| 1. |
Accounting Policies
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
25% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
| Computer Equipment |
25% Reducing Balance
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks 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 costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
| 2. |
Intangible fixed assets
| Cost or Valuation |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 July 2015 |
333,062 |
|
333,062 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 30 June 2016 |
333,062 |
|
333,062 |
| Amortisation |
| At 01 July 2015 |
333,062 |
|
333,062 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 30 June 2016 |
333,062 |
|
333,062 |
| Net book values |
| At 30 June 2016 |
- |
|
- |
| At 01 July 2015 |
- |
|
- |
|
| 3. |
Tangible fixed assets
| Cost or Valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 July 2015 |
15,276 |
|
19,645 |
|
74,921 |
|
77,491 |
|
187,333 |
| Additions |
- |
|
77,900 |
|
- |
|
4,158 |
|
82,058 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 30 June 2016 |
15,276 |
|
97,545 |
|
74,921 |
|
81,649 |
|
269,391 |
| Depreciation |
| At 01 July 2015 |
13,799 |
|
16,785 |
|
71,231 |
|
61,769 |
|
163,584 |
| Charge for year |
373 |
|
5,041 |
|
926 |
|
4,970 |
|
11,310 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 30 June 2016 |
14,172 |
|
21,826 |
|
72,157 |
|
66,739 |
|
174,894 |
| Net book values |
| At 30 June 2016 |
1,104 |
|
75,719 |
|
2,764 |
|
14,910 |
|
94,497 |
| At 01 July 2015 |
1,477 |
|
2,860 |
|
3,690 |
|
15,722 |
|
23,749 |
|
| 4. |
Share Capital
Allotted
|
2016
£ |
|
2015
£ |
|
10,000
Ordinary shares of £1.00 each |
10,000 |
|
10,000 |
|
10,000 |
|
10,000 |
|
2
|
