VEO Electronics Ltd - Period Ending 2014-10-31

Registration number: 08550932

VEO Electronics Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

Leslie Dark & Co
Chartered Accountants
43 Old Street
CLEVEDON
North Somerset
BS21 6DA

VEO Electronics Ltd
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 Board of Directors on the Preparation of the Unaudited Statutory Accounts of
VEO Electronics Ltd
for the Year Ended 31 October 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of VEO Electronics Ltd for the year ended 31 October 2014 set out on pages 2 to 7 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 VEO Electronics Ltd, 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 VEO Electronics Ltd 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 VEO Electronics Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that VEO Electronics Ltd 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 VEO Electronics Ltd. You consider that VEO Electronics Ltd 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 VEO Electronics Ltd. 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.

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

Leslie Dark & Co
Chartered Accountants
43 Old Street
CLEVEDON
North Somerset
BS21 6DA

10 June 2015

Page 1

VEO Electronics Ltd
(Registration number: 08550932)
Abbreviated Balance Sheet at 31 October 2014

		Note			31 October 2014 £			31 October 2013 £
Fixed assets
Intangible fixed assets					750			-
Tangible fixed assets					17,307			2,706
Investments					475,000			-
					493,057			2,706
Current assets
Stocks					53,631			18,720
Debtors					52,597			23,139
Cash at bank and in hand					109,011			23,789
					215,239			65,648
Creditors: Amounts falling due within one year					(277,578)			(49,861)
Net current (liabilities)/assets					(62,339)			15,787
Total assets less current liabilities					430,718			18,493
Creditors: Amounts falling due after more than one year					(100,000)			-
Provisions for liabilities					(3,462)			-
Net assets					327,256			18,493
Capital and reserves
Called up share capital		4			200			2
Share premium account					87,848			-
Capital redemption reserve					1			-
Revaluation reserve					387,125			-
Profit and loss account					(147,918)			18,491
Shareholders' funds					327,256			18,493

For the year ending 31 October 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 .

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

VEO Electronics Ltd
(Registration number: 08550932)
Abbreviated Balance Sheet at 31 October 2014
......... continued

Approved by the Board on 10 June 2015 and signed on its behalf by:

.........................................
C J Collis
Director

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

VEO Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... 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.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value over their expected useful economic life as follows

Asset class	Amortisation method and rate
Development costs	4 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	33 1/3% straight line
Fixtures and fittings	25% reducing balance
Plant and machinery	25% reducing balance

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Fixed asset investments

Fixed asset investments are stated at market value as determined by the directors' valuation

Stock

Stock is 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.

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.

Page 4

VEO Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 November 2013		-			3,024			-			3,024
Revaluations		-			-			387,125			387,125
Additions		1,000			17,587			87,875			106,462
At 31 October 2014		1,000			20,611			475,000			496,611
Depreciation
At 1 November 2013		-			318			-			318
Charge for the year		250			2,986			-			3,236
At 31 October 2014		250			3,304			-			3,554
Net book value
At 31 October 2014		750			17,307			475,000			493,057
At 31 October 2013		-			2,706			-			2,706

3

Creditors

Included in the creditors are the following amounts due after more than five years:

Page 5

VEO Electronics Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

		31 October 2014 £			31 October 2013 £
After more than five years by instalments		(75,000)			-

4	Share capital

Allotted, called up and fully paid shares

	31 October 2014						31 October 2013
		No.			£			No.			£
Ordinary shares of £0.01 each		20,000			200			200			2

New shares allotted

During the year 19,856 Ordinary having an aggregate nominal value of £0 were allotted for an aggregate consideration of £199.

Purchase of own shares

During the year the company purchased 56 of its own Ordinary shares at a nominal value of 0.01. The Ordinary shares were purchased for a consideration of £185,000 and represent 28% of the called up share capital of that class of share. The shares purchased were subsequently cancelled.

5

Control

The company is controlled by Mr J G W Lake The controlling party personally owns 43.7% of the Ordinary share capital and is also the majority shareholder of J L Corporate Limited who directly owns 13.3% of the Ordinary share capital of the company..

Page 6