ASSIST_ENGINEERING_LIMITE - Accounts

ASSIST ENGINEERING LIMITED - Company Information

Print Friendly Version

Company Registration number 04236559

ASSIST ENGINEERING LIMITED

Abbreviated Accounts

For the year ended 31 March 2014

ASSIST ENGINEERING LIMITED

Financial statements for the year ended 31 March 2014

Contents

Pages

Balance sheet

Notes to the financial statements

2-3

ASSIST ENGINEERING LIMITED

Abbreviated balance sheet as at 31 March 2014

2014

2013

Notes

Fixed assets

Tangible assets

24,734

34,333

Current assets

Stock

3,710

3,380

Debtors

99,694

90,531

Cash at bank and in hand

50,925

96,106

154,329

190,017

Creditors:

amounts falling due within one year

(103,155)

(103,029)

Net current assets

51,174

86,988

Total assets less current liabilities

75,908

121,321

Provision for liabilities

(4,272)

(6,044)

71,636

115,277

Capital and reserves

Called up share capital

400

Share premium account

200

Profit and loss account

71,036

114,677

Shareholders' funds

71,636

115,277

For the financial year ended 31 March 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Approved by the board of directors on 4 November 2014 and signed on its behalf.

K James - Director

Company Registration No: 04236559

The notes on pages 2 to 3 form part of these financial statements.

ASSIST ENGINEERING LIMITED

Notes to the abbreviated accounts for the year ended 31 March 2014

Accounting policies

Basis of accounting

The financial statements are prepared on the historical cost basis of accounting and have been prepared in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company has taken advantage of the exemption, conferred by Financial Reporting Standard 1, from presenting a cash flow statement as it qualifies as a small company.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, supplied to customers during the year. Income is recognised when services are completed to the extent that the customer has an obligation to pay all or part of the contract sums.

Depreciation of tangible fixed assets

Depreciation is provided on all tangible fixed assets at rates calculated to write off the full cost or valuation less estimated residual value of each asset over its estimated useful life. The principal rates in use are:

Motor vehicles

25% on cost

Equipment, fixtures and fittings

15% on cost

Plant and machinery

25% on cost

Stocks

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

Deferred taxation

Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.

A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on a nondiscounted basis, at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Fixed assets

Tangible

fixed

assets

Cost:

At 1 April 2013

113,026

Additions

7,310

At 31 March 2014

120,336

Depreciation:

At 1 April 2013

78,693

Provision for the year

16,909

At 31 March 2014

95,602

Net book value:

At 31 March 2014

24,734

At 31 March 2013

34,333

ASSIST ENGINEERING LIMITED

Notes to the abbreviated accounts for the year ended 31 March 2014 (continued)

Called-up share capital

2014

2013

2014

2013

Allotted, called up and fully paid

Equity shares:

Ordinary shares of £1 each

400

Controlling party

The four directors, K James, R Harrison, J Maddock and A Straw each own 25% of the company and control the company between them.

Transactions with directors

Advances and credits to directors

Interest

Opening

Amounts

Interest

Amounts

Closing

Rate

Balance

Advanced

Charged

Repaid

Balance

Director's loan account

150

(300)

Director's loan account

150

(300)

Director's loan account

150

(300)

Director's loan account

150

(300)

600

(1,200)

The maximum balance outstanding on each of the director's loan was £150.