WIDE_SKY_DESIGN_LIMITED - Accounts

WIDE SKY DESIGN LIMITED - Company Information

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Company Registration No. 07634926 (England and Wales)

WIDE SKY DESIGN LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2014

WIDE SKY DESIGN LIMITED

CONTENTS

Page

Profit and loss

Abbreviated balance sheet

Notes to the abbreviated accounts

3 - 4

WIDE SKY DESIGN LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 JULY 2014

- 1 -

2014

2013

Notes

Turnover

220,569

180,411

Cost of sales

(60,502)

(30,459)

Gross profit

160,067

149,952

Administrative expenses

(71,948)

(56,931)

Operating profit

88,119

93,021

Investment income

Other interest receivable and similar income

157

Profit on ordinary activities before taxation

88,276

93,091

Tax on profit on ordinary activities

(17,968)

(17,948)

Profit for the year

70,308

75,143

WIDE SKY DESIGN LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JULY 2014

- 2 -

2014

2013

Notes

Fixed assets

Intangible assets

Tangible assets

3,728

3,352

3,729

3,352

Current assets

Debtors

34,920

4,730

Cash at bank and in hand

60,618

65,605

95,538

70,335

Creditors: amounts falling due within one year

(83,407)

(44,895)

Net current assets

12,131

25,440

Total assets less current liabilities

15,860

28,792

Capital and reserves

Called up share capital

Profit and loss account

15,856

28,788

Shareholders' funds

15,860

28,792

For the financial year ended 31 July 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 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 13 April 2015

Mr Philip Smith

Mr Christopher Parker

Director

Company Registration No. 07634926

WIDE SKY DESIGN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JULY 2014

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

1.2

Compliance with accounting standards

The financial statements 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.

1.4

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.5

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:

Plant and machinery

33.3% reducing balance

Computer equipment

33% straight line

Fixtures, fittings & equipment

25% reducing balance

1.6

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

WIDE SKY DESIGN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2014

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 August 2013

5,025

Additions

2,852

2,853

At 31 July 2014

7,877

7,878

Depreciation

At 1 August 2013

1,673

Charge for the year

2,476

At 31 July 2014

4,149

Net book value

At 31 July 2014

3,728

3,729

At 31 July 2013

3,352

Share capital

2014

2013

Allotted, called up and fully paid

4 Ordinary of £1 each