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Registration number: 04024808

8hwe Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

T Burton & Co Ltd
Suite 1, Scotts Place
24 Scotts Road
Bromley
Kent
BR1 3QD

 

8hwe Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 6

 

8hwe Limited

Company Information

Directors

J McLaren

M R Hakim

A Lemer

Company secretary

M R Hakim

Registered office

Suite 1, Scotts Place
24 Scotts Road
Bromley
Kent
BR1 3QD

Accountants

T Burton & Co Ltd
Suite 1, Scotts Place
24 Scotts Road
Bromley
Kent
BR1 3QD

 

8hwe Limited

(Registration number: 04024808)
Balance Sheet as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

5,534

3,282

Current assets

 

Debtors

5

15,028

8,204

Cash at bank and in hand

 

338,681

290,879

 

353,709

299,083

Creditors: Amounts falling due within one year

6

(113,216)

(85,810)

Net current assets

 

240,493

213,273

Net assets

 

246,027

216,555

Capital and reserves

 

Called up share capital

5,000

5,000

Profit and loss account

241,027

211,555

Total equity

 

246,027

216,555

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 11 December 2018 and signed on its behalf by:
 

.........................................

J McLaren
Director

 

8hwe Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Suite 1, Scotts Place
24 Scotts Road
Bromley
Kent
BR1 3QD

These financial statements were authorised for issue by the Board on 11 December 2018.

2

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

8hwe Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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

Plant and machinery

20% on cost

Fixtures and fittings

20% on cost

Computer equipment

20% on cost

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

8hwe Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2017 - 6).

 

8hwe Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2017

44,115

1,648

45,763

Additions

3,842

-

3,842

At 30 June 2018

47,957

1,648

49,605

Depreciation

At 1 July 2017

40,834

1,648

42,482

Charge for the year

1,589

-

1,589

At 30 June 2018

42,423

1,648

44,071

Carrying amount

At 30 June 2018

5,534

-

5,534

At 30 June 2017

3,282

-

3,282

5

Debtors

2018
£

2017
£

Trade debtors

4,800

2,920

Prepayments

5,000

4,166

Other debtors

5,228

1,118

15,028

8,204

6

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Taxation and social security

30,936

16,606

Accruals and deferred income

5,200

5,200

Other creditors

77,080

64,004

113,216

85,810


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