AVSNET_LIMITED - Accounts

SCC AVS LIMITED - Company Information

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Company Registration No. 05371995 (England and Wales)

AVSNET LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

AVSNET LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

AVSNET LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MAY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

249,842

303,589

Investments

2,519

249,842

306,108

Current assets

Stocks

268,057

375,000

Debtors

1,574,896

862,356

Cash at bank and in hand

322,377

113,989

2,165,330

1,351,345

Creditors: amounts falling due within one year

(1,906,026)

(1,238,554)

Net current assets

259,304

112,791

Total assets less current liabilities

509,146

418,899

Creditors: amounts falling due after more than one year

(57,063)

(45,334)

Provisions for liabilities

(31,117)

(37,729)

420,966

335,836

Capital and reserves

Called up share capital

128

115

Share premium account

6,112

Profit and loss account

414,726

335,721

Shareholders' funds

420,966

335,836

AVSNET LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MAY 2014

- 2 -

For the financial year ended 31 May 2014 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 30 September 2014

Mr G Fry

Director

Company Registration No. 05371995

AVSNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2014

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 April 2008).

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:

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

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

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.

1.8

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.

1.9

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.

1.10

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

AVSNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 June 2013

417,638

2,519

420,157

Additions

37,252

At 31 May 2014

454,890

2,519

457,409

Depreciation

At 1 June 2013

114,049

Charge for the year

90,999

2,519

93,518

At 31 May 2014

205,048

2,519

207,567

Net book value

At 31 May 2014

249,842

At 31 May 2013

303,589

2,519

306,108

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Besttel Limited

United Kingdom

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2013

Principal activity

Besttel Limited

Telecommunications

(1,857)

AVSNET LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2014

- 5 -

Share capital

2014

2013

Allotted, called up and fully paid

940 Ordinary A shares of 10p each

340 Ordinary B shares of 10p each

128

115

During the year 125 £0.10 Ordinary B shares were issued to Mr M Mason for a consideration of £49 per share. The shares rank pari passu, except for that the Ordinary B shares do not have any voting rights.

The company operates a share based payment arrangement. The scheme was set up in 2013 and exists for the benefit of sixteen employees.

Transactions with directors

Included in other creditors is an amount of £1,347 (2013: £26,255) owed to Mr G Fry and £14,048 (2013: £14,048) owed to Mr M Burrowes, who are directors of the company. Included within other debtors is an amount of £5,000 (2013: Nil) due from Mr M Mason, who is a director of the company.