Albacom_Limited - Accounts


Company Registration No. SC121731 (Scotland)
Albacom Limited
Abbreviated accounts
for the year ended 31 March 2014
Albacom Limited
Contents
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
Albacom Limited
Abbreviated balance sheet
As at 31 March 2014
1
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
71,279 
107,378 
Current assets
Stocks
256,468 
494,729 
Debtors
719,285 
719,317 
Cash at bank and in hand
184,355 
107,867 
1,160,108 
1,321,913 
Creditors: amounts falling due within one year
(148,856)
(296,324)
Net current assets
1,011,252 
1,025,589 
Total assets less current liabilities
1,082,531 
1,132,967 
Creditors: amounts falling due after more than one year
(150,807)
(167,157)
931,724 
965,810 
Capital and reserves
Called up share capital
3
1,672 
1,672 
Other reserves
630,539 
614,189 
Profit and loss account
299,513 
349,949 
Shareholders' funds
931,724 
965,810 
Albacom Limited
Abbreviated balance sheet (continued)
As at 31 March 2014
2
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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts 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 accounts.
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 10 October 2014
Angus Hay
Director
Company Registration No. SC121731
Albacom Limited
Notes to the abbreviated accounts
For the year ended 31 March 2014
1
Accounting policies
1.1
Accounting convention
The accounts are prepared under the historical cost 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
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on dispatch of goods.
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:
Leasehold improvements
over 10 years
Plant and equipment
over 3 to 10 years
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.
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.
Albacom Limited
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.

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 
Albacom Limited
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
16,720 of 10p each
1,672 
1,672 
truefalsefalse2013-04-012014-03-31falsetruetruetmp36DF.html2014-12-19SC1217312013-04-012014-03-31SC1217312014-03-31SC1217312013-03-31SC1217312013-03-31SC121731uk-bus:Director12013-04-012014-03-31SC121731uk-gaap:LandBuildingsuk-gaap:LeasedTangibleFixedAssets2013-04-012014-03-31SC121731uk-gaap:PlantMachinery2013-04-012014-03-31SC121731uk-bus:OrdinaryShareClass12013-04-012014-03-31SC121731uk-bus:OrdinaryShareClass12014-03-31SC121731uk-bus:OrdinaryShareClass12013-03-31SC121731uk-curr:PoundSterling2013-04-012014-03-31xbrli:purexbrli:sharesiso4217:GBP