Company Registration No. 08028575 (England and Wales)
HORSFALL ASSOCIATES LTD
DIRECTORS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
HORSFALL ASSOCIATES LTD
COMPANY INFORMATION
Directors
Mr A Horsfall
Mrs A Horsfall
(Appointed 22 February 2016)
Company number
08028575
Registered office
116 Cardinal Avenue
Kingston upon Thames
Surrey
KT2 5SA
Accountants
TaxAssist Accountants
Liss Business Centre
Station Road
Liss
Hampshire
GU33 7AW
Business address
116 Cardinal Avenue
Kingston upon Thames
Surrey
KT2 5SA
HORSFALL ASSOCIATES LTD
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 7
HORSFALL ASSOCIATES LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2016
- 1 -
The directors present their report and financial statements for the year ended 31 March 2016.
Directors
The following directors have held office since 1 April 2015:
Mr A Horsfall
Mrs A Horsfall
(Appointed 22 February 2016)
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board
Mr A Horsfall
Director
21 November 2016
HORSFALL ASSOCIATES LTD
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HORSFALL ASSOCIATES LTD FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Horsfall Associates Ltd for the year ended 31 March 2016 set out on pages 3 to 7 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.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Horsfall Associates Ltd, as a body, in accordance with the terms of our engagement letter dated 19 November 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Horsfall Associates Ltd and state those matters that we have agreed to state to the Board of Directors of Horsfall Associates Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Horsfall Associates Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Horsfall Associates Ltd 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 Horsfall Associates Ltd. You consider that Horsfall Associates Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Horsfall Associates Ltd. 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 financial statements.
TaxAssist Accountants
21 November 2016
Chartered Certified Accountants
Liss Business Centre
Station Road
Liss
Hampshire
GU33 7AW
HORSFALL ASSOCIATES LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2016
2015
Notes
£
£
Turnover
51,201
42,265
Cost of sales
(13,512)
(15,390)
Gross profit
37,689
26,875
Distribution costs
(7,904)
(8,615)
Administrative expenses
(16,546)
(15,162)
Operating profit
2
13,239
3,098
Interest payable and similar charges
-
(79)
Profit on ordinary activities before taxation
13,239
3,019
Tax on profit on ordinary activities
3
(2,942)
(780)
Profit for the year
7
10,297
2,239
HORSFALL ASSOCIATES LTD
BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 4 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
880
Current assets
Cash at bank and in hand
28,820
14,958
Creditors: amounts falling due within one year
5
(15,544)
(12,859)
Net current assets
13,276
2,099
Total assets less current liabilities
13,276
2,979
Capital and reserves
Called up share capital
6
1
1
Profit and loss account
7
13,275
2,978
Shareholders' funds
13,276
2,979
For the financial year ended 31 March 2016 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 in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective January 2015).
Approved by the Board for issue on 21 November 2016
Mr A Horsfall
Director
Company Registration No. 08028575
HORSFALL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
- 5 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Computer equipment
2
Operating profit
2016
2015
£
£
Operating profit is stated after charging:
Depreciation of tangible assets
881
881
3
Taxation
2016
2015
£
£
Domestic current year tax
U.K. corporation tax
2,942
780
Total current tax
2,942
780
HORSFALL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2015 & at 31 March 2016
2,642
Depreciation
At 1 April 2015
1,761
Charge for the year
881
At 31 March 2016
2,642
Net book value
At 31 March 2016
-
At 31 March 2015
880
5
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
352
849
Taxation and social security
3,316
3,025
Other creditors
11,876
8,985
15,544
12,859
6
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
HORSFALL ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 7 -
7
Statement of movements on profit and loss account
Profit
and loss
account
£
Balance at 1 April 2015
2,978
Profit for the year
10,297
Balance at 31 March 2016
13,275
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