HAMMOND PARTNERS SEARCH SERVICES LIMITED - Filleted accounts

HAMMOND PARTNERS SEARCH SERVICES LIMITED - Filleted accounts


Registered number
04888387
HAMMOND PARTNERS SEARCH SERVICES LIMITED
Filleted Accounts
31 March 2017
HAMMOND PARTNERS SEARCH SERVICES LIMITED
Registered number: 04888387
Balance Sheet
as at 31 March 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 20,241 28,383
Investments 4 340,000 340,000
360,241 368,383
Current assets
Debtors 5 123,828 142,089
Cash at bank and in hand 190,359 522,295
314,187 664,384
Creditors: amounts falling due within one year 6 (601,804) (234,656)
Net current (liabilities)/assets (287,617) 429,728
Net assets 72,624 798,111
Capital and reserves
Called up share capital 63 63
Revaluation reserve 7 37 37
Profit and loss account 72,524 798,011
Shareholders' funds 72,624 798,111
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Hammond
Director
Approved by the board on 15 July 2017
HAMMOND PARTNERS SEARCH SERVICES LIMITED
Notes to the Accounts
for the year ended 31 March 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office Equipment 33.33% reducing balance
Fixtures & Fittings 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 13 13
3 Tangible fixed assets
Office equipment Fixtures & fittings Total
£ £ £
Cost
At 1 April 2016 68,527 42,045 110,572
Additions 1,223 - 1,223
At 31 March 2017 69,750 42,045 111,795
Depreciation
At 1 April 2016 46,184 36,005 82,189
Charge for the year 7,855 1,510 9,365
At 31 March 2017 54,039 37,515 91,554
Net book value
At 31 March 2017 15,711 4,530 20,241
At 31 March 2016 22,343 6,040 28,383
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2016 340,000
At 31 March 2017 340,000
5 Debtors 2017 2016
£ £
Prepayments 123,828 142,089
Included within other debtors is an amount of £NIL (2016: £NIL) due from Hammond Partners LLP.
6 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 57,106 120,525
Corporation tax - 9,117
Other taxes and social security costs 10,547 35,873
Other creditors 534,151 69,141
601,804 234,656
7 Capital redemption reserve 2017 2016
£ £
At 1 April 2016 37 37
At 31 March 2017 37 37
8 Related party transactions 2017 2016
£ £
Hammond Partners LLP 194,370 1,120,000
The company charged fees of £194,370 (2016: £1,120,000) during the year to Hammond Partners LLP in respect of the provision of support staff and general administrative services. At 31 March 2017, the company owed £533,886 (2016: £69,141) to Hammond Partners LLP. P Hammond and E Hammond are partners in Hammond Partners LLP.
9 Other information
HAMMOND PARTNERS SEARCH SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Nower End
Nower Road
Dorking
Surrey
RH4 3BX
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