Abbreviated Company Accounts - 20/20 VISION SYSTEMS LIMITED
Abbreviated Company Accounts - 20/20 VISION SYSTEMS LIMITED
Registered Number 02703107
20/20 VISION SYSTEMS LIMITED
Abbreviated Accounts
31 July 2014
20/20 VISION SYSTEMS LIMITED Registered Number 02703107
Abbreviated Balance Sheet as at 31 July 2014
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£ | £ | ||
Fixed assets | |||
Tangible assets | 2 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Provisions for liabilities |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Share premium account |
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Profit and loss account |
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Shareholders' funds |
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For the year ending 31 July 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the Board on
And signed on their behalf by:
20/20 VISION SYSTEMS LIMITED Registered Number 02703107
Notes to the Abbreviated Accounts for the period ended 31 July 2014
1Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
Tangible assets depreciation policy
Motor Vehciles 25% reducing balance
Equipment,fixtures and fittings 15% reducing balance
Plant and Machinery 15% on reducing balance
Computer equipment 25% on cost
Valuation information and policy
Cost of raw materials is determined on the first in first out basis. In the case of work in progress and finished goods, cost includes all direct expenditure and production overheads based on the normal level of activity. Net realisable value is the price at which the stock can be released in the normal course of business, less further costs to completion of sale.
Other accounting policies
Deferred Tax
Deferred tax is provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date.
A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on a [discounted\nondiscounted] basis, at the average 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.
Hire Purchase and Lease transactions
Rentals under operating leases are charged to the profit and loss account as they fall due.
£ | |
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Cost | |
At 1 August 2013 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 July 2014 |
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Depreciation | |
At 1 August 2013 |
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Charge for the year |
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On disposals |
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At 31 July 2014 |
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Net book values | |
At 31 July 2014 | 42,281 |
At 31 July 2013 | 45,573 |