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No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
SC121731
2017-04-01
2018-03-31
SC121731
2018-03-31
SC121731
2017-03-31
SC121731
2016-04-01
2017-03-31
SC121731
2017-03-31
SC121731
bus:LeadAgentIfApplicable
2017-04-01
2018-03-31
SC121731
bus:Director1
2017-04-01
2018-03-31
SC121731
core:WithinOneYear
2018-03-31
SC121731
core:WithinOneYear
2017-03-31
SC121731
core:AfterOneYear
2018-03-31
SC121731
core:AfterOneYear
2017-03-31
SC121731
core:ShareCapital
2018-03-31
SC121731
core:ShareCapital
2017-03-31
SC121731
core:OtherReservesSubtotal
2018-03-31
SC121731
core:OtherReservesSubtotal
2017-03-31
SC121731
core:RetainedEarningsAccumulatedLosses
2018-03-31
SC121731
core:RetainedEarningsAccumulatedLosses
2017-03-31
SC121731
bus:FRS102
2017-04-01
2018-03-31
SC121731
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2017-04-01
2018-03-31
SC121731
bus:AbridgedAccounts
2017-04-01
2018-03-31
SC121731
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
SC121731
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
SC121731
core:LandBuildings
core:LongLeaseholdAssets
2017-04-01
2018-03-31
SC121731
core:PlantMachinery
2017-04-01
2018-03-31
SC121731
core:ComputerEquipment
2017-04-01
2018-03-31
|
Statement of Consent to Prepare Abridged Financial Statements |
|
All of the members of Albacom Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
SC121731
|
Filleted Unaudited Abridged Financial Statements |
|
|
Abridged Financial Statements |
|
Year Ended 31 March 2018
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements |
1 |
|
|
|
Abridged Statement of Financial Position |
2 |
|
|
|
Notes to the Abridged Financial Statements |
4 |
|
|
|
Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Albacom Limited |
|
Year Ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Albacom Limited for the year ended 31 March 2018, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Albacom Limited, as a body, in accordance with the terms of our engagement letter dated 17 May 2016. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Albacom Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Albacom Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Albacom Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Albacom Limited. You consider that Albacom Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Albacom Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
DC CONSULTING (WWW.DCCONSULT.CO.UK)
Chartered accountant
6 December 2018
|
Abridged Statement of Financial Position |
|
31 March 2018
Fixed Assets
|
Tangible assets |
5 |
|
134,930 |
149,835 |
|
|
|
|
|
Current Assets
|
Stocks |
436,033 |
|
453,537 |
|
Debtors |
1,106,994 |
|
930,266 |
|
Cash at bank and in hand |
17,915 |
|
101,453 |
|
------------ |
|
------------ |
|
1,560,942 |
|
1,485,256 |
|
|
|
|
|
Creditors: amounts falling due within one year |
1,007,467 |
|
839,629 |
|
------------ |
|
------------ |
|
Net Current Assets |
|
553,475 |
645,627 |
|
|
--------- |
--------- |
|
Total Assets Less Current Liabilities |
|
688,405 |
795,462 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
|
325,680 |
319,280 |
|
|
--------- |
--------- |
|
Net Assets |
|
362,725 |
476,182 |
|
|
--------- |
--------- |
|
|
|
|
Capital and Reserves
|
Called up share capital |
|
1,672 |
1,672 |
|
Other reserves |
|
630,539 |
630,539 |
|
Profit and loss account |
|
(
269,486) |
(
156,029) |
|
|
--------- |
--------- |
|
Shareholders Funds |
|
362,725 |
476,182 |
|
|
--------- |
--------- |
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged income statement has not been delivered.
For the year ending 31 March 2018 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 abridged 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 abridged financial statements
.
|
Abridged Statement of Financial Position (continued) |
|
31 March 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
6 December 2018
, and are signed on behalf of the board by:
Company registration number:
SC121731
|
Notes to the Abridged Financial Statements |
|
Year Ended 31 March 2018
1.
General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is George Buckman Drive, Camperdown Industrial Estate, Dundee, DD2 3SP.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of Preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Warranties
The company gives a standard warranty on its products and provides for the estimated cost of meeting this on an accruals basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Revenue is recognised on dispatch of goods.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating Leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold improvements |
- |
over 10 years |
|
Plant and equipment |
- |
over 3 to 10 years |
|
Computer and office equipment |
- |
over 4 to 10 years |
|
|
|
|
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a 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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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 Plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
24
(2017:
21
).
5.
Tangible Assets
|
£ |
|
Cost |
|
|
At 1 April 2017 |
844,071 |
|
Additions |
7,245 |
|
Disposals |
(
1,500) |
|
--------- |
|
At 31 March 2018 |
849,816 |
|
--------- |
|
Depreciation |
|
|
At 1 April 2017 |
694,236 |
|
Charge for the year |
20,650 |
|
--------- |
|
At 31 March 2018 |
714,886 |
|
--------- |
|
Carrying amount |
|
|
At 31 March 2018 |
134,930 |
|
--------- |
|
At 31 March 2017 |
149,835 |
|
--------- |
|
|
6.
Related Party Transactions
At the balance sheet date, the company was due £774,847 (2017 - £774,847) from Two M&H Limited, the immediate parent company. The company was also due to pay Visio Stone Ltd, the ultimate parent company, £354,139 (2017 - £254,139). There is currently no repayment terms agreed or any interest accruing on this loan. During prior years the company has received loans from its directors amounting to £65,000. At the year end the outstanding balances were £40,000 due to Mr & Mrs A Hay and £25,000 due to Mr J Davidson. At present there are no set repayment terms and interest is being accrued at a rate of 10%.
