Huw J Edmund Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03706595 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

FOR

HUW J EDMUND LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H J Edmund

W E Evans

N J Morgan

R S Read

REGISTERED OFFICE:

Garth House

7 Ty Nant Court

Morganstown

Cardiff

CF15 8LW

REGISTERED NUMBER:

03706595 (England and Wales)

BANKERS:

Barclays

Blackwood

NP2 2YP

FIXED ASSETS

Intangible assets

2

487,500

525,000

Tangible assets

3

27,917

38,849

515,417

563,849

CURRENT ASSETS

Stocks

-

2,760

Debtors

327,026

263,965

Cash at bank and in hand

-

20,962

327,026

287,687

CREDITORS

Amounts falling due within one year

4

(435,014

)

(175,883

)

NET CURRENT (LIABILITIES)/ASSETS

(107,988

)

111,804

TOTAL ASSETS LESS CURRENT LIABILITIES

407,429

675,653

CREDITORS

Amounts falling due after more than one year

4

(102,884

)

(338,353

)

PROVISIONS FOR LIABILITIES

(1,039

)

(2,291

)

NET ASSETS

303,506

335,009

CAPITAL AND RESERVES

Called up share capital

5

1,000

2,000

Capital redemption reserve

1,000

-

Profit and loss account

301,506

333,009

SHAREHOLDERS' FUNDS

303,506

335,009

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

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

The directors acknowledge their 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 Board of Directors on 26 July 2017 and were signed on its behalf by:

W E Evans - 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).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Turnover

Turnover represents net amounts billed and to be billed in respect of services rendered during the year,

excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised

evenly over its remaining estimated useful life of 13 years.

Goodwill is based on one year's purchase of gross fees.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Office equipment

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Amounts to be billed

Services provided to clients, which at the balance sheet date have not been billed, have been recognised as

turnover. Turnover recognised in this manner is based on an assessment of the fair value of the services

provided at that date as a proportion of the total value of the engagement.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

and 31 October 2016

750,000

AMORTISATION

At 1 November 2015

225,000

Amortisation for year

37,500

At 31 October 2016

262,500

NET BOOK VALUE

At 31 October 2016

487,500

At 31 October 2015

525,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 November 2015

101,033

Additions

8,318

Disposals

(35,085

)

At 31 October 2016

74,266

DEPRECIATION

At 1 November 2015

62,184

Charge for year

5,990

Eliminated on disposal

(21,825

)

At 31 October 2016

46,349

NET BOOK VALUE

At 31 October 2016

27,917

At 31 October 2015

38,849

4.

CREDITORS

Creditors include an amount of £ 281,197 (2015 - £ 169,853 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal Value:

2016

2015

£

£

1,000

Ordinary A

£1

1,000

1,000

1,000

Ordinary B

£1

-

1,000

1,000

2,000

6.	ULTIMATE PARENT COMPANY

WG Practice Holdings Limited is regarded by the directors as being the company's ultimate parent company.