Registered number: 03478062
ASBESTECH LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014
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ASBESTECH LIMITED
REGISTERED NUMBER: 03478062
ABBREVIATED BALANCE SHEET
AS AT 31 OCTOBER 2014
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CREDITORS: amounts falling due within one year
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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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PROVISIONS FOR LIABILITIES
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 October 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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ASBESTECH LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 OCTOBER 2014
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 22 January 2015.
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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ASBESTECH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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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 April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Intangible fixed assets and amortisation
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Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and loss account over its estimated economic life.
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Amortisation is provided at the following rates:
 
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Straight line over the life of the lease (20 years)
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Short-term leasehold property
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Straight line over the life of the lease (6 years)
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. 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.
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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Page 3
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ASBESTECH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014
1.ACCOUNTING POLICIES (continued)
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Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
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The company balance sheet at 31st October 2014 shows net current liabilities of £213,962 (2013 : £512,348) and total net liabilities of £70,657 (2013 : £347,129). Whilst the company has secured substantial contracts since the balance sheet date its ability to continue trading relies upon the continued support of third party borrowings.
The relevant borrowings are repayable on demand and included within other creditors due within one year, totalling £456,139 (2013: £456,139), however the lender has confirmed their willingness to support the company for at least the next 12 months. Accordingly the Directors consider it appropriate to adopt the going concern basis when preparing these financial statements.
The borrowings are secured by debenture over the assets of the company.
3.INTANGIBLE FIXED ASSETS
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At 1 November 2013 and 31 October 2014
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Page 4
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ASBESTECH LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2014
4.TANGIBLE FIXED ASSETS
5.CREDITORS:
Amounts falling due after more than one year
6.SHARE CAPITAL
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Allotted, called up and fully paid
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300,000 ordinary shares of £1 each
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Page 5
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