ASTROMEK_LIMITED - Accounts

ASTROMEK LIMITED - Company Information

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Company Registration No. 4901710 (England and Wales)

ASTROMEK LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2015

ASTROMEK LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

ASTROMEK LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

1,301,610

1,312,014

Current assets

Debtors

982

3,194

Cash at bank and in hand

24,979

48,020

25,961

51,214

Creditors: amounts falling due within one year

(759,088)

(815,926)

Net current liabilities

(733,127)

(764,712)

Total assets less current liabilities

568,483

547,302

Capital and reserves

Called up share capital

100

Revaluation reserve

533,546

536,069

Profit and loss account

34,837

11,133

Shareholders' funds

568,483

547,302

For the financial year ended 31 March 2015 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 24 December 2015

S C Kelly

Director

Company Registration No. 4901710

ASTROMEK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Company's current liabilities exceeded its current assets by £733127.

The Directors consider the going concern basis to be appropriate because, in their opinion, the Company will continue to obtain sufficient funding to enable it to pay its debts as they fall due. If the Company were unable to obtain this funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise.

1.2

Turnover

Turnover represents amounts receivable for the sale of development properties, net of VAT, and rents receiveable from properties held for investment, net of VAT, where applicable.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued by the directors on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

20% Reducing balance

The part of the annual depreciation charge on revalued assets which relates to the revaluation surplus is transferred from the revaluation reserve to the profit and loss account.

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

ASTROMEK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2015

- 3 -

Fixed assets

Tangible assets

Cost or valuation

At 1 April 2014

1,325,000

Disposals

(10,000)

At 31 March 2015

1,315,000

Depreciation

At 1 April 2014

12,987

Charge for the year

403

At 31 March 2015

13,390

Net book value

At 31 March 2015

1,301,610

At 31 March 2014

1,312,014

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Ultimate parent company

The ultimate parent company is Terramek Limited, a company registered in England and Wales.