Audiotech_Services_Ltd_30_Apr_2017_companies_house_set_of_accounts.html
Audiotech_Services_Ltd_30_Apr_2017_companies_house_set_of_accounts.html
Company registration number:
Report to the directors on the preparation of the unaudited statutory financial statements of Audiotech Services Ltd
Year ended 30 April 2017
As described on the statement of financial position, the Board of Directors of Audiotech Services Ltd are responsible for the preparation of the financial statements for the year ended 30 April 2017 , which comprise the income statement, statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
Garfield House Farm
Midhopestones
SHEFFIELD
South Yorkshire
S36 4GW
United Kingdom
Midhopestones
SHEFFIELD
South Yorkshire
S36 4GW
United Kingdom
Date:
24 October 2017
Statement of Financial Position
| 2017 | 2016 | ||||
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| Note | £ | £ | |||
| Fixed assets | |||||
| Tangible assets | 5 |
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| Current assets | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: amounts falling due within one year | 7 |
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| Net current assets |
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| Total assets less current liabilities | 830,048 | 678,412 | |||
| Creditors: amounts falling due after more than one year | 8 |
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| Net assets |
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| Called up share capital |
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| Profit and loss account |
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For the year ending 30 April 2017 , 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 November 2017 , and are signed on behalf of the board by:
| Director |
Company registration number:
03541662
Notes to the Financial Statements
Year ended 30 April 2017
1 General information
The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is Unit 18 , Wharncliffe Business Park , Carlton, Barnsley , S71 3HR , United Kingdom.
2 Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.
3 Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The financial statements are prepared in sterling, which is the functional currency of the company.
Turnover
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
| Land and buildings | |
| Plant and machinery | |
| Office equipment | |
| Motor vehicles |
Investment properties
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution pension plan
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4 Average number of employees
The average number of persons employed by the company during the year was 8 (2016: 8 ).
5 Tangible assets
| Land and buildings | Plant and machinery etc. | Total | ||||
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| Disposals | - |
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| Depreciation | ||||||
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| Disposals | - |
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| At 30 April 2016 |
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Investment property
Included in land and buildings are the following amounts in relation to investment properties:
| 2017 | ||
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| Additions |
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6 Debtors
| 2017 | 2016 | |||
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| £ | £ | |||
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| Other debtors |
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7 Creditors: amounts falling due within one year
| 2017 | 2016 | |||
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| £ | £ | |||
| Bank loans and overdrafts |
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| Trade creditors |
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| Taxation and social security |
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| Other creditors |
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8 Creditors: amounts falling due after more than one year
| 2017 | 2016 | |||
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| £ | £ | |||
| Bank loans and overdrafts |
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| Other creditors |
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9 Guarantees and other financial commitments
A first legal charge over Unit 18, Wharncliffe Business Park, Carlton, Barnsley and it's associated assets.
A debenture over the company's whole assets and undertaking.
A guarantee by William Derek Ward & Stephen John Levitt limited to £119,000 plus interest and costs.
A debenture over the company's whole assets and undertaking.
A guarantee by William Derek Ward & Stephen John Levitt limited to £119,000 plus interest and costs.