Klyde Mobility Limited - Period Ending 2015-12-31

Registration number: SC360108

Klyde Mobility Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Accountants Plus
Chartered Certified Accountants
Upper Floor, Unit 1
82 Muir Street
Hamilton
Lanarkshire
ML3 6BJ

Klyde Mobility Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Klyde Mobility Limited
for the Year Ended 31 December 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Klyde Mobility Limited for the year ended 31 December 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Klyde Mobility Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Klyde Mobility Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Klyde Mobility Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Klyde Mobility Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Klyde Mobility Limited. You consider that Klyde Mobility Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Klyde Mobility Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Accountants Plus
Chartered Certified Accountants
Upper Floor, Unit 1
82 Muir Street
Hamilton
Lanarkshire
ML3 6BJ

28 April 2016

Page 1

Klyde Mobility Limited
(Registration number: SC360108)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					7,500			9,500
Tangible fixed assets					4,080			3,425
					11,580			12,925
Current assets
Stocks					67,744			42,655
Debtors					19,058			32,373
Cash at bank and in hand					3,840			4,291
					90,642			79,319
Creditors: Amounts falling due within one year					(96,651)			(77,926)
Net current (liabilities)/assets					(6,009)			1,393
Total assets less current liabilities					5,571			14,318
Provisions for liabilities					(816)			(685)
Net assets					4,755			13,633
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					4,655			13,533
Shareholders' funds					4,755			13,633

For the year ending 31 December 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 28 April 2016 and signed on its behalf by:

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Klyde Mobility Limited
(Registration number: SC360108)
Abbreviated Balance Sheet at 31 December 2015
......... continued

.........................................
Mr Stuart Iain Kinniburgh
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Klyde Mobility Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10 % Straight Line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and Machinery	25 % Straight Line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

Klyde Mobility Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2015		20,000			11,388			31,388
Additions		-			3,633			3,633
At 31 December 2015		20,000			15,021			35,021
Depreciation
At 1 January 2015		10,500			7,963			18,463
Charge for the year		2,000			2,978			4,978
At 31 December 2015		12,500			10,941			23,441
Net book value
At 31 December 2015		7,500			4,080			11,580
At 31 December 2014		9,500			3,425			12,925

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		-			5,431

Page 5

Klyde Mobility Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Share Capital of £1 each		100			100			100			100

Page 6