Audio Images Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 03204191 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 31 August 2016

for

Audio Images Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

A R Weldon

REGISTERED OFFICE:

284 Glossop Road

Sheffield

South Yorkshire

S10 2HS

REGISTERED NUMBER:

03204191 (England and Wales)

ACCOUNTANTS:

Fisher & Company Limited

Kingfisher House

65 Market Place

Market Weighton

York

East Riding of Yorks

YO43 3AN

SOLICITORS:

Taylor & Emmet LLP

20 Arundel Gate

Sheffield

South Yorkshire

S1 2PP

FIXED ASSETS

Intangible assets

2

-

532

Tangible assets

3

88,557

70,666

88,557

71,198

CURRENT ASSETS

Stocks

328,693

336,097

Debtors

14,526

5,527

Cash at bank and in hand

2,797

3,986

346,016

345,610

CREDITORS

Amounts falling due within one year

4

131,716

136,451

NET CURRENT ASSETS

214,300

209,159

TOTAL ASSETS LESS CURRENT LIABILITIES

302,857

280,357

CREDITORS

Amounts falling due after more than one year

4

(133,985

)

(128,000

)

PROVISIONS FOR LIABILITIES

(7,532

)

(2,976

)

NET ASSETS

161,340

149,381

CAPITAL AND RESERVES

Called up share capital

5

1

1

Profit and loss account

161,339

149,380

SHAREHOLDERS' FUNDS

161,340

149,381

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 26 May 2017 and were signed by:

A R Weldon - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

4% on cost

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

and 31 August 2016

10,000

AMORTISATION

At 1 September 2015

9,468

Amortisation for year

532

At 31 August 2016

10,000

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

532

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

180,457

Additions

25,243

At 31 August 2016

205,700

DEPRECIATION

At 1 September 2015

109,791

Charge for year

7,352

At 31 August 2016

117,143

NET BOOK VALUE

At 31 August 2016

88,557

At 31 August 2015

70,666

4.

CREDITORS

Creditors include an amount of £ 153,172 (2015 - £ 138,623 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

£

Repayable by instalments

67,299

80,593

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary

£1

1

1