Aurora Electronics (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03826824 (England and Wales)

AURORA ELECTRONICS (UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A J Cummings

Mr R P Kinch

Mrs J K Kinch

SECRETARY:

Mrs J K Kinch

REGISTERED OFFICE:

Units 1 & 2 Shires Industrial Estate

Essington Close

Lichfield

Staffordshire

WS14 9AZ

REGISTERED NUMBER:

03826824 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,904

4,398

CURRENT ASSETS

Stocks

365,104

369,578

Debtors

5

202,890

182,626

Cash at bank and in hand

162,890

170,369

730,884

722,573

CREDITORS

Amounts falling due within one year

6

255,509

202,391

NET CURRENT ASSETS

475,375

520,182

TOTAL ASSETS LESS CURRENT LIABILITIES

479,279

524,580

PROVISIONS FOR LIABILITIES

741

836

NET ASSETS

478,538

523,744

CAPITAL AND RESERVES

Called up share capital

7

10,000

10,000

Retained earnings

468,538

513,744

SHAREHOLDERS' FUNDS

478,538

523,744

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 March 2020 and were signed on its behalf by:

Mr R P Kinch - Director

Mrs J K Kinch - Director

1.	STATUTORY INFORMATION

Aurora Electronics (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of value added tax and

trade discounts.The policies adopted for the recognition of turnover are as follows:

Sale of goods

Turnover from sale of goods is recognised when significant risks and rewards of ownership of goods have

transferred to the buyer, the amount of turnover can be reliably measured, it is probable that the economic

benefits associated with the transaction will flow to the company and the costs incurred in respect of the

transaction can be measured reliably. This is usually after delivery of the goods after which the invoice is raised.

Tangible fixed assets

Tangible fixed assets are included at cost less accumulated depreciation and impairment. Cost includes costs

directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated

residual value, of each asset on a systematic basis over its expected useful lives as follows:

Plant and machinery etc

- 25% on cost

Stocks

Stocks are stated 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 stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock were appropriate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

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

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Debtors and creditors receivable or payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently,

they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement

constitutes a finance transaction it is measured at present value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2018

22,173

Additions

1,637

At 31 October 2019

23,810

DEPRECIATION

At 1 November 2018

17,775

Charge for year

2,131

At 31 October 2019

19,906

NET BOOK VALUE

At 31 October 2019

3,904

At 31 October 2018

4,398

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

175,613

127,214

Other debtors

27,277

55,412

202,890

182,626

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade creditors

28,239

53,515

Taxation and social security

18,163

36,302

Other creditors

209,107

112,574

255,509

202,391

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.19

31.10.18

value:

£

£

10,000

Ordinary

1

10,000

10,000