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REGISTERED NUMBER: 06726491 (England and Wales) |
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REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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HPI Stirling Limited |
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REGISTERED NUMBER: 06726491 (England and Wales) |
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REPORT OF THE DIRECTORS AND |
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CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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HPI Stirling Limited |
HPI Stirling Limited (Registered number: 06726491) |
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CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Report of the Directors | 2 |
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Report of the Independent Auditors | 4 |
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Consolidated Income Statement | 6 |
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Consolidated Balance Sheet | 7 |
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Company Balance Sheet | 8 |
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Notes to the Consolidated Financial Statements | 9 |
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HPI Stirling Limited |
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COMPANY INFORMATION |
For The Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Regus House |
Central Boulevard |
Blythe Valley Business Park |
Solihull |
B90 8AG |
HPI Stirling Limited (Registered number: 06726491) |
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REPORT OF THE DIRECTORS |
For The Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company and the group for the year ended |
31 December 2016. |
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DIRECTORS |
The directors during the year under review were: |
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The beneficial interests of the directors holding office on 31 December 2016 in the issued share capital of the company were as |
follows: |
31.12.16 | 1.1.16 |
Ordinary £1 shares |
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130,944 | 130,944 |
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- | - |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable |
law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have |
elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United |
Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements |
unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or |
loss of the group for that period. In preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and |
the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group |
and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of |
fraud and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of |
which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order |
to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
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AUDITORS |
The auditors, Price Deacon Witham Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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HPI Stirling Limited (Registered number: 06726491) |
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REPORT OF THE DIRECTORS |
For The Year Ended 31 December 2016 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
companies. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HPI STIRLING LIMITED |
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We have audited the financial statements of HPI Stirling Limited for the year ended 31 December 2016 on pages six to twelve. |
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting |
Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act |
2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to |
state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or |
assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, |
or for the opinions we have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable |
assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an |
assessment of: whether the accounting policies are appropriate to the group's and the parent company's circumstances and have |
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; |
and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in |
the Report of the Directors to identify material inconsistencies with the audited financial statements and to identify any |
information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the |
course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the |
implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the group's and of the parent company's affairs as at 31 December 2016 and of the
group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Report of the Directors for |
the financial year for which the financial statements are prepared is consistent with the financial statements, and has been |
prepared in accordance with applicable legal requirements. In the light of the knowledge and understanding of the group and the |
parent company and its environment, we have not identified any material misstatements in the Report of the Directors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
HPI STIRLING LIMITED |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in |
our opinion: |
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adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been
received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take
advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
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for and on behalf of
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Regus House |
Central Boulevard |
Blythe Valley Business Park |
Solihull |
B90 8AG |
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HPI Stirling Limited (Registered number: 06726491) |
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CONSOLIDATED INCOME STATEMENT |
For The Year Ended 31 December 2016 |
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2016 | 2015 |
Notes | £ | £ |
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TURNOVER | 1,527,837 | 3,386,964 |
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Cost of sales | 1,111,508 | 2,890,823 |
GROSS PROFIT | 416,329 | 496,141 |
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Administrative expenses | 267,492 | 256,497 |
OPERATING PROFIT | 4 | 148,837 | 239,644 |
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Interest receivable and similar income | - | 322 |
148,837 | 239,966 |
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Interest payable and similar expenses | 31,388 | 11,408 |
PROFIT BEFORE TAXATION | 117,449 | 228,558 |
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Tax on profit | 82,689 | 150,000 |
PROFIT FOR THE FINANCIAL YEAR |
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HPI Stirling Limited (Registered number: 06726491) |
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CONSOLIDATED BALANCE SHEET |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 | (558,899 | ) | (558,899 | ) |
Tangible assets | 7 | 2,804,932 | 2,060,605 |
Investments | 8 | - | - |
2,246,033 | 1,501,706 |
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CURRENT ASSETS |
Stocks | - | 402,130 |
Debtors | 9 | 69,464 | 71,344 |
Cash at bank | 150,807 | 60,297 |
220,271 | 533,771 |
CREDITORS |
Amounts falling due within one year | 10 | 1,174,096 | 778,029 |
NET CURRENT LIABILITIES | (953,825 | ) | (244,258 | ) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
1,292,208 |
1,257,448 |
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CAPITAL AND RESERVES |
Called up share capital | 234,611 | 234,611 |
Share premium | 1,173,055 | 1,173,055 |
Retained earnings | (115,458 | ) | (150,218 | ) |
SHAREHOLDERS' FUNDS | 1,292,208 | 1,257,448 |
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The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to |
small companies. |
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The financial statements were approved by the Board of Directors on 30 October 2017 and were signed on its behalf by: |
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J Homer - Director |
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HPI Stirling Limited (Registered number: 06726491) |
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COMPANY BALANCE SHEET |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
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Tangible assets | 7 |
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Investments | 8 |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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Company's profit for the financial year | - | - |
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The financial statements were approved by the Board of Directors on
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HPI Stirling Limited (Registered number: 06726491) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
For The Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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HPI Stirling Limited is a
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number and registered office address can be found on the General Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Basis of consolidation |
The accounts have been consolidated using the acquisition method. |
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Turnover |
Turnover represents rentals and similar income receivable in respect of the groups properties during the period, |
excluding value added tax and income due under construction contracts up to the last certified stage prior to the period |
end. |
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Goodwill |
Negative goodwill arose on the acquisition of the groups subsidiaries, being the excess of the fair value of the |
subsidiaries' net assets over the fair value of the consideration. Negative goodwill will be released to the profit and loss |
account in the event of a substantial disposal of those subsidiaries' non monitory assets. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any |
accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Land and buildings | - |
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Stocks |
Construction contract work in progress is valued so as to recognise cost in the period proportionate to the level of |
construction turnover recognised.. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except |
to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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HPI Stirling Limited (Registered number: 06726491) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been |
enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average monthly number of employees during the year was
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The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2015 |
- NIL). |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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2016 | 2015 |
£ | £ |
Depreciation - owned assets |
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5. | INDIVIDUAL INCOME STATEMENT |
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As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as |
part of these financial statements. |
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6. | INTANGIBLE FIXED ASSETS |
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Group |
Goodwill |
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COST |
At 1 January 2016 |
and 31 December 2016 | ( |
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NET BOOK VALUE |
At 31 December 2016 | ( |
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At 31 December 2015 | ( |
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HPI Stirling Limited (Registered number: 06726491) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2016 |
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7. | TANGIBLE FIXED ASSETS |
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Group |
Land and |
buildings |
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COST |
At 1 January 2016 | 2,116,741 |
Additions | 1,452,332 |
Disposals | (746,395 | ) |
At 31 December 2016 | 2,822,678 |
DEPRECIATION |
At 1 January 2016 | 56,136 |
Charge for year | 24,593 |
Eliminated on disposal | (62,983 | ) |
At 31 December 2016 | 17,746 |
NET BOOK VALUE |
At 31 December 2016 | 2,804,932 |
At 31 December 2015 | 2,060,605 |
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8. | FIXED ASSET INVESTMENTS |
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Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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HPI Stirling Limited (Registered number: 06726491) |
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
For The Year Ended 31 December 2016 |
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8. | FIXED ASSET INVESTMENTS - continued |
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The group or the company's investments at the Balance Sheet date in the share capital of companies include the |
following: |
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Subsidiary |
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Registered office: |
Nature of business:
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Class of shares: | holding |
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2016 | 2015 |
£ | £ |
Aggregate capital and reserves |
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Profit for the year |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group |
2016 | 2015 |
£ | £ |
Trade debtors | 47,743 | 944 |
Other debtors | 21,721 | 70,400 |
69,464 | 71,344 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
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Group | Company |
2016 | 2015 | 2016 | 2015 |
£ | £ | £ | £ |
Trade creditors | 12,206 | - |
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Amounts owed to group undertakings | - | - |
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Taxation and social security | 88,084 | 154,595 |
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Other creditors | 1,073,806 | 623,434 |
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1,174,096 | 778,029 |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is J Homer. |