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Registered number: 03297518
HEADGEAR INVESTMENTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
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HEADGEAR INVESTMENTS LIMITED
Company Information
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HEADGEAR INVESTMENTS LIMITED
Registered number: 03297518
Balance sheet
As at 31 December 2018
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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HEADGEAR INVESTMENTS LIMITED
Registered number: 03297518
Balance sheet (continued)
As at 31 December 2018
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2019.
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A A Duma
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The notes on pages 3 to 8 form part of these financial statements.
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HEADGEAR INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
Headgear Investments Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03297518. The address of the registered office is 3rd Floor, 12 Gough Square, London, EC4A 3DW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The turnover shown in the profit and loss account represents rents receivable during the year.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.
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HEADGEAR INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in the Profit and loss account for the period.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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HEADGEAR INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
A prior year adjustment has been made to correct the change in fair value of investments, and associated deferred tax charge, to be recognised within in the Profit and loss account rather than the Statement of Comprehensive income. The total value of the adjustment is £50,749.
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The average monthly number of employees, including directors, during the year was 2 (2017 - 2).
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HEADGEAR INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Current tax on profits for the year
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Origination and reversal of timing differences
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Taxation on loss on ordinary activities
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HEADGEAR INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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HEADGEAR INVESTMENTS LIMITED
Notes to the financial statements
For the Year Ended 31 December 2018
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Creditors: Amounts falling due within one year
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The provision for deferred taxation is made up as follows:
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Tax payable on future chargeable gains
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Related party transactions
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Included in other creditors at 31 December 2018 is an amount of £279,276 (2017: £284,901) representing amounts loaned to the company by a shareholder. The loan is provided interest free and is repayable on demand.
Also included in other creditors at 31 December 2018 is an amount of £200 (2017: £1,843) owed to a director of the company. This balance has been advanced to the company on an interest free basis and is repayable on demand.
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