Ductform Ventilation (U.K.) Ltd. - Abbreviated accounts 16.1

REGISTERED NUMBER: SC061780 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 April 2016

for

Ductform Ventilation (U.K.) Ltd.

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Ms S Ferry

G Ferry

R Ferry

A Mathieson

SECRETARY:

Ms S Ferry

REGISTERED OFFICE:

17 Faraday Road

Southfield Industrial Estate

Glenrothes

Fife

KY6 2RU

REGISTERED NUMBER:

SC061780 (Scotland)

ACCOUNTANTS:

Eden Fyfe Accounts Limited

H5, Newark Business Park

Newark Road South

Glenrothes

Fife

KY7 4NS

FIXED ASSETS

Intangible assets

2

-

4,425

Tangible assets

3

403,311

428,769

403,311

433,194

CURRENT ASSETS

Stocks

163,698

181,736

Debtors

4

832,079

1,080,523

Cash at bank and in hand

357,753

487,472

1,353,530

1,749,731

CREDITORS

Amounts falling due within one year

820,524

984,823

NET CURRENT ASSETS

533,006

764,908

TOTAL ASSETS LESS CURRENT LIABILITIES

936,317

1,198,102

CREDITORS

Amounts falling due after more than one year

-

(6,473

)

PROVISIONS FOR LIABILITIES

(67,294

)

(69,843

)

NET ASSETS

869,023

1,121,786

CAPITAL AND RESERVES

Called up share capital

5

50,000

50,000

Profit and loss account

819,023

1,071,786

SHAREHOLDERS' FUNDS

869,023

1,121,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 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 13 October 2016 and were signed on its behalf by:

Ms S Ferry - Director

G Ferry - Director

R Ferry - 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 January 2015).

Turnover

With the exception of long term contracts, turnover represents amounts receivable during the year , excluding

Value Added Tax.

Revenue from long term contracts is recognised by reference to the stage of completion of contract activity at the

balance sheet date. This is normally determined by the proportion that contract costs incurred to date bear to the

estimated total contract costs, except where this would not be representative of the stage of completion. If the

nature of a particular contract means that costs incurred do not accurately reflect the progress of contract activity,

an alternative approach is used such as the achievement of pre-determined contract milestones.

Profit attributable to contract activity is recognised if the final outcome of such contracts can be reliably

assessed. On all contracts, full provision is made for any losses in the year in which they are first foreseen.

Revenue from services provided on a short-term or one-off basis is recognised when the service is complete.

Tangible fixed assets

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

Leasehold Property & Improvements

-

straight line over period of lease

Plant and machinery

-

at variable rates on reducing balance

Motor vehicles

-

25% on reducing balance

Website

-

33% on reducing balance

Fixed assets are stated at cost, being purchase price, less accumulated depreciation.

Stocks & work in progress

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Work in progress

Applications applied for are recognised as turnover. The attributable profit on contracts is recognised once their

outcome can be assessed with reasonable certainty. The profit recognised reflects the proportion of the work

completed to date on the project.

Costs associated with contracts are included in work in progress to the extent that they cannot be matched with

contract work accounted for as turnover. Costs are defined as direct costs plus attributable overheads based on

normal level of activity.

Full provision is made for losses on all contracts in the year in which the loss is foreseen.

Deferred tax

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

sheet date.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in

which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance

sheet date.

Intangible assets

Development expenditure is capitalised when eligible costs are incurred. The resulting intangible asset is

amortised over three years once the commercial production in respect of these costs has commenced.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

Government grants

All other grants are credited to the profit and loss account in the year that they are receivable.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

and 30 April 2016

65,443

AMORTISATION

At 1 May 2015

61,018

Amortisation for year

4,425

At 30 April 2016

65,443

NET BOOK VALUE

At 30 April 2016

-

At 30 April 2015

4,425

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

1,729,629

Additions

22,259

At 30 April 2016

1,751,888

DEPRECIATION

At 1 May 2015

1,300,860

Charge for year

47,717

At 30 April 2016

1,348,577

NET BOOK VALUE

At 30 April 2016

403,311

At 30 April 2015

428,769

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 174,989 (30.4.15 - £ 164,867 )

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.16

30.4.15

value:

£

£

50,000

Ordinary Shares

£1

50,000

50,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2016 and

30 April 2015:

30.4.16

30.4.15

£

£

Ms S Ferry

Balance outstanding at start of year

6,471

20,229

Amounts advanced

390

500

Amounts repaid

(2,643

)

(14,258

)

Balance outstanding at end of year

4,218

6,471

G Ferry

Balance outstanding at start of year

300

-

Amounts advanced

500

510

Amounts repaid

(2,127

)

(210

)

Balance outstanding at end of year

(1,327

)

300

R Ferry

Balance outstanding at start of year

(298

)

(15,635

)

Amounts advanced

159

17,602

Amounts repaid

(9,116

)

(2,265

)

Balance outstanding at end of year

(9,255

)

(298

)

7.	ULTIMATE CONTROLLING PARTY