Waveblade Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: SC425281 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

FOR

WAVEBLADE LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H E Fisher

B R Benge

J Hall

SECRETARY:

HMS Secretaries Ltd

REGISTERED OFFICE:

Block 7, Kelvin Campus

West of Scotland Science Park

Maryhill Road

Glasgow

G20 0SP

REGISTERED NUMBER:

SC425281 (Scotland)

ACCOUNTANTS:

Henderson Loggie

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Intangible assets

2

698,293

798,515

Tangible assets

3

46,961

58,576

Investments

4

63

63

745,317

857,154

CURRENT ASSETS

Stocks

38,033

50,576

Debtors

123,150

30,331

Cash at bank

16,642

404,471

177,825

485,378

CREDITORS

Amounts falling due within one year

168,690

81,064

NET CURRENT ASSETS

9,135

404,314

TOTAL ASSETS LESS CURRENT LIABILITIES

754,452

1,261,468

CAPITAL AND RESERVES

Called up share capital

5

1,945,800

1,940,800

Profit and loss account

(1,191,348

)

(679,332

)

SHAREHOLDERS' FUNDS

754,452

1,261,468

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

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

The directors acknowledge their 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 Board of Directors on 10 November 2014 and were signed on its behalf by:

J Hall - 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).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible fixed assets

Intangible fixed assets consist of patents and licences which are being written off evenly over their estimated

useful lives of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on a straight line basis

Tooling, domain & drawings

-

20% on a straight line basis

Computer equipment

-

50% on a straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

873,998

Additions

31,459

At 31 May 2014

905,457

AMORTISATION

At 1 June 2013

75,483

Amortisation for year

131,681

At 31 May 2014

207,164

NET BOOK VALUE

At 31 May 2014

698,293

At 31 May 2013

798,515

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2013

65,386

Additions

610

At 31 May 2014

65,996

DEPRECIATION

At 1 June 2013

6,810

Charge for year

12,225

At 31 May 2014

19,035

NET BOOK VALUE

At 31 May 2014

46,961

At 31 May 2013

58,576

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 June 2013

and 31 May 2014

63

NET BOOK VALUE

At 31 May 2014

63

At 31 May 2013

63

The company's investments at the balance sheet date in the share capital of companies include the following:

Waveblade Incorporated

Country of incorporation: United States

Nature of business: Distribution and sale of Marine products

%

Class of shares:

holding

Ordinary

100.00

2014

2013

£

£

Aggregate capital and reserves

2,307

63

(Loss)/profit for the year/period

(64,812

)

63

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,945,800

Ordinary

£1

1,945,800

1,940,800

5,000 Ordinary shares of £1 each were allotted and fully paid for cash at par during the year.

6.	INTEREST IN SHARE CAPITAL

Under the terms of the share option scheme, the Enterprise Management Incentive Scheme, the Board may offer

selected staff options over ordinary shares of the company at prices no lower than the market valuation at the

time of the offer. The option period is open subject to exit and achieving various milestones. Options that

existed during the year were as follows:

Grant date

Exercise price

No. of

No .of

No .of

At 31/05/14

£

employees

shares

shares lapsed

No. of options

15/05/13

1.00

1

108,006

108,006

-

The beneficial interests of the directors holding office on 31 May 2014 in the issued share capital of

the company were as follows:

At 31/05/14

At 31/05/14

At 31/05/13

At 31/05/13

No. of ordinary

No. of options

No. of ordinary

No. of options

£1 shares

£1 shares

J Hall

5,000

-

5,000

-

B R Benge

136,220

-

136,220

-

H E Fisher

303,743

-

303,743

-