Source Aluminium Systems Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 09151184 (England and Wales)

Abbreviated Unaudited Accounts

for the Period 29 July 2014 to 31 March 2015

for

Source Aluminium Systems Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs J E Cockle

G Darlington

S A Gribble

M A Gribble

SECRETARY:

Mrs J E Cockle

REGISTERED OFFICE:

197 South Liberty Lane

Ashton Vale Trading Estate

Ashton

Bristol

BS3 2TN

REGISTERED NUMBER:

09151184 (England and Wales)

ACCOUNTANTS:

WF Accounting Ltd

The Coach House

5 Westaway Close

Yatton

North Somerset

BS49 4JS

FIXED ASSETS

Intangible assets

2

265,050

Tangible assets

3

37,573

302,623

CURRENT ASSETS

Stocks

81,600

Debtors

133,449

Cash at bank

84,891

299,940

CREDITORS

Amounts falling due within one year

(462,101

)

NET CURRENT LIABILITIES

(162,161

)

TOTAL ASSETS LESS CURRENT LIABILITIES

140,462

CAPITAL AND RESERVES

Called up share capital

4

500

Profit and loss account

139,962

SHAREHOLDERS' FUNDS

140,462

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 September 2015 and were signed on its behalf by:

Mrs J E Cockle - Director

G Darlington - Director

M A Gribble - Director

S A Gribble - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements 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 net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

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

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

279,000

At 31 March 2015

279,000

AMORTISATION

Amortisation for period

13,950

At 31 March 2015

13,950

NET BOOK VALUE

At 31 March 2015

265,050

3.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

44,679

At 31 March 2015

44,679

DEPRECIATION

Charge for period

7,106

At 31 March 2015

7,106

NET BOOK VALUE

At 31 March 2015

37,573

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

400

Ordinary A

1.00

400

75

Ordinary B

1.00

25

25

Ordinary C

1.00

25

450

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company occupies property owned by three of the directors. A normal commercial rent is charged. During

the period the company paid rent of £12,200. At the balance sheet date no amounts were outstanding.

During the period the company sold goods amounting to £402,978 to, and purchased goods and services from, A

G Gribble Ltd, a company in which three of the directors have a controlling interest. These goods and services

were sold and purchased under normal commercial terms. At the balance sheet date the amount due to the

company was £24,715.