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Registration number: 07314854

High Profits Limited

Unaudited Abbreviated Accounts
 
for the Year Ended 31 July 2016

Complete Accounting Results Limited
12-14A Bath Street
Hale
Cheshire
WA14 2EJ

 

High Profits Limited

Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
High Profits Limited
for the Year Ended 31 July 2016

We have not been instructed to carry out an audit or a review of the accounts of High Profits 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.

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

Complete Accounting Results Limited
12-14A Bath Street
Hale
Cheshire
WA14 2EJ

7 June 2017

 

High Profits Limited

(Registration number: 07314854)
Abbreviated Balance Sheet as at 31 July 2016

Note

2016
 £

2015
 £

Fixed assets

 

Tangible assets

2

45,534

25,462

Current assets

 

Debtors

74,476

69,386

Cash at bank and in hand

 

39,081

9,613

 

113,557

78,999

Creditors: Amounts falling due within one year

(96,381)

(47,295)

Net current assets

 

17,176

31,704

Total assets less current liabilities

 

62,710

57,166

Creditors: Amounts falling due after more than one year

(62,490)

(19,637)

Net assets

 

220

37,529

Capital and reserves

 

Called up share capital

3

2

1

Profit and loss account

 

218

37,528

Shareholders funds

 

220

37,529

For the year ending 31 July 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 7 June 2017 and signed on its behalf by:

.........................................
Mr Christopher David Cobb
Director

 

High Profits Limited

Notes to the Abbreviated Accounts

 

1

Accounting policies

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

 

2

Fixed assets

Tangible assets
£

Total
£

Cost

At 1 August 2015

33,950

33,950

Additions

35,250

35,250

At 31 July 2016

69,200

69,200

 

High Profits Limited

Notes to the Abbreviated Accounts

Tangible assets
£

Total
£

Depreciation

At 1 August 2015

8,488

8,488

Charge for the year

15,178

15,178

At 31 July 2016

23,666

23,666

Net book value

At 31 July 2016

45,534

45,534

At 31 July 2015

25,462

25,462

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

 

No.

£

No.

£

Ordinary Share of £1 each

2

2

1

1

         

New shares allotted

During the year 1 Ordinary having an aggregate nominal value of £1 was allotted for an aggregate consideration of £1.

 

4

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.