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Acam Technology Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Acam Technology Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Financial Statements	4 to 7

Acam Technology Limited

Company Information

Directors

C G West D M Watkins

Company secretary

T J West

Registered office

Unit 3 Prime Enterprise Park Prime Park Way Derby Derbyshire DE1 3QB

Bankers

HSBC Bank Plc 1 St Peters Street Derby Derbyshire DE1 2AE

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Acam Technology Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Acam Technology Limited for the year ended 31 March 2017 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Acam Technology Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Acam Technology Limited and state those matters that we have agreed to state to the Board of Directors of Acam Technology Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Acam Technology Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Acam Technology Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Acam Technology Limited. You consider that Acam Technology 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 accounts of Acam Technology 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 accounts.

............................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

3 July 2017

Page 2

Acam Technology Limited

(Registration number: 03449688)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	16,251	23,916
Current assets
Stocks	5	117,804	173,883
Debtors	6	127,808	117,010
Cash at bank and in hand		87,083	32,955
		332,695	323,848
Creditors: Amounts falling due within one year	7	(43,983)	(38,496)
Net current assets		288,712	285,352
Total assets less current liabilities		304,963	309,268
Provisions for liabilities		(3,252)	(4,785)
Net assets		301,711	304,483
Capital and reserves
Called up share capital		1,000	1,000
Share premium reserve		1	1
Profit and loss account		300,710	303,482
Total equity		301,711	304,483

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 July 2017 and signed on its behalf by:
 

.........................................

C G West

Director

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Acam Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The finanical statements are presented in Sterling (£) and are rounded to the nearest £1.

Revenue recognition

Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Income is recongnised based on the level of completion of services.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 4

Acam Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% reducing balance
Fixtures, fittings and equipment	33% reducing balance
Motor vehicles	25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 7).

Page 5

Acam Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 April 2016	29,674	7,250	22,463	59,387
Additions	495	-	-	495
Disposals	-	(7,250)	-	(7,250)
At 31 March 2017	30,169	-	22,463	52,632
Depreciation
At 1 April 2016	19,693	3,511	12,267	35,471
Charge for the year	3,401	936	1,020	5,357
Eliminated on disposal	-	(4,447)	-	(4,447)
At 31 March 2017	23,094	-	13,287	36,381
Carrying amount
At 31 March 2017	7,075	-	9,176	16,251
At 31 March 2016	9,981	3,739	10,196	23,916

5

Stocks

	2017 £	2016 £
Other inventories	117,804	173,883

6

Debtors

	2017 £	2016 £
Trade debtors	98,829	87,855
Other debtors	28,979	29,155
	127,808	117,010

Page 6

Acam Technology Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		31,167	20,473
Taxation and social security		5,701	9,601
Corporation tax		2,041	4,410
Other creditors		5,074	4,012
		43,983	38,496