Albacom_Limited - Accounts
Albacom_Limited - Accounts
Company Registration No. SC121731 (Scotland)
Abbreviated accounts
for the year ended 31 March 2014
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
Abbreviated balance sheet
As at 31 March 2014
1
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
Current assets
Stocks
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one year
(148,856 )
(296,324 )
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
(150,807 )
(167,157 )
Capital and reserves
Called up share capital
3
Other reserves
Profit and loss account
Shareholders' funds
Abbreviated balance sheet (continued)
As at 31 March 2014
2
Directors' responsibilities:
-
-
Approved by the Board and authorised for issue on 10 October 2014
Director
Company Registration No. SC121731
Notes to the abbreviated accounts
For the year ended 31 March 2014
1
Accounting policies
1.1
Accounting convention
1.2
Compliance with accounting standards
The accounts 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
1.4
Tangible fixed assets and depreciation
Leasehold improvements
Plant and equipment
Fixtures, fittings & equipment
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value as follows:
Cost incurred in bringing each product to its present location and condition:
Raw materials - purchase cost on a first-in, first-out basis.
Work in progress and finished goods - cost of direct materials and labour plus attributable overheads based on the normal level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
Cost incurred in bringing each product to its present location and condition:
Raw materials - purchase cost on a first-in, first-out basis.
Work in progress and finished goods - cost of direct materials and labour plus attributable overheads based on the normal level of activity.
Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.
1.7
Revenue recognition
The company gives a standard warranty on its products and provides for the estimated cost of meeting this on an accruals basis.
1.8
Pensions
The company contributes to defined contribution pension schemes for employees. Contributions are charged to the profit and loss account as they become payable.
Notes to the abbreviated accounts (continued)
For the year ended 31 March 2014
1
{\b1\i0\ul0 Accounting policies \b1\b0\b0 (continued)}
1.9
Taxation
The tax expense represents the sum of the corporation tax and deferred tax charge for the year.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences that have not reversed by the balance sheet date and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available. Deferred tax is calculated at the 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. Deferred tax is charged or credited in the profit and loss accounts, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences that have not reversed by the balance sheet date and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available. Deferred tax is calculated at the 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. Deferred tax is charged or credited in the profit and loss accounts, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2013
790,663
Additions
2,124
Disposals
(1,160)
At 31 March 2014
791,627
Depreciation
At 1 April 2013
683,285
On disposals
(1,160)
Charge for the year
38,223
At 31 March 2014
720,348
Net book value
At 31 March 2014
71,279
At 31 March 2013
107,378
Notes to the abbreviated accounts (continued)
For the year ended 31 March 2014
5
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid