Action Trophies Limited - Period Ending 2015-08-31

Registration number: 04744599

Action Trophies Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2015
 

ASL Accountants
23 Kestrel Road
Kempshott
Basingstoke
Hampshire
RG22 5PE

Action Trophies Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Action Trophies Limited
(Registration number: 04744599)
Abbreviated Balance Sheet at 31 August 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					2,476			-
Current assets
Stocks					9,200			10,909
Debtors					5,699			6,010
Cash at bank and in hand					30,189			25,002
					45,088			41,921
Creditors: Amounts falling due within one year					(26,190)			(24,519)
Net current assets					18,898			17,402
Net assets					21,374			17,402
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					21,274			17,302
Shareholders' funds					21,374			17,402

For the year ending 31 August 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 November 2015

.........................................
M D O'Neill
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Action Trophies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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

Goodwill in respect of the aquisition of a business in 2003 was witten off in 2008.

Asset class	Amortisation method and rate
Goodwill	Staright line over 5 years

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
Short leasehold	33% straight line
Plant and machinery	25% straight line
Fixtures and fittings	25% straight line
Office equipment	25% straight line

Stock and work in progress

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 in respect of all timing differences that have originated but not reversed at the balance sheet date. The director does not consider any adjustment to be material to an understanding of the accounts.

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 2

Action Trophies Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

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 September 2014		5,000			61,478			66,478
Additions		-			2,505			2,505
At 31 August 2015		5,000			63,983			68,983
Depreciation
At 1 September 2014		5,000			61,478			66,478
Charge for the year		-			29			29
At 31 August 2015		5,000			61,507			66,507
Net book value
At 31 August 2015		-			2,476			2,476
At 31 August 2014		-			-			-

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 3