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Registration number: 06066093

Hangman Curtain and Blinds Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Hangman Curtain and Blinds Ltd

Contents


 

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

Hangman Curtain and Blinds Ltd

Registration number: 06066093

Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

12,000

16,000

Tangible assets

5

7,250

8,834

 

19,250

24,834

Current assets

 

Stocks

6

6,500

7,500

Debtors

7

14,711

6,211

Cash at bank and in hand

 

79,547

68,570

 

100,758

82,281

Creditors: Amounts falling due within one year

8

(63,111)

(78,617)

Net current assets

 

37,647

3,664

Total assets less current liabilities

 

56,897

28,498

Provisions for liabilities

(1,378)

(1,767)

Net assets

 

55,519

26,731

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

55,517

26,729

Total equity

 

55,519

26,731

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Hangman Curtain and Blinds Ltd

Registration number: 06066093

Balance Sheet as at 31 March 2018 (continued)

For the financial year ending 31 March 2018 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 November 2018 and signed on its behalf by:
 

K Watson

Director

G Watson

Company secretary and director

 

Hangman Curtain and Blinds Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
43 Yarmouth Road
Blofield
Norwich
Norfolk
NR13 4LE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Hangman Curtain and Blinds Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance

Motor vehicles

25% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Hangman Curtain and Blinds Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

 

Hangman Curtain and Blinds Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

40,000

40,000

At 31 March 2018

40,000

40,000

Amortisation

At 1 April 2017

24,000

24,000

Amortisation charge

4,000

4,000

At 31 March 2018

28,000

28,000

Carrying amount

At 31 March 2018

12,000

12,000

At 31 March 2017

16,000

16,000

 

Hangman Curtain and Blinds Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

5

Tangible assets

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

11,108

6,985

18,093

Additions

-

522

522

At 31 March 2018

11,108

7,507

18,615

Depreciation

At 1 April 2017

6,422

2,837

9,259

Charge for the year

1,171

935

2,106

At 31 March 2018

7,593

3,772

11,365

Carrying amount

At 31 March 2018

3,515

3,735

7,250

At 31 March 2017

4,686

4,148

8,834

6

Stocks

2018
£

2017
£

Other inventories

6,500

7,500

 

Hangman Curtain and Blinds Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

7

Debtors

2018
£

2017
£

Trade debtors

13,897

5,378

Other debtors

814

833

Total current trade and other debtors

14,711

6,211

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

1,190

678

Directors loan account

45,106

65,182

Taxation and social security

 

6,524

4,390

Other creditors

 

10,291

8,367

 

63,111

78,617

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2