Albacom Limited Small abridged accounts
Albacom Limited Small abridged accounts
Statement of Consent to Prepare Abridged Financial Statements |
COMPANY REGISTRATION NUMBER:
SC121731
|
|
|
|
Abridged Financial Statements |
Year Ended 31 March 2019
Contents |
Page |
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements |
1 |
Abridged Statement of Financial Position |
2 |
Notes to the Abridged Financial Statements |
4 |
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
|
Year Ended 31 March 2019
|
Abridged Statement of Financial Position |
2019 |
2018 |
||
Note |
£ |
£ |
£ |
Fixed Assets
Tangible assets |
5 |
|
|
|
Current Assets
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
------------ |
------------ |
||
|
|
||
Creditors: amounts falling due within one year |
|
|
|
------------ |
------------ |
||
Net Current Assets |
|
|
|
--------- |
--------- |
||
Total Assets Less Current Liabilities |
|
|
|
Creditors: amounts falling due after more than one year |
|
|
|
--------- |
--------- |
||
Net Assets |
|
|
|
--------- |
--------- |
||
Capital and Reserves
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
(
|
(
|
|
--------- |
--------- |
||
Shareholders Funds |
|
|
|
--------- |
--------- |
||
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
4 December 2019
, and are signed on behalf of the board by:
|
Director |
Company registration number:
SC121731
|
Notes to the Abridged Financial Statements |
Year Ended 31 March 2019
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is George Buckman Drive, Camperdown Industrial Estate, Dundee, DD2 3SP.
2.
Statement of Compliance
3.
Accounting Policies
Basis of Preparation
Warranties
The company gives a standard warranty on its products and provides for the estimated cost of meeting this on an accruals basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Income Tax
Foreign Currencies
Operating Leases
Tangible Assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements |
- |
over 10 years |
|
Plant and equipment |
- |
over 3 to 10 years |
|
Computer and office equipment |
- |
over 4 to 10 years |
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance Leases and Hire Purchase Contracts
Government Grants
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined Contribution Plans
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
21
(2018:
24
).
5.
Tangible Assets
£ |
|
Cost |
|
At 1 April 2018 |
|
Additions |
|
Disposals |
(
|
------------ |
|
At 31 March 2019 |
|
------------ |
|
Depreciation |
|
At 1 April 2018 |
|
Charge for the year |
|
Disposals |
(
|
------------ |
|
At 31 March 2019 |
|
------------ |
|
Carrying amount |
|
At 31 March 2019 |
299,346 |
------------ |
|
At 31 March 2018 |
134,930 |
------------ |
|
6.
Related Party Transactions
At the balance sheet date, the company was due £774,762 (2018 - £774,847) from Two M&H Limited, the immediate parent company. The company was also due to pay Visio Stone Ltd, the ultimate parent company, £714,714 (2018 - £354,139). There is currently no repayment terms agreed or any interest accruing on this loan. During prior years the company has received loans from its directors amounting to £65,000. At the year end the outstanding balances were £40,000 (2018 - £40,000) due to Mr & Mrs A Hay and £25,000 (2018 - £25,000) due to Mr J Davidson. At present there are no set repayment terms and interest is being accrued at a rate of 10%.