E.S.C.O.P. - Period Ending 2016-03-31

Registration number: 03296685

E.S.C.O.P.

(A company limited by guarantee)

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

E.S.C.O.P.
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

E.S.C.O.P.
(Registration number: 03296685)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			8,594			11,459
Tangible fixed assets		2			89			134
					8,683			11,593
Current assets
Stocks					3,238			4,044
Debtors					2,826			4,142
Cash at bank and in hand					27,222			28,904
					33,286			37,090
Creditors: Amounts falling due within one year					(3,770)			(1,862)
Net current assets					29,516			35,228
Net assets					38,199			46,821
Capital and reserves
Profit and loss account					38,199			46,821

For the year ending 31 March 2016 the company was entitled to exemption from audit 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 20 July 2016 and signed on its behalf by:

Prof L Krenn
 Director

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

E.S.C.O.P.
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

Turnover represents amounts chargeable in respect of the provision of goods and services to customers.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Development costs	20% 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
Fixtures, fittings and equipment	25% straight line basis

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.

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 yet 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 tax rates and law enacted at the balance sheet date.

Foreign currency

Profit and loss account transactions in foreign currencies are translated into sterling at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rates at the balance sheet date and the exchange differences are included in the profit and loss account.

Page 2

E.S.C.O.P.
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		18,240			6,876			25,116
Additions		979			-			979
At 31 March 2016		19,219			6,876			26,095
Depreciation
At 1 April 2015		6,781			6,742			13,523
Charge for the year		3,844			45			3,889
At 31 March 2016		10,625			6,787			17,412
Net book value
At 31 March 2016		8,594			89			8,683
At 31 March 2015		11,459			134			11,593

3	Company status

The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.

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