Ten-K Electronic Services Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 08541353 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MAY 2015

FOR

TEN-K ELECTRONIC SERVICES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

H.J. Turley

Mrs. K.A. Turley

REGISTERED OFFICE:

1 High Street

Thatcham

Berks

RG19 3JG

REGISTERED NUMBER:

08541353 (England and Wales)

ACCOUNTANTS:

C B Heslop & Company Limited

Chartered Accountants

1 High Street

Thatcham

Berks

RG19 3JG

FIXED ASSETS

Intangible assets

2

972,000

1,026,000

Tangible assets

3

31,762

39,703

1,003,762

1,065,703

CURRENT ASSETS

Debtors

102,288

94,879

Cash at bank

55,200

23,931

157,488

118,810

CREDITORS

Amounts falling due within one year

163,991

146,445

NET CURRENT LIABILITIES

(6,503

)

(27,635

)

TOTAL ASSETS LESS CURRENT LIABILITIES

997,259

1,038,068

CREDITORS

Amounts falling due after more than one year

(900,002

)

(990,127

)

PROVISIONS FOR LIABILITIES

(449

)

-

NET ASSETS

96,808

47,941

CAPITAL AND RESERVES

Called up share capital

4

20,000

20,000

Profit and loss account

76,808

27,941

SHAREHOLDERS' FUNDS

96,808

47,941

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 16 November 2015 and were signed on its behalf by:

H.J. Turley - Director

Mrs. K.A. Turley - 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.

Deferred tax

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

sheet date.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

and 31 May 2015

1,080,000

AMORTISATION

At 1 June 2014

54,000

Amortisation for year

54,000

At 31 May 2015

108,000

NET BOOK VALUE

At 31 May 2015

972,000

At 31 May 2014

1,026,000

The company has acquired the business of Ten-K Electronic Services Partnership, a well established company in

the circuit board manufacturers.

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 June 2014

and 31 May 2015

44,101

DEPRECIATION

At 1 June 2014

4,398

Charge for year

7,941

At 31 May 2015

12,339

NET BOOK VALUE

At 31 May 2015

31,762

At 31 May 2014

39,703

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.15

31.5.14

value:

£

£

20,000

ordinary

£1

20,000

20,000

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the Balance Sheet date the balance due from the company to the directors was £1,000,002.

6.	BUSINESS ACQUISITION

The directors are pleased to report that on the 1st December 2013 the company started activity by taking over the

operation of a business, Ten-K Electronics. The directors report that they are the partners and owners of that

business which is now being operated by the company.

The contract agreement between the parties is that the company would take over the operation and run the

business for a period with the aim that both parties would be satisfied with the arrangement. On 31st May 2014

the sale contract crystallised the disposal of the business and goodwill was valued at a figure of £1,080,000 in the

commercial agreement between the parties.

The directors are of the opinion that the proceeds for acquisition of this business are calculated on a commercial

basis.