false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-09-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
936,000
936,000
xbrli:pure
xbrli:shares
iso4217:GBP
05530196
2016-09-01
2017-08-31
05530196
2017-08-31
05530196
2016-08-31
05530196
2015-09-01
2016-08-31
05530196
2016-08-31
05530196
core:NetGoodwill
2016-09-01
2017-08-31
05530196
core:PlantMachinery
2016-09-01
2017-08-31
05530196
core:FurnitureFittings
2016-09-01
2017-08-31
05530196
bus:LeadAgentIfApplicable
2016-09-01
2017-08-31
05530196
bus:Director1
2016-09-01
2017-08-31
05530196
core:NetGoodwill
2017-08-31
05530196
core:PlantMachinery
2016-08-31
05530196
core:FurnitureFittings
2016-08-31
05530196
core:PlantMachinery
2017-08-31
05530196
core:FurnitureFittings
2017-08-31
05530196
core:WithinOneYear
2017-08-31
05530196
core:WithinOneYear
2016-08-31
05530196
core:RestatedAmount
2016-08-31
05530196
core:ShareCapital
2017-08-31
05530196
core:ShareCapital
2016-08-31
05530196
core:RetainedEarningsAccumulatedLosses
2017-08-31
05530196
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2016-08-31
05530196
core:BetweenOneFiveYears
2017-08-31
05530196
core:BetweenOneFiveYears
2016-08-31
05530196
core:PlantMachinery
2016-08-31
05530196
core:FurnitureFittings
2016-08-31
05530196
bus:Director1
2016-08-31
05530196
bus:Director1
2017-08-31
05530196
bus:Director1
2015-08-31
05530196
bus:Director1
2016-08-31
05530196
bus:Director1
2015-09-01
2016-08-31
05530196
bus:FRS102
2016-09-01
2017-08-31
05530196
bus:AuditExemptWithAccountantsReport
2016-09-01
2017-08-31
05530196
bus:FullAccounts
2016-09-01
2017-08-31
05530196
bus:SmallCompaniesRegimeForAccounts
2016-09-01
2017-08-31
05530196
bus:PrivateLimitedCompanyLtd
2016-09-01
2017-08-31
05530196
core:OfficeEquipment
2016-09-01
2017-08-31
COMPANY REGISTRATION NUMBER:
05530196
Filleted Unaudited Financial Statements
|
|
Year ended 31 August 2017
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
|
1
|
|
|
Statement of financial position
|
2
|
|
|
Notes to the financial statements
|
4
|
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Hogbens Dunphy Limited
|
|
Year ended 31 August 2017
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
DAVID GREY & CO LIMITED
Chartered accountant
177 Temple Chambers
Temple Avenue
London
EC4Y 0DB
26 June 2018
Statement of Financial Position
|
|
31 August 2017
|
2017
|
2016
|
|
|
|
(restated)
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
6
|
|
13,989
|
18,051
|
|
|
|
|
|
Current assets
Debtors
|
7
|
1,120,055
|
|
1,019,273
|
Cash at bank and in hand
|
5,035
|
|
29,454
|
|
------------
|
|
------------
|
|
1,125,090
|
|
1,048,727
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
417,897
|
|
401,517
|
|
------------
|
|
------------
|
Net current assets
|
|
707,193
|
647,210
|
|
|
---------
|
---------
|
Total assets less current liabilities
|
|
721,182
|
665,261
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
2,182
|
4,969
|
|
|
---------
|
---------
|
Net assets
|
|
719,000
|
660,292
|
|
|
---------
|
---------
|
|
|
|
|
Statement of Financial Position (continued)
|
|
31 August 2017
|
2017
|
2016
|
|
|
|
(restated)
|
Note
|
£
|
£
|
£
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
100
|
100
|
Profit and loss account
|
|
718,900
|
660,192
|
|
|
---------
|
---------
|
Shareholders funds
|
|
719,000
|
660,292
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
26 June 2018
, and are signed on behalf of the board by:
Company registration number:
05530196
Notes to the Financial Statements
|
|
Year ended 31 August 2017
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is First Floor, 104-108 Oxford Street, London, W1D 1LP.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
Revenue recognition
Turnover represents the fair value of professional services provided during the period to clients. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients and is based on time spent, skills and expertise provided and expenses incurred, but excludes VAT. Turnover that has been recognised but not invoiced by the balance sheet date is included in debtors in 'accrued income'. Amounts invoiced in advance are included in 'accruals and deferred income'.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
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:
|
I T Equipment
|
-
|
25% straight line
|
|
Fixtures & Fittings
|
-
|
10% straight line
|
|
Office Equipment
|
-
|
25% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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 as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
17
(2016:
15
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 September 2016 (as restated) and 31 August 2017
|
936,000
|
|
---------
|
Amortisation
|
|
At 1 September 2016 and 31 August 2017
|
936,000
|
|
---------
|
Carrying amount
|
|
At 31 August 2017
|
–
|
|
---------
|
At 31 August 2016
|
–
|
|
---------
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Total
|
|
£
|
£
|
£
|
Cost
|
|
|
|
At 1 September 2016 (as restated)
|
31,160
|
18,075
|
49,235
|
Additions
|
2,149
|
315
|
2,464
|
|
--------
|
--------
|
--------
|
At 31 August 2017
|
33,309
|
18,390
|
51,699
|
|
--------
|
--------
|
--------
|
Depreciation
|
|
|
|
At 1 September 2016
|
21,813
|
9,371
|
31,184
|
Charge for the year
|
5,826
|
700
|
6,526
|
|
--------
|
--------
|
--------
|
At 31 August 2017
|
27,639
|
10,071
|
37,710
|
|
--------
|
--------
|
--------
|
Carrying amount
|
|
|
|
At 31 August 2017
|
5,670
|
8,319
|
13,989
|
|
--------
|
--------
|
--------
|
At 31 August 2016
|
9,347
|
8,704
|
18,051
|
|
--------
|
--------
|
--------
|
|
|
|
|
7.
Debtors
|
2017
|
2016
|
|
|
(restated)
|
|
£
|
£
|
Trade debtors
|
353,985
|
294,374
|
Other debtors
|
766,070
|
724,899
|
|
------------
|
------------
|
|
1,120,055
|
1,019,273
|
|
------------
|
------------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
|
(restated)
|
|
£
|
£
|
Bank loans and overdrafts
|
16,627
|
–
|
Trade creditors
|
165,244
|
170,771
|
Corporation tax
|
31,207
|
51,206
|
Social security and other taxes
|
113,804
|
117,994
|
Other creditors
|
91,015
|
61,546
|
|
---------
|
---------
|
|
417,897
|
401,517
|
|
---------
|
---------
|
|
|
|
9.
Prior period errors
After the company had signed off the accounts for the year ended 31st August 2016 they discovered the previous years sales had bee overstated due to January 2017 sales invoices having been posted as January 2016. The effect was to decrease sales and pre-tax profits by £76,228. This also reduced the VAT creditor by £15,246 and the effect on the corporation tax was a reduction of corporation tax due of £15,247.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2017
|
2016
|
|
|
(restated)
|
|
£
|
£
|
Not later than 1 year
|
72,886
|
90,144
|
Later than 1 year and not later than 5 years
|
11,651
|
72,506
|
|
--------
|
---------
|
|
84,537
|
162,650
|
|
--------
|
---------
|
|
|
|
11.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
|
2017
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr R P Wadhams
|
(
3,563)
|
(
43,686)
|
(
47,249)
|
|
|
-------
|
--------
|
--------
|
|
|
|
|
|
|
2016
|
|
|
Balance brought forward
|
Advances/ (credits) to the director
|
Balance outstanding
|
|
|
£
|
£
|
£
|
|
Mr R P Wadhams
|
(
1,418)
|
(
2,145)
|
(
3,563)
|
|
|
-------
|
-------
|
-------
|
|
|
|
|
|
12.
Related party transactions
The company was under the control of
Mr R P Wadhams
throughout the current and previous year. Mr R P Wadhams
is the managing director and majority shareholder. Included in Other Debtors (Note 8.) are amounts owed by Artist First Management Limited and Hogbens Dunphy Secretaries Limited of £51,226 (2016 £44,778)and £14,357 (2016 £14,343) respectively in which Mr R P Wadhams
, the director, is a director. Included in other creditors (Note 9.) is an amount owed to Hogbens Dunphy Financial Services Limited of £Nil (2016 £12) in which Mr R P Wadhams
, the director, is a director. Included in trade creditors are amounts of £65,000 (2016 £65,000)owed to Hogbens Dunphy Secretaries Limited a company in which Mr R P Wadhams
, the director, is a director. During the year the director, Mr R P Wadhams
, together with his wife received net dividends totalling £136,201 (2016 £200,000).
13.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.