AVSNET_LIMITED - Accounts

SCC AVS LIMITED - Company Information

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Company Registration No. 05371995 (England and Wales)

AVSNET LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2016

AVSNET LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

AVSNET LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

400,056

453,622

Current assets

Stocks

208,522

231,336

Debtors

1,642,470

1,001,821

Cash at bank and in hand

99,920

77,434

1,950,912

1,310,591

Creditors: amounts falling due within one year

(1,977,757)

(1,304,019)

Net current liabilities/(assets)

(26,845)

6,572

Total assets less current liabilities

373,211

460,194

Creditors: amounts falling due after more than one year

(60,817)

(174,842)

Provisions for liabilities

(39,682)

(29,817)

272,712

255,535

Capital and reserves

Called up share capital

113

Share premium account

6,112

Other reserves

Profit and loss account

266,472

249,295

Shareholders' funds

272,712

255,535

AVSNET LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2016

- 2 -

For the financial year ended 31 May 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 10 October 2016

Mr G Fry

Director

Company Registration No. 05371995

AVSNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

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

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Leasehold

over the length of the lease

Plant and machinery

25% - 30% reducing balance

Computer equipment

20% - 25% reducing balance

Fixtures, fittings & equipment

20% - 25% reducing balance

Motor vehicles

20% - 25% reducing balance

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.

AVSNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2016

- 4 -

Fixed assets

Tangible assets

Cost

At 1 June 2015

734,704

Additions

36,574

At 31 May 2016

771,278

Depreciation

At 1 June 2015

281,082

Charge for the year

90,140

At 31 May 2016

371,222

Net book value

At 31 May 2016

400,056

At 31 May 2015

453,622

Creditors: amounts falling due after more than one year

Liabilities amounting to £529,238 (2015: £437,663) are secured by a fixed and floating charge over the assets of the company.

Share capital

2016

2015

Allotted, called up and fully paid

940 Ordinary A shares of 10p each

190 Ordinary B shares of 10p each

113

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 25 (2015: 13) employees.

Transactions with directors

Included in other debtors are amounts of £25,146 (2015: £14,684) and £5,000 (2015: £5,000) owed by Mr G Fry and Mr M Mason respectively, who are both directors of the company. An interest charge arises to Mr G Fry in relation to the debtor balance.