Display Mode Limited - Abbreviated accounts

Display Mode Limited - Abbreviated accounts

DISPLAY MODE LIMITED - Company Information

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DISPLAY MODE LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2016
Company Registration Number: 06887853
DISPLAY MODE LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the abbreviated financial statements 4 to 7
DISPLAY MODE LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2016
DIRECTORS
L Edwards (appointed 22 February 2016)
S J Rowland (resigned 22 February 2016)
H McCallum (resigned 22 February 2016)
Mrs C Edwards (appointed 17 October 2016)
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Princewood Road
Corby
Northants
NN17 4AP
COMPANY REGISTRATION NUMBER
06887853 England and Wales
DISPLAY MODE LIMITED
BALANCE SHEET
AS AT 31 March 2016
Notes 2016 2015
£ £
FIXED ASSETS
Intangible assets 2 - 12,549
Tangible assets 3 146,051 516,539
146,051 529,088
CURRENT ASSETS
Stock 111,091 269,370
Debtors 2,631,850 960,188
Cash at bank and in hand 551,737 341,882
3,294,678 1,571,440
CREDITORS: Amounts falling due 1,442,498 618,078
within one year
NET CURRENT ASSETS 1,852,180 953,362
TOTAL ASSETS LESS CURRENT LIABILITIES 1,998,231 1,482,450
CREDITORS: Amounts falling due 256,672 121,519
after more than one year
Provisions for liabilities and charges - 8,013
NET ASSETS 1,741,559 1,352,918
CAPITAL AND RESERVES
Called up share capital 5 2 2
Profit and loss account 1,741,557 1,352,916
SHAREHOLDER'S FUNDS 1,741,559 1,352,918
These abbreviated accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015).
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Signed on behalf of the board of directors
L Edwards
Director
Date approved by the board: 12 December 2016
DISPLAY MODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
1 STATEMENT OF ACCOUNTING POLICIES
Accounting convention
The accounts have been prepared under the historical cost convention and are based on accounts prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Turnover
Turnover represents the sale of display stands and associated products to the retail sector stated net of and value added tax.
Intangible fixed assets
Intangible fixed assets are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Fixed assets are stated at cost less accumulated depreciation.
Depreciation has been provided at the following rates so as to write off the cost less residual value of the assets over their estimated useful lives.
Land & buildings Not depreciated
Plant, machinery and office equipment 20% reducing balance
Motor vehicles 25% reducing balance
Computer and Website 20% straight line
Depreciation has not been provided in respect of freehold buildings. The company adopts a policy of fully maintaining its buildings and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Stock
Stock has been valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis. Net realisable value is based on estimated selling price less all further costs incurred to get the stock into its normal sale condition (including marketing, selling and distribution costs).
1 STATEMENT OF ACCOUNTING POLICIES (continued…)
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Deferred taxation
Deferred taxation is the taxation attributable to timing differences between profits computed for taxation purposes and profits as stated in the financial statements and is fully provided for, except in circumstances where losses are deemed irrecoverable, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
Foreign currencies
Transactions in foreign currencies are translated at the rate of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Exchange differences are taken into account in arriving at the operating profit or loss.
2 INTANGIBLE ASSETS
Intangible assets
£
Cost
At 1 April 2015 15,810
Additions 268
Disposals (16,078)
At 31 March 2016 -
Accumulated amounts written off
At 1 April 2015 3,261
Disposals (3,261)
At 31 March 2016 -
Net book value
At 1 April 2015 12,549
At 31 March 2016 -
3 TANGIBLE ASSETS
Tangible assets
£
Cost
At 1 April 2015 647,953
Additions 178,876
Disposals (389,645)
At 31 March 2016 437,184
Accumulated depreciation
At 1 April 2015 131,414
Charge for year 95,377
Revaluation 64,342
At 31 March 2016 291,133
Net book value
At 1 April 2015 516,539
At 31 March 2016 146,051
4 SECURITY
2016 2015
£ £
Included within creditors are secured debts of: 1,069,078 -
5 SHARE CAPITAL
Nominal value Number 2016 2015
£ £ £
Allotted, called up and fully paid:
Ordinary shares 1 2 2 2
6 ULTIMATE PARENT COMPANY
The company's parent and ultimate parent company is Ashbrook Rees Ltd by virtue of its 100% interest in the issued share capital of Display Mode Limited. Ashbrook Rees Ltd is incorporated in the United Kingdom.
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