The Headphone Company (UK) Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 08611812 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 July 2016

for

The Headphone Company (UK) Ltd

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

P D Best

REGISTERED OFFICE:

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

REGISTERED NUMBER:

08611812 (England and Wales)

ACCOUNTANTS:

Philip T. Chave & Co

Belfry House

Bell Lane

Hertford

Hertfordshire

SG14 1BP

FIXED ASSETS

Intangible assets

2

1,500

2,000

Tangible assets

3

5,708

2,775

7,208

4,775

CURRENT ASSETS

Stocks

1,500

2,000

Debtors

3,615

-

Cash at bank

5,132

3,757

10,247

5,757

CREDITORS

Amounts falling due within one year

16,048

9,785

NET CURRENT LIABILITIES

(5,801

)

(4,028

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,407

747

CAPITAL AND RESERVES

Called up share capital

4

1

Profit and loss account

1,406

746

SHAREHOLDERS' FUNDS

1,407

747

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395
and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as
applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 March 2017 and were signed by:

P D Best - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Office equipment

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

and 31 July 2016

2,500

AMORTISATION

At 1 August 2015

500

Amortisation for year

500

At 31 July 2016

1,000

NET BOOK VALUE

At 31 July 2016

1,500

At 31 July 2015

2,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 August 2015

4,362

Additions

4,359

At 31 July 2016

8,721

DEPRECIATION

At 1 August 2015

1,587

Charge for year

1,426

At 31 July 2016

3,013

NET BOOK VALUE

At 31 July 2016

5,708

At 31 July 2015

2,775

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.16

31.7.15

value:

£

1

Ordinary

£1

1

5.	RELATED PARTY DISCLOSURES

During the year, total dividends of £19,000 (2015 - £4,000) were paid to the director .

P D Best

Director

31.7.16

31.7.15

£

Amount due to related party at the balance sheet date

3,913

3,249