Company Registration No. 01441143 (England and Wales)
AAC EUROVENT LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2016
AAC EUROVENT LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
AAC EUROVENT LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 APRIL 2016
30 April 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
14,157
17,694
Investments
2
112,816
112,816
126,973
130,510
Current assets
Stocks
43,700
51,922
Debtors
250,393
275,738
Cash at bank and in hand
57,917
44,605
352,010
372,265
Creditors: amounts falling due within one year
(225,769)
(249,786)
Net current assets
126,241
122,479
Total assets less current liabilities
253,214
252,989
Creditors: amounts falling due after more than one year
(40,010)
(52,502)
Provisions for liabilities
(2,536)
(3,152)
210,668
197,335
Capital and reserves
Called up share capital
3
10,000
10,000
Revaluation reserve
(7,784)
(7,784)
Profit and loss account
208,452
195,119
Shareholders' funds
210,668
197,335
AAC EUROVENT LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2016
30 April 2016
- 2 -
For the financial year ended 30 April 2016 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 November 2016
Mr R D Elshout
Director
Company Registration No. 01441143
AAC EUROVENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Sales licence agreements
Sales licence agreements are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.5
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.6
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
10% per annum of cost
Plant and machinery
25% per annum reducing balance
Motor vehicles
20% per annum of cost
1.7
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
1.8
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.9
Stock
Stock is valued at the lower of cost and net realisable value.
1.10
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
AAC EUROVENT LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost or valuation
At 1 May 2015
10,000
86,467
112,816
209,283
Additions
-
1,731
-
1,731
At 30 April 2016
10,000
88,198
112,816
211,014
Depreciation
At 1 May 2015
10,000
68,773
-
78,773
Charge for the year
-
5,268
-
5,268
At 30 April 2016
10,000
74,041
-
84,041
Net book value
At 30 April 2016
-
14,157
112,816
126,973
At 30 April 2015
-
17,694
112,816
130,510
The company owns 5% of the issued ordinary share capital of Orbik Electronics Limited.
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000