SOLID_FORM_SOLUTIONS_LTD - Accounts

SOLID FORM SOLUTIONS LIMITED - Company Information

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Company Registration No. SC340320 (Scotland)

SOLID FORM SOLUTIONS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2016

SOLID FORM SOLUTIONS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

SOLID FORM SOLUTIONS LTD

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

455,426

509,232

Current assets

Debtors

545,543

283,022

Cash at bank and in hand

134,261

339,433

679,804

622,455

Creditors: amounts falling due within one year

(469,511)

(204,865)

Net current assets

210,293

417,590

Total assets less current liabilities

665,719

926,822

Provisions for liabilities

(50,649)

(50,187)

615,070

876,635

Capital and reserves

Called up share capital

987

1,000

Share premium account

2,475

Other reserves

Profit and loss account

611,595

873,160

Shareholders' funds

615,070

876,635

For the financial year ended 30 June 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 24 January 2017

J Watt

Director

Company Registration No. SC340320

SOLID FORM SOLUTIONS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

- 2 -

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

15 years

Plant and machinery

20% reducing balance

Motor vehicles

25% straight line

1.5

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.

1.6

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.

1.7

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.

SOLID FORM SOLUTIONS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2016

- 3 -

Fixed assets

Tangible assets

Cost

At 1 July 2015

890,818

Additions

102,565

Disposals

(90,153)

At 30 June 2016

903,230

Depreciation

At 1 July 2015

381,586

On disposals

(33,807)

Charge for the year

100,025

At 30 June 2016

447,804

Net book value

At 30 June 2016

455,426

At 30 June 2015

509,232

Share capital

2016

2015

Allotted, called up and fully paid

493 A Ordinary shares of £1 each

493

998

2 B Ordinary shares of £1 each

492 C Ordinary shares of £1 each

492

987

1,000

On 24 September 2015, the company purchased and then cancelled 13 A Ordinary shares of £1 each for a total consideration of £10,000 in accordance with section 694 of the Companies Act 2006.

On 24 September 2015, 492 A Ordinary C Shares of £1 each were designated as 492 C Ordinary shares of £1 each.