Company Registration No. SC418164 (Scotland)
HMGT SERVICES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
HMGT SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
HMGT SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
10,814
6,353
Current assets
Debtors
304,110
257,524
Cash at bank and in hand
8,365
7,202
312,475
264,726
Creditors: amounts falling due within one year
(179,827)
(155,199)
Net current assets
132,648
109,527
Total assets less current liabilities
143,462
115,880
Provisions for liabilities
(1,947)
(388)
141,515
115,492
Capital and reserves
Called up share capital
3
120
100
Profit and loss account
141,395
115,392
Shareholders' funds
141,515
115,492
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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 7 March 2017
Mr S Ramsay
Director
Company Registration No. SC418164
HMGT SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
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
Turnover
Turnover represents amounts receivable for the provision of recruitment services net of VAT and trade discounts. Revenue is recognised upon completion of the provision of services.
Revenue is recognised upon completion of the provision of services.
1.3
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors
are
satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
Software development costs have been amortised over five years, their estimated useful life, once the assets are in use.
1.4
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.5
Deferred taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not they will be recovered. Deferred tax assets and liabilities are not discounted.
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
HMGT SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Intangible assets
£
Cost
At 1 April 2015
7,941
Additions
7,561
At 31 March 2016
15,502
Depreciation
At 1 April 2015
1,588
Charge for the period
3,100
At 31 March 2016
4,688
Net book value
At 31 March 2016
10,814
At 31 March 2015
6,353
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 'A' Ordinary shares of £1 each
100
100
20 Ordinary shares of £1 each
20
-
120
100
During the year
20
ordinary shares of £
1
each were allotted and fully paid at par for cash
.
4
Ultimate parent company
The ultimate parent company is HMGT
Group
Limited.
HMGT SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
5
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr M Scott - Director
-
63
1,542
-
1,605
-
Mr S Ramsay - Director
-
63
370
-
433
-
Mr R P Scott -
-
-
15,223
-
10,000
5,223
126
17,135
-
12,038
5,223