AUDIO VISUAL FACILITIES LIMITED Small abridged accounts

AUDIO VISUAL FACILITIES LIMITED Small abridged accounts

AUDIO VISUAL FACILITIES LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of AUDIO VISUAL FACILITIES LIMITED have consented to the preparation of the statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2016 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 04114418
AUDIO VISUAL FACILITIES LIMITED
Unaudited Abridged Financial Statements
31 March 2016
DEBSON & CO.
Chartered accountant
Galley House, Second Floor
Moon Lane
Barnet
Herts
EN5 5YL
AUDIO VISUAL FACILITIES LIMITED
Abridged Financial Statements
Year ended 31 March 2016
Contents
Pages
Officers and professional advisers
1
Director's report
2
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
3
Statement of income and retained earnings
4
Abridged statement of financial position
5 to 6
Notes to the abridged financial statements
7 to 10
The following pages do not form part of the abridged financial statements
Detailed abridged income statement
12
Notes to the detailed abridged income statement
13
AUDIO VISUAL FACILITIES LIMITED
Officers and Professional Advisers
Director David Johnson-Stockwell
- Director
Registered office
Ashdon House, Second Floor
Moon Lane
Barnet
Herts
EN5 5YL
Accountants
DEBSON & CO.
Chartered accountant
Galley House, Second Floor
Moon Lane
Barnet
Herts
EN5 5YL
AUDIO VISUAL FACILITIES LIMITED
Director's Report
Year ended 31 March 2016
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 March 2016 .
Director
The director who served the company during the year was as follows:
David Johnson-Stockwell
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 20 December 2016 and signed on behalf of the board by:
David Johnson-Stockwell
Director
Registered office:
Ashdon House, Second Floor
Moon Lane
Barnet
Herts
EN5 5YL
AUDIO VISUAL FACILITIES LIMITED
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of AUDIO VISUAL FACILITIES LIMITED
Year ended 31 March 2016
As described on the abridged statement of financial position, the director of the company is responsible for the preparation of the abridged financial statements for the year ended 31 March 2016, which comprise the statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
DEBSON & CO. Chartered accountant
Galley House, Second Floor Moon Lane Barnet Herts EN5 5YL
20 December 2016
AUDIO VISUAL FACILITIES LIMITED
Statement of Income and Retained Earnings
Year ended 31 March 2016
2016
2015
Note
£
£
Gross profit
139,541
101,477
Administrative expenses
85,585
74,829
---------
---------
Operating profit
53,956
26,648
Other interest receivable and similar income
–
6
Interest payable and similar expenses
5,050
1,873
---------
---------
Profit before taxation
5
48,906
24,781
Tax on profit
13,493
8,023
--------
--------
Profit for the financial year and total comprehensive income
35,413
16,758
--------
--------
Dividends paid and payable
( 36,000)
( 46,000)
Retained earnings at the start of the year
1,320
30,562
--------
--------
Retained earnings at the end of the year
733
1,320
--------
--------
All the activities of the company are from continuing operations.
AUDIO VISUAL FACILITIES LIMITED
Abridged Statement of Financial Position
31 March 2016
2016
2015
Note
£
£
£
Fixed assets
Intangible assets
6
25,000
30,000
Tangible assets
7
64,047
46,497
--------
--------
89,047
76,497
Current assets
Debtors
2,130
2,198
Cash at bank and in hand
14,397
12,630
--------
--------
16,527
14,828
Creditors: amounts falling due within one year
67,003
89,905
--------
--------
Net current liabilities
50,476
75,077
--------
--------
Total assets less current liabilities
38,571
1,420
Creditors: amounts falling due after more than one year
37,738
–
--------
-------
Net assets
833
1,420
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
733
1,320
----
-------
Members funds
833
1,420
----
-------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
AUDIO VISUAL FACILITIES LIMITED
Abridged Statement of Financial Position (continued)
31 March 2016
These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2016 , and are signed on behalf of the board by:
David Johnson-Stockwell
Director
Company registration number: 04114418
AUDIO VISUAL FACILITIES LIMITED
Notes to the Abridged Financial Statements
Year ended 31 March 2016
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ashdon House, Second Floor, Moon Lane, Barnet, Herts, EN5 5YL.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Staff costs
The average number of persons employed by the company during the year, including the director, amounted to Nil (2015: Nil).
5. Profit before taxation
Profit before taxation is stated after charging:
2016
2015
£
£
Amortisation of intangible assets
5,000
5,000
Depreciation of tangible assets
21,123
15,235
--------
--------
6. Intangible assets
£
Cost
At 1 April 2015 and 31 March 2016
50,000
--------
Amortisation
At 1 April 2015
20,000
Charge for the year
5,000
--------
At 31 March 2016
25,000
--------
Carrying amount
At 31 March 2016
25,000
--------
At 31 March 2015
30,000
--------
7. Tangible assets
£
Cost
At 1 April 2015
108,052
Additions
52,254
Disposals
( 24,145)
---------
At 31 March 2016
136,161
---------
Depreciation
At 1 April 2015
61,555
Charge for the year
21,123
Disposals
( 10,564)
---------
At 31 March 2016
72,114
---------
Carrying amount
At 31 March 2016
64,047
---------
At 31 March 2015
46,497
---------
8. Director's advances, credits and guarantees
9. Related party transactions
The company was under the control of Mr David Johnson-Stockwell throughout the current and previous year. Mr David Johnson-Stockwell is the managing director and together with his partner Lesley Field own all the shares in the company. At 31st March 2016 an amount of £38494.85 (2015 - £36,235.75) was owed by the Company to the Director. Apart from the above, no transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
AUDIO VISUAL FACILITIES LIMITED
Management Information
Year ended 31 March 2016
The following pages do not form part of the abridged financial statements.
AUDIO VISUAL FACILITIES LIMITED
Detailed Abridged Income Statement
Year ended 31 March 2016
2016
2015
£
£
Turnover
234,158
188,586
Cost of sales
Purchases
89,591
81,353
Subcontractor costs
5,026
5,756
--------
--------
94,617
87,109
---------
---------
Gross profit
139,541
101,477
Overheads
Administrative expenses
85,585
74,829
---------
---------
Operating profit
53,956
26,648
Other interest receivable and similar income
–
6
Interest payable and similar expenses
5,050
1,873
--------
--------
Profit before taxation
48,906
24,781
--------
--------
AUDIO VISUAL FACILITIES LIMITED
Notes to the Detailed Abridged Income Statement
Year ended 31 March 2016
2016
2015
£
£
Administrative expenses
Directors salaries
8,064
7,680
Wages and salaries
8,096
7,680
Social security costs
2,826
2,690
Rent
1,530
1,481
Insurance
309
292
Motor expenses
13,690
10,941
Travel and subsistence
1,137
2,710
Hire of equipment
248
270
Telephone
2,967
4,189
Printing postage and stationery
964
303
Sundry expenses
2,950
630
Subscription & membership
560
828
Advertising
6,604
7,802
Entertaining
1,658
415
Legal and professional fees
1,323
1,005
Accountancy fees
2,600
2,500
Amortisation of intangible assets
5,000
5,000
Depreciation of tangible assets
21,123
15,235
(Gain)/loss on disposal of tangible assets
637
–
Credit card charges
2,729
2,542
Bank charges
570
636
--------
--------
85,585
74,829
--------
--------
Other interest receivable and similar income
Bank interest receivable
–
6
----
----
Interest payable and similar expenses
Hire purchase and finance lease charges
5,050
1,873
-------
-------