Registration number:
for the Year Ended
High Profits Limited
Contents
Accountants' Report |
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Abbreviated Balance Sheet |
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Notes to the Abbreviated Accounts |
The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4 ) have been prepared.
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
High Profits Limited
for the Year Ended 31 July 2016
We have not been instructed to carry out an audit or a review of the accounts of High Profits 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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Complete Accounting Results Limited
12-14A Bath Street
Hale
Cheshire
WA14 2EJ
7 June 2017
High Profits Limited
(Registration number: 07314854)
Abbreviated Balance Sheet as at 31 July 2016
Note |
2016 |
2015 |
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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 |
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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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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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Shareholders funds |
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For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
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Mr Christopher David Cobb
Director
High Profits Limited
Notes to the Abbreviated Accounts
Accounting policies |
Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.
Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.
Depreciation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Foreign currency
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.
Hire purchase and leasing
Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.
Fixed assets |
Tangible assets |
Total |
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Cost |
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At 1 August 2015 |
33,950 |
33,950 |
Additions |
35,250 |
35,250 |
At 31 July 2016 |
69,200 |
69,200 |
High Profits Limited
Notes to the Abbreviated Accounts
Tangible assets |
Total |
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Depreciation |
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At 1 August 2015 |
8,488 |
8,488 |
Charge for the year |
15,178 |
15,178 |
At 31 July 2016 |
23,666 |
23,666 |
Net book value |
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At 31 July 2016 |
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At 31 July 2015 |
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Share capital |
Allotted, called up and fully paid shares
2016 |
2015 |
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No. |
£ |
No. |
£ |
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2 |
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1 |
New shares allotted
During the year |
Control |
The directors are the controlling party by virtue of their controlling shareholding in the company.