Registration number:
HPS Corporate Limited
for the Period from 1 October 2016 to 31 May 2017
Chartered Certified Accountants and Tax Advisors
3b Mount Pleasant
Blackboys
Uckfield
East Sussex
TN22 5LH
HPS Corporate Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
HPS Corporate Limited
Company Information
Director |
Mr C P Hills |
Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
HPS Corporate Limited
for the Period Ended 31 May 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HPS Corporate Limited for the period ended 31 May 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of HPS Corporate Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of HPS Corporate Limited and state those matters that we have agreed to state to the Board of Directors of HPS Corporate 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/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HPS Corporate Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that HPS Corporate Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of HPS Corporate Limited. You consider that HPS Corporate Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of HPS Corporate Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Certified Accountants and Tax Advisors
Blackboys
Uckfield
East Sussex
TN22 5LH
Page 2 |
HPS Corporate Limited
(Registration number: 03240122)
Balance Sheet as at 31 May 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements 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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
HPS Corporate Limited
(Registration number: 03240122)
Balance Sheet as at 31 May 2017
Approved and authorised by the
.........................................
Mr C P Hills
Director
Page 4 |
HPS Corporate Limited
Notes to the Financial Statements for the Period from 1 October 2016 to 31 May 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Disclosure of long or short period
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
33% per annum - straight line |
Office equipment |
25% per annum - reducing balance |
Plant and machinery |
25% per annum - reducing balance |
Motor vehicles |
25% per annum - reducing balance |
Page 5 |
HPS Corporate Limited
Notes to the Financial Statements for the Period from 1 October 2016 to 31 May 2017
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 6 |
HPS Corporate Limited
Notes to the Financial Statements for the Period from 1 October 2016 to 31 May 2017
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Page 7 |
HPS Corporate Limited
Notes to the Financial Statements for the Period from 1 October 2016 to 31 May 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
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- |
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At 31 May 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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At 31 May 2017 |
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Carrying amount |
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At 31 May 2017 |
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At 30 September 2016 |
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Debtors |
2017 |
2016 |
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Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 8 |
HPS Corporate Limited
Notes to the Financial Statements for the Period from 1 October 2016 to 31 May 2017
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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- |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Creditors include Obligations under finance leases and hire purchase contracts totalling in aggregate £100,177 (2016 - £72,724) which are secured by the the relevant assets. The net book value of the assets that are secured are £97,830 (2016 - £56,001).
Related party transactions |
Transactions with directors |
2017 |
At 1 October 2016 |
Advances to directors |
Repayments by director |
At 31 May 2017 |
Mr C P Hills |
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Interest free loan |
(31,258) |
( |
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2016 |
At 1 October 2015 |
Advances to directors |
At 30 September 2016 |
Mr C P Hills |
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Interest free loan |
5 |
( |
( |
Page 9 |
HPS Corporate Limited
Notes to the Financial Statements for the Period from 1 October 2016 to 31 May 2017
Directors' remuneration
The director's remuneration for the period was as follows:
2017 |
2016 |
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Remuneration |
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Page 10 |