REGISTERED NUMBER: SC258848 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2014

FOR

ABERCORN ELECTRONICS LTD.

Page

Company information

1

Abbreviated balance sheet

2

Notes to the abbreviated accounts

3

DIRECTOR:

J D Colquhoun

SECRETARY:

Mrs T Colquhoun

REGISTERED OFFICE:

Pardovan Works

Linlithgow

West Lothian

EH49 6TT

REGISTERED NUMBER:

SC258848 (Scotland)

ACCOUNTANTS:

Consilium Chartered Accountants

169 West George Street

Glasgow

G2 2LB

CURRENT ASSETS

Debtors

5,016

215,073

Cash at bank and in hand

960

137,137

5,976

352,210

CREDITORS

Amounts falling due within one year

5,875

346,234

NET CURRENT ASSETS

101

5,976

TOTAL ASSETS LESS CURRENT LIABILITIES

101

5,976

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

1

5,876

SHAREHOLDERS' FUNDS

101

5,976

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 27 November 2014 and were signed by:

J D Colquhoun - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

The Company was non-trading throughout the year ended 31 March 2014. However, reference to information relating to

the period ended 31 March 2013 has been made where appropriate.

Exemption from preparing a cash flow statement

The Company has adopted the Financial Reporting Standard for Smaller Entities (effective April 2008) and is consequently

exempt from the requirement to include a cash flow statement in the financial statements.

Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the year, less returns

received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which

the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as

obsolescence, have been transferred to the customer.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the Balance Sheet and amortised

over its estimated useful life up to a maximum of 20 years. This length of time is presumed to be the maximum useful life of

purchased goodwill because it is difficult to make projections beyond this period. Goodwill is reviewed for impairment at

the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances

emerge that indicate that the carrying value may not be recoverable.

The value of goodwill was reduced to £nil following an impairment review at 31 March 2013.

Deferred tax

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, or a right to

pay less tax, or a right to receive repayments of tax.

Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be

suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax

assets and liabilities recognised have not been discounted.

Deferred tax is measured on a non-discounted basis at the average tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Non-monetary assets and liabilities and 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 result.

Pension costs

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by

the company to the fund in respect of the year. The assets of the scheme are held separately from those of the company in

an independently administered fund.

Financial instruments

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its

liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

Employee benefit trusts (ebt's)

The company has established trusts for the benefit of employees and certain of their dependants. Monies held in these

trusts are held by independent trustees and managed at their discretion.

Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust,

they are accounted for as assets and liabilities of the company until the earlier of the date that an allocation of trust funds

to employees in respect of past service is declared and the date that assets of the trust vest in identified individuals.

Where monies held in a trust are determined by the company on the basis of employees' past service to the business and

the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for

by the company are charged to the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

500,000

AMORTISATION

At 1 April 2013

and 31 March 2014

500,000

NET BOOK VALUE

At 31 March 2014

-

At 31 March 2013

-

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

90

A Ordinary

£1

90

90

10

B Ordinary

£1

10

10

100

100

The rights attaching to the various classes of shares are as follows:

Each share in the company shall carry the right to receive notice of and to attend, speak and vote at all general meetings of

the company;

Any payment of dividends may be declared in respect of one class of share and not another, and may be declared at

different rates on different classes of shares in issue;

On a return of assets on liquidation, capital reduction or otherwise, the assets of the company remaining after the payment

of the company's liabilities shall be distributed among the holders of the equity shares pro-rata to the number of equity

shares held, as if they all constituted shares of the same class.