Registered Number 00299450
HATHAWAY & MUDDIMAN LIMITED
Abbreviated Accounts
30 June 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
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( |
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Accruals and deferred income |
( |
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Total net assets (liabilities) |
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( |
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Capital and reserves | |||
Called up share capital |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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( |
Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
the revaluation of certain financial assets and liabilities as measured at fair value through profit or loss.
The abbreviated financial statements are prepared in sterling, which is the functional currency of the
entity.
Turnover policy
and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have
transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured
reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred
or to be incurred in respect of the transactions can be measured reliably.
Tangible assets depreciation policy
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or
residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Valuation information and policy
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks
to their present location and condition.
Other accounting policies
The taxation expense represents the aggregate amount of current and deferred tax recognised in the
reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that
it relates to items recognised in other comprehensive income or directly in capital and reserves. In this
case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at
the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or
substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax
losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot
exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses
being taken to profit or loss.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the
contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement
constitutes a financing transaction, where it is recognised at the present value of the future payments
discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the
related service is provided. Prepaid contributions are recognised as an asset to the extent that the
prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting
date in which the employees render the related service, the liability is measured on a discounted
present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the
period in which it arises.
£ | |
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Cost | |
At 1 July 2015 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 30 June 2016 |
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Depreciation | |
At 1 July 2015 |
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Charge for the year |
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On disposals |
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At 30 June 2016 |
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Net book values | |
At 30 June 2016 | 0 |
At 30 June 2015 | 0 |