available in Financial Reporting Standard 8 'Related Party Disclosures' not to disclose transactions with other wholly owned group companies.
The company entered into transactions with the following companies with common directors:
Durng the year the company recharged expenses of £5,842 (2013 - £15,220) to West Riding Management Limited, a company incorporated in England and Wales, and was charged rent and recharges of £169,583 (2013 - £152,000)
During the year, the company recharged expenses of £1,768 (2013 - £10,000) to Hield Savile Row Limited, a company incorporated in England and Wales, and made net payments amounting to £3,675 (2013 - £36,371) on its behalf.
During the year the company made payments amounting to £49,000 (2013 - £14,124) on bahalf of West Yorkshire Properties Limited, a company incorporated in the Isle of Man.
The amounts due from/(to) companies with common directors at the balance sheet date were:
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West Riding Management Limited
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West Yorkshire Properties Limited
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Chamsi-Pasha Limited, a company incorporated in Isle of Man
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Hield International Trade (Shanghai) Co. Ltd, a company incorporated in China
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7.Ultimate parent undertaking and controlling party
The company is a wholly owned subsidiary of Gamma Beta Investments Ltd, a company incorporated in the Isle of Man.
The ultimate controlling party is Mr M A Haroun.
Page 6
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