Company Registration number 03231010
ADEPT SECURITY SYSTEMS LIMITED
Abbreviated Accounts
For the year ended 31 July 2014
ADEPT SECURITY SYSTEMS LIMITED
Financial statements for the year ended 31 July 2014
Contents
Pages
Balance sheet
1
Notes to the financial statements
2-3
ADEPT SECURITY SYSTEMS LIMITED
Abbreviated balance sheet as at 31 July 2014
2014
2013
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
68,245
76,571
2
Current assets
Stock
77,058
48,546
Debtors
143,617
175,765
Cash at bank and in hand
1
1
220,676
224,312
Creditors:
amounts falling due within one year
(267,509)
(273,914)
Net current liabilities
(46,833)
(49,602)
Total assets less current liabilities
21,412
26,969
Creditors: amounts falling due after more than one
year
(19,899)
(25,903)
3
1,513
1,066
Capital and reserves
Called up share capital
10
10
4
Profit and loss account
1,503
1,056
Shareholders' funds
1,513
1,066
For the financial year ended 31 July 2014 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).
Approved by the board of directors on 11 December 2014 and signed on its behalf.
__________________________ Mrs T J Plumpton - Director
Company Registration No: 03231010
The notes on pages 2 to 3 form part of these financial statements.
1
ADEPT SECURITY SYSTEMS LIMITED
Notes to the abbreviated accounts for the year ended 31 July 2014
1
Accounting policies
a)
Basis of accounting
The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.
b)
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
c)
Depreciation of tangible fixed assets
Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:
Motor vehicles
20% on reducing balance
Equipment, fixtures and fittings
15% on reducing balance
Plant and machinery
15% on reducing balance
d)
Stocks
Stock and work in progress is valued at the lower of cost and estimated net realisable value. Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
e)
Hire purchase and lease transactions
Assets acquired under hire purchase agreements and finance leases are capitalised in the balance sheet and are depreciated in accordance with the company's normal policy. The outstanding liabilities under such agreements less interest not yet due are included in creditors. Interest on such agreements is charged to the profit and loss account over the term of each agreement and represents a constant proportion of the balance of capital repayments outstanding.
Rentals under operating leases are charged to the profit and loss account as they fall due.
f)
Pension scheme
The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions to this scheme are charged to the profit and loss account as they become payable.
2
ADEPT SECURITY SYSTEMS LIMITED
Notes to the abbreviated accounts for the year ended 31 July 2014 (continued)
2
Fixed assets
Tangible
fixed
assets
£
£
£
Cost:
At 1 August 2013
141,283
Additions
15,220
Disposals
(14,900)
At 31 July 2014
141,603
Depreciation:
At 1 August 2013
64,712
Provision for the year
15,917
Adjustments for disposals
(7,271)
At 31 July 2014
73,358
Net book value:
At 31 July 2014
68,245
At 31 July 2013
76,571
3
Creditors: amounts falling due after more than one year
2014
2013
£
£
£
£
£
£
Net obligations under finance leases and hire purchase contracts
19,899
25,903
4
Called-up share capital
2014
2013
2014
2013
£
£
£
£
£
£
£
£
£
£
£
£
Allotted, called up and fully paid
Equity shares:
Ordinary shares of £1 each
10
10
3