Audio Images Limited - Limited company - abbreviated - 11.0.0

REGISTERED NUMBER: 03204191 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2013

for

Audio Images Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A R Weldon

SECRETARY:

Mrs W J Weldon

REGISTERED OFFICE:

284 Glossop Road

Sheffield

South Yorkshire

S10 2HS

REGISTERED NUMBER:

03204191 (England and Wales)

ACCOUNTANTS:

Fisher & Company Limited

Kingfisher House

65 Market Place

Market Weighton

York

East Riding of Yorks

YO43 3AN

SOLICITORS:

Taylor & Emmet LLP

20 Arundel Gate

Sheffield

South Yorkshire

S1 2PP

FIXED ASSETS

Intangible assets

2

2,532

3,532

Tangible assets

3

88,229

95,414

90,761

98,946

CURRENT ASSETS

Stocks

435,543

361,550

Debtors

3,449

22,430

Cash at bank and in hand

3,811

-

442,803

383,980

CREDITORS

Amounts falling due within one year

4

378,447

345,504

NET CURRENT ASSETS

64,356

38,476

TOTAL ASSETS LESS CURRENT LIABILITIES

155,117

137,422

CREDITORS

Amounts falling due after more than one year

4

(65,416

)

(84,178

)

PROVISIONS FOR LIABILITIES

(4,460

)

(4,831

)

NET ASSETS

85,241

48,413

CAPITAL AND RESERVES

Called up share capital

5

1

1

Profit and loss account

85,240

48,412

SHAREHOLDERS' FUNDS

85,241

48,413

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2013.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2013 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 14 August 2014 and were signed by:

A R Weldon - 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 2006, is being amortised evenly over its estimated useful life 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.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 10% on reducing balance

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

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

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2012

and 31 August 2013

10,000

AMORTISATION

At 1 September 2012

6,468

Amortisation for year

1,000

At 31 August 2013

7,468

NET BOOK VALUE

At 31 August 2013

2,532

At 31 August 2012

3,532

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2012

184,762

Additions

3,435

Disposals

(7,973

)

At 31 August 2013

180,224

DEPRECIATION

At 1 September 2012

89,348

Charge for year

10,053

Eliminated on disposal

(7,406

)

At 31 August 2013

91,995

NET BOOK VALUE

At 31 August 2013

88,229

At 31 August 2012

95,414

4.

CREDITORS

Creditors include an amount of £ 84,149 (2012 - £ 118,432 ) for which security has been given.

They also include the following debts falling due in more than five years:

2013

2012

£

£

Repayable by instalments

11,675

21,973

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

£

£

1

Ordinary

£1

1

1