Registered Number NI038043
AC AUTOMATION (U.K.) LIMITED
Abbreviated Accounts
31 March 2014
Notes | 2014 | 2013 | |
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£ | £ | ||
Fixed assets | |||
Intangible assets | 2 |
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Tangible assets | 3 |
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Investments | 4 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
( |
( |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 5 |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Short leasehold property - 5% Straight line
Plant and machinery - 25% Reducing Balance
Fixtures, fittings and equipment - 15% Reducing Balance
Motor vehicles - 25% Reducing Balance
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
Valuation information and policy
Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Other accounting policies
Tangible fixed assets held under leasing arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the balance sheet at their cost or valuation, less
depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the profit and loss account. Rentals payable under operating leases are dealt with in the profit and loss account as incurred over the period of the rental agreement.
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable.
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions, during the year, which are denominated in foreign currencies are translated at the rates of exchange ruling at the date of the transaction. The resulting exchange differences are dealt with in the profit
and loss account.
Licences
Licences are valued at cost less accumulated amortisation.
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 20 years.
£ | |
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Cost | |
At 1 April 2013 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 March 2014 |
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Amortisation | |
At 1 April 2013 |
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Charge for the year |
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On disposals |
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At 31 March 2014 |
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Net book values | |
At 31 March 2014 | 5,182 |
At 31 March 2013 | 5,465 |
£ | |
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Cost | |
At 1 April 2013 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 March 2014 |
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Depreciation | |
At 1 April 2013 |
|
Charge for the year |
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On disposals |
( |
At 31 March 2014 |
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Net book values | |
At 31 March 2014 | 169,568 |
At 31 March 2013 | 209,037 |
4Fixed assets Investments
Cost
At 1 April 2013: £388,195
Additions: £63,937
At 31 March 2014: £452,132
Net book value
At 31 March 2014: £452,132
At 31 March 2013: £388.195