HRV Fit Limited - Period Ending 2016-12-31
HRV Fit Limited - Period Ending 2016-12-31
Registration number:
HRV Fit Limited
for the Year Ended 31 December 2016
The South Street Centre
16-20 South Street
Hythe
Southampton
SO45 6EB
HRV Fit Limited
Contents
Company Information |
|
Accountants' Report |
|
Statement of Financial Position |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
HRV Fit Limited
Company Information
Directors |
Simon Wegerif Lindy Wegerif |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
HRV Fit Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of HRV Fit Limited for the year ended 31 December 2016 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of HRV Fit Limited, as a body, in accordance with the terms of our engagement letter dated 15 October 2009. Our work has been undertaken solely to prepare for your approval the accounts of HRV Fit Limited and state those matters that we have agreed to state to the Board of Directors of HRV Fit Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HRV Fit Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that HRV Fit Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of HRV Fit Limited. You consider that HRV Fit Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of HRV Fit Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
16-20 South Street
Hythe
Southampton
SO45 6EB
Page 2 |
HRV Fit Limited
(Registration number: 07043184)
Statement of Financial Position as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Property Plant and Equipment |
|
|
|
|
|
||
Current assets |
|||
Inventories |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
- |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.
Page 3 |
HRV Fit Limited
(Registration number: 07043184)
Statement of Financial Position as at 31 December 2016
Approved and authorised by the
.........................................
Simon Wegerif
Director
Page 4 |
HRV Fit Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2016 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2015 |
|
|
|
Page 5 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England .
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Foreign currency transactions and balances
Property Plant and Equipment
Property Plant and Equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Equipment |
20% straight line |
Page 6 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Development costs
Research and development expenditure is charged to the profit and loss account in the year in which it is incurred, with the exception of initial development costs of the company website. These costs are capitalised and amortised over 2 years to reflect the period over which the company will enjoy the benefit of the work.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Development Costs |
50% straight line |
Patents |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 7 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 8 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Intangible assets |
Trademarks, patents and licenses |
Internally generated software development costs |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Amortisation |
|||
At 1 January 2016 |
- |
|
|
Amortisation charge |
|
|
|
At 31 December 2016 |
|
|
|
Carrying amount |
|||
At 31 December 2016 |
|
- |
|
At 31 December 2015 |
|
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
Page 9 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Property Plant and Equipment |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 January 2016 |
|
|
Additions |
|
|
At 31 December 2016 |
|
|
Depreciation |
||
At 1 January 2016 |
|
|
Charge for the year |
|
|
At 31 December 2016 |
|
|
Carrying amount |
||
At 31 December 2016 |
|
|
At 31 December 2015 |
|
|
Inventories |
2016 |
2015 |
|
Work in progress |
|
|
Finished goods and goods for resale |
|
|
|
|
Debtors |
2016 |
2015 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Page 10 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Note |
2016 |
2015 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
|
|
Dividends |
2016 |
2015 |
|
£ |
£ |
|
Interim dividend of £ |
72,328 |
- |
Related party transactions |
Transactions with directors |
2016 |
At 1 January 2016 |
Advances to directors |
Repayments by director |
At 31 December 2016 |
Simon Wegerif |
||||
Repayable on demand, 3.25% p.a. interest changed to 3% on 06 April 2015 |
18,882 |
|
( |
|
Lindy Wegerif |
||||
Repayable on demand, 3.25% p.a. interest changed to 3% on 06 April 2015 |
18,882 |
|
( |
|
2015 |
Advances to directors |
Repayments by director |
At 31 December 2015 |
Simon Wegerif |
|||
Repayable on demand, 3.25% p.a. interest changed to 3% on 06 April 2015 |
|
( |
|
Lindy Wegerif |
|||
Repayable on demand, 3.25% p.a. interest changed to 3% on 06 April 2015 |
|
( |
|
Page 11 |
HRV Fit Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Directors' remuneration
The directors' remuneration for the year was as follows:
2016 |
2015 |
|
Remuneration |
|
|
Dividends paid to directors |
2016 |
2015 |
|||
Simon Wegerif |
||||
Interim dividend paid |
36,887 |
- |
||
Lindy Wegerif |
||||
Interim dividend paid |
33,271 |
- |
||
Parent and ultimate parent undertaking |
The ultimate controlling party is
Page 12 |