HAYDON_MARKETING_LIMITED - Accounts


Company Registration No. 02979604 (England and Wales)
HAYDON MARKETING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
HAYDON MARKETING LIMITED
COMPANY INFORMATION
Directors
Mr M E Neale
Mr P S Dickens
Secretary
Mr P S Dickens
Company number
02979604
Registered office
Unit 3 The Furlong
Berryhill Industrial Estate
Droitwich
Worcestershire
WR9 9AH
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
6 Broad Street
Worcester
WR1 3LH
HAYDON MARKETING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
HAYDON MARKETING LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HAYDON MARKETING LIMITED FOR THE YEAR ENDED 30 JUNE 2019
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Haydon Marketing Limited for the year ended 30 June 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Haydon Marketing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Haydon Marketing Limited and state those matters that we have agreed to state to the Board of Directors of Haydon Marketing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Haydon Marketing Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Haydon Marketing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Haydon Marketing Limited. You consider that Haydon Marketing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Haydon Marketing 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 financial statements.

Ormerod Rutter Limited
7 October 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
HAYDON MARKETING LIMITED
BALANCE SHEET
AS AT 30 JUNE 2019
30 June 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,613
6,631
Current assets
Stocks
282,304
272,550
Debtors
4
659,096
631,258
Cash at bank and in hand
46,256
48,294
987,656
952,102
Creditors: amounts falling due within one year
5
(366,236)
(338,243)
Net current assets
621,420
613,859
Total assets less current liabilities
628,033
620,490
Creditors: amounts falling due after more than one year
6
(205,304)
(174,780)
Provisions for liabilities
8
(1,221)
(1,260)
Net assets
421,508
444,450
Capital and reserves
Called up share capital
9
102
102
Profit and loss reserves
421,406
444,348
Total equity
421,508
444,450

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

HAYDON MARKETING LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2019
30 June 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 October 2019 and are signed on its behalf by:
Mr P S Dickens
Director
Company Registration No. 02979604
HAYDON MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
1
Accounting policies
Company information

Haydon Marketing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3 The Furlong, Berryhill Industrial Estate, Droitwich, Worcestershire, WR9 9AH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20% on reducing balance
Fixtures and fittings
20% on reducing balance
Computer equipment
20% on reducing balance
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HAYDON MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

HAYDON MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

1.10

Research and development

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.11

Invoice discounting

The company has entered into an invoice discounting arrangement for certain trade debtors. Amounts due from the customers are shown in full in trade debtors, with amounts due to the finance company in creditors due within twelve months under the other creditors heading and amounts due from the finance company in debtors due within twelve months under the other debtors heading.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 7 (2018 - 7).

3
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Total
£
£
£
£
Cost
At 1 July 2018
3,234
4,673
11,673
19,580
Additions
-
-
1,634
1,634
At 30 June 2019
3,234
4,673
13,307
21,214
Depreciation and impairment
At 1 July 2018
2,659
3,332
6,957
12,948
Depreciation charged in the year
115
268
1,270
1,653
At 30 June 2019
2,774
3,600
8,227
14,601
Carrying amount
At 30 June 2019
460
1,073
5,080
6,613
At 30 June 2018
574
1,341
4,716
6,631
HAYDON MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
415,621
368,162
Amounts owed by group undertakings
219,691
229,595
Other debtors
23,784
33,501
659,096
631,258
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
1,686
45
Trade creditors
39,153
36,747
Corporation tax
78,995
86,112
Other taxation and social security
14,698
24,151
Other creditors
231,704
191,188
366,236
338,243
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
205,304
174,780
7
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Bank overdrafts
1,686
45
Bank loans
205,304
174,780
Factoring account
218,976
180,318
425,966
355,143

The bank holds a fixed and floating charge over all assets, both present and future, against the above loan.

All monies due or to become due from the company to the factoring company, HSBC Invoice Finance (UK) Ltd, are secured against trade debtors.
HAYDON MARKETING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 8 -
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
1,221
1,260
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
102Ordinary of £1 each
102
102
102
102
10
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

11
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan accounts
-
4,442
7,647
(5,526)
6,563
4,442
7,647
(5,526)
6,563

The directors' loan accounts were repaid within nine months of the year end.

12
Control

Ultimate parent company

The ultimate parent company is PDMN Security Limited, a company registered in England and Wales.

 

Ultimate controlling party

There is no ultimate controlling party by virtue of no controlling interest in the ultimate parent company.

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