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Hobart Heating Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2017

Registration number: 03837460

 

Hobart Heating Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Hobart Heating Limited

Company Information

Director

Mr J Hobart

Registered office

Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF

 

Hobart Heating Limited

Balance Sheet

30 November 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

-

176

Current assets

 

Stocks

2,000

2,000

Debtors

5

93,236

91,225

Cash at bank and in hand

 

10

9

 

95,246

93,234

Creditors: Amounts falling due within one year

6

(20,466)

(7,789)

Net current assets

 

74,780

85,445

Net assets

 

74,780

85,621

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

74,778

85,619

Total equity

 

74,780

85,621

 

Hobart Heating Limited

Balance Sheet

30 November 2017

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 August 2018
 

.........................................
Mr J Hobart
Director

   
     

Company Registration Number: 03837460

 

Hobart Heating Limited

Notes to the Financial Statements

Year Ended 30 November 2017

1

General information

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

The address of its registered office is:
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF
England

The principal place of business is:
Tallet
Barrington Road
Wellswood
Torquay
Devon
TQ1 1SG
England

These financial statements were authorised for issue by the director on 23 August 2018.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006. There are no material departures from FRS102.

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.

Change in basis of accounting

The company’s financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance as a result of this transition.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax. The company recognises revenue based on its value of the service provided to date.

 

Hobart Heating Limited

Notes to the Financial Statements

Year Ended 30 November 2017

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% straight line

Computer equipment

25% straight line

Office equipment

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Hobart Heating Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2016 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 December 2016

3,232

8,179

11,411

At 30 November 2017

3,232

8,179

11,411

Depreciation

At 1 December 2016

3,232

8,003

11,235

Charge for the year

-

176

176

At 30 November 2017

3,232

8,179

11,411

Carrying amount

At 30 November 2017

-

-

-

At 30 November 2016

-

176

176

 

Hobart Heating Limited

Notes to the Financial Statements

Year Ended 30 November 2017

5

Debtors

2017
 £

2016
 £

Trade debtors

3,040

3,743

Other debtors

90,196

87,482

93,236

91,225

6

Creditors

Creditors: amounts falling due within one year

Note

2017
 £

2016
 £

Due within one year

 

Loans and borrowings

7

3,987

450

Trade creditors

 

566

1,419

Other creditors

 

14,386

3,970

Accrued expenses

 

1,527

1,950

 

20,466

7,789

7

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

3,987

450

8

Share capital

Allotted, called up and fully paid shares

 

2017

2016

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Hobart Heating Limited

Notes to the Financial Statements

Year Ended 30 November 2017

9

Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 December 2015.

There were no changes to the previously stated equity as at 1 December 2015 and 30 November 2016 or in the profit for the year ended 30 November 2016 as a result of the transition to FRS102.


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