AVSNET_LIMITED - Accounts
AVSNET_LIMITED - Accounts
Company Registration No. 05371995 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ABBREVIATED BALANCE SHEET
AS AT
31 MAY 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(1,304,019 )
(1,906,026 )
Net current (liabilities)/assets
(13,112 )
Total assets less current liabilities
Creditors: amounts falling due after more than one year
3
(155,158 )
(57,063 )
Provisions for liabilities
(29,817 )
(31,117 )
255,535
420,966
Capital and reserves
Called up share capital
4
Share premium account
Other reserves
-
Profit and loss account
Shareholders' funds
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2015
- 2 -
Directors' responsibilities:
-
-
Approved by the Board for issue on 26 January 2016
Director
Company Registration No. 05371995
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 3 -
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
1.4
Tangible fixed assets and depreciation
Land and buildings Leasehold
Plant and machinery
Computer equipment
Fixtures, fittings & equipment
Motor vehicles
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
1.6
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 4 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 June 2014
2,519
457,409
Additions
-
287,209
Disposals
(7,395 )
(2,519)
(9,914)
At 31 May 2015
-
734,704
Depreciation
At 1 June 2014
2,519
207,567
On disposals
(7,395 )
(2,519)
(9,914)
Charge for the year
-
83,429
At 31 May 2015
-
281,082
Net book value
At 31 May 2015
-
453,622
At 31 May 2014
-
249,842
3
Creditors: amounts falling due after more than one year
Liabilities amounting to £437,663 (2014: £294,030) are secured by a fixed and floating charge over the assets of the company.
4
Share capital
2015
2014
£
£
Allotted, called up and fully paid
The shares rank pari passu in all regards save the B shares do not carry the right to attend or vote at general meetings.
The company operates a share based payment arrangement. The scheme was set up in 2013 and exists for the benefit of 13 employees.
During the year, 150 Ordinary B shares were bought back by the company at a cost of £52,000.