Company Registration No. 06713791 (England and Wales)
HBA INNENAUSBAU LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
HBA INNENAUSBAU LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
HBA INNENAUSBAU LTD
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
€
€
€
€
Fixed assets
Intangible assets
4,461
-
Tangible assets
4
302,642
32,359
307,103
32,359
Current assets
Stocks
161,000
145,000
Debtors
5
244,543
45,741
Cash at bank and in hand
48,760
48,798
454,303
239,539
Creditors: amounts falling due within one year
6
(354,919)
(254,802)
Net current assets/(liabilities)
99,384
(15,263)
Total assets less current liabilities
406,487
17,096
Creditors: amounts falling due after more than one year
7
(376,089)
-
Net assets
30,398
17,096
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
30,397
17,095
Total equity
30,398
17,096
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he
Director acknowledges his
responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
HBA INNENAUSBAU LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 September 2018
H Arens
Director
Company Registration No. 06713791
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information
HBA Innenausbau Ltd
(formerly HJA Innenausbau Ltd)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Ashford House, Grenadier Road, Exeter, Devon, EX1 3LH. The place of business is Wiener Weg 14, Cologne, NW 50858, Germany.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
euros
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
10% on cost
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
2% on cost
Plant and machinery
17% - 33% on cost
Fixtures, fittings & equipment
20% on cost
Freehold land is not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks and Work in progress
Work in progress is valued at the lower of cost and net realisable value. No element of profit is included in the valuation of work in progress.
Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 6).
3
Intangible fixed assets
Other
€
Cost
At 1 January 2017
-
Additions
4,958
At 31 December 2017
4,958
Amortisation and impairment
At 1 January 2017
-
Amortisation charged for the year
497
At 31 December 2017
497
Carrying amount
At 31 December 2017
4,461
At 31 December 2016
-
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
€
€
€
Cost
At 1 January 2017
-
43,709
43,709
Additions
251,999
29,062
281,061
Disposals
-
(922)
(922)
At 31 December 2017
251,999
71,849
323,848
Depreciation and impairment
At 1 January 2017
-
11,350
11,350
Depreciation charged in the year
1,363
9,415
10,778
Eliminated in respect of disposals
-
(922)
(922)
At 31 December 2017
1,363
19,843
21,206
Carrying amount
At 31 December 2017
250,636
52,006
302,642
At 31 December 2016
-
32,359
32,359
5
Debtors
2017
2016
Amounts falling due within one year:
€
€
Trade debtors
19,460
12,589
Other debtors
208,896
9,714
228,356
22,303
Amounts falling due after more than one year:
Trade debtors
12,187
23,438
Other debtors
4,000
-
16,187
23,438
Total debtors
244,543
45,741
HBA INNENAUSBAU LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
€
€
Bank loans and overdrafts
19,800
-
Trade creditors
175,122
94,479
Corporation tax
3,387
6,034
Other taxation and social security
6,998
6,529
Other creditors
149,612
147,760
354,919
254,802
7
Creditors: amounts falling due after more than one year
2017
2016
€
€
Bank loans and overdrafts
376,089
-
Included in creditors is bank loan of €395,889 which is secured by the land and buildings held by the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
296,889
-
8
Called up share capital
2017
2016
€
€
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
9
Directors' transactions
Loans
have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
€
€
€
€
H Arens -
3.50
-
130,000
1,084
131,084
-
130,000
1,084
131,084