AUK Supplies Limited - Period Ending 2015-12-31

	Note	2015 £	2014 £
Fixed assets
Intangible fixed assets	2	414,538	477,267
Tangible fixed assets	2	986,179	1,018,521
		1,400,717	1,495,788
Current assets
Stocks		576,206	636,882
Debtors		509,583	528,881
Cash at bank and in hand		91,542	5,659
		1,177,331	1,171,422
Creditors: Amounts falling due within one year		(493,120)	(584,712)
Net current assets		684,211	586,710
Total assets less current liabilities		2,084,928	2,082,498
Creditors: Amounts falling due after more than one year		(836,956)	(944,388)
Provisions for liabilities		(17,500)	(21,000)
Net assets		1,230,472	1,117,110
Capital and reserves
Called up share capital	4	102	102
Share premium account		931,594	931,594
Capital redemption reserve		58,000	5,000
Profit and loss account		240,776	180,414
Shareholders' funds		1,230,472	1,117,110

The notes on pages 3 to 5 form an integral part of these financial statements.
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AUK Supplies Limited
Abbreviated Balance Sheet
31 December 2015 ......... continued

For the year ending 31 December 2015 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 11 April 2016 and signed on its behalf by:

Mr M S Besley
Director

Company Registration Number: 05111595

The notes on pages 3 to 5 form an integral part of these financial statements.
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AUK Supplies Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

1	Accounting policies

Basis of preparation

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).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	20/5/2 years straight line

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
Freehold property	2% straight line
Plant & Machinery	15% reducing balance
Fixtures & Fittings	15% reducing balance/25% straight line
Motor Vehicles	25% reducing balance
Software	33% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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AUK Supplies Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 January 2015	1,249,000	1,416,919	2,665,919
Additions	15,841	30,283	46,124
Disposals	(15,000)	(24,168)	(39,168)
At 31 December 2015	1,249,841	1,423,034	2,672,875
Depreciation
At 1 January 2015	771,733	398,398	1,170,131
Charge for the year	78,570	59,177	137,747
Eliminated on disposals	(15,000)	(20,720)	(35,720)
At 31 December 2015	835,303	436,855	1,272,158
Net book value
At 31 December 2015	414,538	986,179	1,400,717
At 31 December 2014	477,267	1,018,521	1,495,788

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

	2015 £	2014 £

Amounts falling due within one year	60,970	176,080
Amounts falling due after more than one year	32,304	86,736
Total secured creditors	93,274	262,816

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AUK Supplies Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2015 ......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015			2014
		No.	£		No.	£
'A' Ordinary shares of £1 each		1	1		1	1
'B' Ordinary shares of £1 each		1	1		1	1
'C' Preference shares of £1 each		101,500	101,500		154,500	154,500
'D' Preference shares of £1 each		4	4		4	4
'E' Preference shares of £1 each		703,148	703,148		703,148	703,148
Ordinary shares of £1 each		100	100		100	100
		804,754	804,754		857,754	857,754

Redeemable preference shares

The C,D and E Preference shares are redeemable at the option of the company. They are redeemable at £1 per share and carry no voting rights. On a winding up of the company the holders of the shares have a right to receive par value. The shares have fixed cumulative dividend of 2%.

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