EGL Vaughan Limited - Period Ending 2015-02-28

Registration number: 05352296

EGL Vaughan Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

DC ACCOUNTING SOLUTIONS LIMITED
Chartered Accountants and Business Advisers
Heron House,
39-41 Higher Bents Lane,
Bredbury,
Stockport
SK6 1EE

EGL Vaughan Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
EGL Vaughan Limited
for the Year Ended 28 February 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of EGL Vaughan Limited for the year ended 28 February 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of EGL Vaughan Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of EGL Vaughan Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than EGL Vaughan Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that EGL Vaughan Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of EGL Vaughan Limited. You consider that EGL Vaughan 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 accounts of EGL Vaughan 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 accounts.

......................................

DC ACCOUNTING SOLUTIONS LIMITED
Chartered Accountants and Business Advisers
Heron House,
39-41 Higher Bents Lane,
Bredbury,
Stockport
SK6 1EE

30 April 2015

Page 1

EGL Vaughan Limited
(Registration number: 05352296)
Abbreviated Balance Sheet at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					-			6,005
Tangible fixed assets					93,032			113,162
					93,032			119,167
Current assets
Stocks					12,000			11,850
Debtors					110,021			168,911
Cash at bank and in hand					101			24,666
					122,122			205,427
Creditors: Amounts falling due within one year					(155,331)			(222,620)
Net current liabilities					(33,209)			(17,193)
Total assets less current liabilities					59,823			101,974
Creditors: Amounts falling due after more than one year					(42,135)			(68,384)
Provisions for liabilities					(16,507)			(20,073)
Net assets					1,181			13,517
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					1,179			13,515
Shareholders' funds					1,181			13,517

For the year ending 28 February 2015 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 director acknowledges his 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 director on 24 April 2015

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

EGL Vaughan Limited
(Registration number: 05352296)
Abbreviated Balance Sheet at 28 February 2015
......... continued

.........................................
Mr. Douglas Stephen Robertson
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

EGL Vaughan Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years.

Asset class	Amortisation method and rate
Goodwill	10 years

Depreciation

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures, fittings and equipment	25% straight line
Motor vehicles	25% reducing balance

Stock and work in progress

Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

EGL Vaughan Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2014		60,005			253,137			313,142
At 28 February 2015		60,005			253,137			313,142
Depreciation
At 1 March 2014		54,000			139,975			193,975
Charge for the year		6,005			20,130			26,135
At 28 February 2015		60,005			160,105			220,110
Net book value
At 28 February 2015		-			93,032			93,032
At 28 February 2014		6,005			113,162			119,167

Page 5

EGL Vaughan Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 6