5650200 HEART CONTRACTS LIMITED 2015-01-01 2015-12-31 false true 2015-12-31 5650200 2015-01-01 2015-12-31 5650200 2015-12-31 5650200 2014-12-31 5650200 c:MotorVehicles 2015-01-01 2015-12-31 5650200 c:FixturesFittingsToolsEquipment 2015-01-01 2015-12-31 5650200 d:OrdinaryShareClass1 2015-12-31 5650200 d:OrdinaryShareClass1 2014-12-31 5650200 d:OrdinaryShareClass1 2015-01-01 2015-12-31 5650200 d:Director2 2015-01-01 2015-12-31 5650200 c:ProvisionsForDeferredTaxation 2014-12-31 5650200 c:InvestmentProperties 2014-12-31 5650200 c:InvestmentProperties 2015-12-31 xbrli:shares iso4217:GBP
Registered number: 5650200














HEART CONTRACTS LIMITED




UNAUDITED


ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015













 
HEART CONTRACTS LIMITED
REGISTERED NUMBER: 5650200

ABBREVIATED BALANCE SHEET
AS AT 31 DECEMBER 2015

2015
2014
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
2
12,694
14,021
 
Investment property
3
103,921
103,921







116,615

117,942
 
CURRENT ASSETS





 
Stocks
76,474
-

 
Debtors
111,275
150,960

 
Cash at bank and in hand

297,264
282,217







 
485,013
433,177
 
CREDITORS: amounts falling due within one year
(80,297)
(38,089)
 
NET CURRENT ASSETS


404,716

395,088
 
TOTAL ASSETS LESS CURRENT LIABILITIES
521,331
513,030
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(1,126)
(1,081)

NET ASSETS




 520,205


 511,949
  
CAPITAL AND RESERVES

 
Called up share capital
4
100
100
 
Profit and loss account
520,105
511,849
 
SHAREHOLDERS' FUNDS
 

 520,205

 511,949


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 December 2015 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


Page 1

 
HEART CONTRACTS LIMITED
 

ABBREVIATED BALANCE SHEET (continued)
AS AT 31 DECEMBER 2015

The abbreviated accounts, which 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, were approved and authorised for issue by the board and were signed on its behalf on 8 September 2016.





M S Wass
Director

The notes on pages 3 to 4 form part of these financial statements.

Page 2

 
HEART CONTRACTS LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor vehicles
-
25% Reducing Balance Basis
Fixtures and fittings
-
15% Reducing Balance Basis

1.4
Investment properties

Investment properties are included in the Balance sheet at their open market value in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company.

1.5
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

1.6
Long-term contracts

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Page 3

 
HEART CONTRACTS LIMITED
 

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015

2.TANGIBLE FIXED ASSETS



£


Cost 


At 1 January 2015
35,362

Additions
1,925


At 31 December 2015

37,287



Depreciation


At 1 January 2015
21,341

Charge for the year
3,252


At 31 December 2015

24,593




Net book value


At 31 December 2015
 12,694


At 31 December 2014

 14,021


3.INVESTMENT PROPERTY



£


Valuation



At 1 January 2015 and 31 December 2015

 103,921


Comprising


Cost
103,921


At 31 December 2015

 103,921

The 2015 valuations were made at purchase in 2013, on an open market value for existing use basis.


4.SHARE CAPITAL
        2015
        2014
        £

        £

Allotted, called up and fully paid



100 Ordinary shares of £1 each
 100
 100

Page 4