H & S Biz Associates Ltd - Period Ending 2014-06-30

Registration number: 07676460 (England and Wales)

H & S Biz Associates Ltd

Directors' Report and Unaudited Financial Statements

for the Year Ended 30 June 2014
 

H & S Biz Associates Ltd
Contents

Company Information   1

Directors' Report   2

Profit and Loss Account   3

Balance Sheet   4

Notes to the Financial Statements   5 to 9

H & S Biz Associates Ltd
Company Information

Directors

W Hafiz   N Sarwar

Registered office

Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Accountants

Harmer Slater Limited Chartered Accountants Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Page 1

H & S Biz Associates Ltd
Directors' Report for the Year Ended 30 June 2014

The directors present their report and the unaudited financial statements for the year ended 30 June 2014.

Principal activity

The principal activity of the company is the provision of management consultancy services.

Directors of the company

The directors who held office during the year and up to the date of signing these financial statements were as follows:

W Hafiz

N Sarwar

Small company provisions

The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Approved by the Board on 22 January 2015 and signed on its behalf by:

.........................................
W Hafiz
Director

Page 2

H & S Biz Associates Ltd
Profit and Loss Account
for the Year Ended 30 June 2014

		Note			2014 £			2013 £
Turnover					63,391			51,746
Cost of sales					(40,992)			(30,008)
Gross profit					22,399			21,738
Administrative expenses					(6,933)			(9,028)
Operating profit		2			15,466			12,710
Other interest receivable and similar income					2			-
Profit on ordinary activities before taxation					15,468			12,710
Tax on profit or loss on ordinary activities		4			(3,150)			(2,540)
Profit for the financial year					12,318			10,170

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 3

H & S Biz Associates Ltd
(Registration number: 07676460)
Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		5			502			314
Current assets
Debtors		6			4,000			12,847
Cash at bank and in hand					15,154			460
					19,154			13,307
Creditors: Amounts falling due within one year		7			(9,368)			(8,151)
Net current assets					9,786			5,156
Net assets					10,288			5,470
Capital and reserves
Called up share capital		8			3			3
Profit and loss account		10			10,285			5,467
Shareholder's funds					10,288			5,470

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

For the year ending 30 June 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts 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 accounts.

Approved and authorised for issue by the Board on 22 January 2015 and signed on its behalf by:

.........................................
W Hafiz
Director

The notes on pages 5 to 9 form an integral part of these financial statements.
Page 4

H & S Biz Associates Ltd
Notes to the Financial Statements
for the Year Ended 30 June 2014
(continued)

1	Accounting policies

Going concern

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern has been identified by the directors.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the Financial Reporting Standard for Smaller Entities (effective April 2008). A summary of the significant accounting policies which have been consistently applied in the current and the preceding year is set out below. The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents the value of services provided, net of value added tax.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33.3% straight line

Taxation

Corporation tax payable is provided on taxable profits at the current rate of tax. Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial tatements. Deferred tax assets and liabilities are not discounted.

2	Operating profit

Operating profit is stated after charging:

		2014 £			2013 £
Depreciation of tangible fixed assets		411			168

Page 5

H & S Biz Associates Ltd
Notes to the Financial Statements
for the Year Ended 30 June 2014
(continued)

3	Directors' remuneration

The directors' remuneration for the year was as follows:

		2014 £			2013 £
Remuneration		15,480			12,110

4

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		3,150			2,540

Factors affecting current tax charge for the year

Tax on profit on ordinary activities for the year is higher than (2013 - lower than) the standard rate of corporation tax in the UK of 20% (2013 - 20%).

The differences are reconciled below:

		2014 £			2013 £
Profit on ordinary activities before taxation		15,468			12,710
Corporation tax at standard rate		3,094			2,542
Capital allowances in excess of depreciation		(38)			(2)
Expenses not deductible for tax purposes		94			-
Total current tax		3,150			2,540

Page 6

H & S Biz Associates Ltd
Notes to the Financial Statements
for the Year Ended 30 June 2014
(continued)

5	Tangible fixed assets

		Office equipment £
Cost
At 1 July 2013		635
Additions		599
At 30 June 2014		1,234
Depreciation
At 1 July 2013		321
Charge for the year		411
At 30 June 2014		732
Net book value
At 30 June 2014		502
At 30 June 2013		314

6

Debtors

		2014 £			2013 £
Trade debtors		4,000			12,836
Other debtors		-			11
		4,000			12,847

7	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		507			-
Corporation tax		3,150			2,540
Director's current account		4,751			1,522
Accruals		960			4,089
		9,368			8,151

Page 7

H & S Biz Associates Ltd
Notes to the Financial Statements
for the Year Ended 30 June 2014
(continued)

8	Share capital

Allotted, called up and fully paid shares

	2014		2013
	No.	£	No.	£
A Ordinary shares of £1 each	2	2	2	2
B Ordinary shares of £1 each	1	1	1	1
	3	3	3	3

Shareholder rights
Different rates of dividends may be declared and dividends may be declared for one class of share and not for the other class.

The shares rank pari passu in all other respects.

9

Dividends

		2014 £			2013 £
Dividends paid
A Ordinary dividend paid		7,500			9,500

10

Reserves

		Profit and loss account £
At 1 July 2013		5,467
Profit for the year		12,318
Dividends		(7,500)
At 30 June 2014		10,285

Page 8

H & S Biz Associates Ltd
Notes to the Financial Statements
for the Year Ended 30 June 2014
(continued)

11	Related party transactions

At 30 June 2014 W Hafiz was owed £4,751 (2013; £1,522) by the company. The loan is interest free and has no fixed repayment date or repayment schedule.
 
 
 

12

Control

The company is controlled by the director s W Hafiz who own 100% of the called up share capital .

Page 9