Abbreviated Company Accounts - DELPHIAN BALLISTICS LIMITED

Abbreviated Company Accounts - DELPHIAN BALLISTICS LIMITED

Registered Number SC281437


Abbreviated Accounts

31 July 2015


Abbreviated Balance Sheet as at 31 July 2015

Notes 2015 2014
£ £
Fixed assets
Tangible assets 2 8,535 11,087
Investments 3 401,500 301,500
410,035 312,587
Current assets
Debtors 180,640 40,305
Cash at bank and in hand 57,616 899,478
238,256 939,783
Creditors: amounts falling due within one year (240,404) (158,882)
Net current assets (liabilities) (2,148) 780,901
Total assets less current liabilities 407,887 1,093,488
Total net assets (liabilities) 407,887 1,093,488
Capital and reserves
Called up share capital 4 2,098 2,098
Share premium account 2,524,302 2,524,302
Profit and loss account (2,118,513) (1,432,912)
Shareholders' funds 407,887 1,093,488
  • For the year ending 31 July 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
  • The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 8 October 2015

And signed on their behalf by:
Stuart McLeod, Director


Notes to the Abbreviated Accounts for the period ended 31 July 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective January 2015.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.

Tangible assets depreciation policy
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment - 25% straight line

Other accounting policies
Share based payments
The company issues equity-settled share-based payments to certain employees (including directors). Equity-settled share-based payments are measured at fair value at the date of grant. Under the ruling of the Financial Reporting Standard for Smaller Entities (effective January 2007) equity-settled share based payments are not recorded in the financial statements and are recognised on a disclosure only basis.

Deferred taxation
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, or a right to pay less or to receive more, tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold;
Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, associates and joint ventures only to the extent that, at the balance sheet date, dividends have been accrued as receivable;
Deferred tax assets are recognised only to the extent that the directors consider that it is 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 is measured on an undiscounted basis at the 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 denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the Profit and Loss account.

Research and development
Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.
Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Profit and Loss account.

Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

2Tangible fixed assets
At 1 August 2014 13,100
Additions 2,469
Disposals -
Revaluations -
Transfers -
At 31 July 2015 15,569
At 1 August 2014 2,013
Charge for the year 5,021
On disposals -
At 31 July 2015 7,034
Net book values
At 31 July 2015 8,535
At 31 July 2014 11,087

3Fixed assets Investments
Fixed asset investments are stated at cost less provision for permanent diminution in value.

The company owns 100% of the share capital of Delphian Technologies Limited, a company registered in Scotland.

4Called Up Share Capital
Allotted, called up and fully paid:
209,800Ordinary shares of £0.01 each 2,098 2,098