Audile Limited - Period Ending 2014-03-31

Registration number: 04709467

Audile Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Bright Partnership
Chartered Accountants & Business Advisors
Yarmouth House
Trident Business Park
Daten Avenue
Warrington
WA3 6BX

Audile Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Audile Limited
for the Year Ended 31 March 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Audile Limited for the year ended 31 March 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Audile Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Audile Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Audile Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Audile Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Audile Limited. You consider that Audile Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Audile Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bright Partnership
Chartered Accountants & Business Advisors
Yarmouth House
Trident Business Park
Daten Avenue
Warrington
WA3 6BX

23 December 2014

Page 1

Audile Limited
(Registration number: 04709467)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					21,247			-
Tangible fixed assets					459,957			471,915
					481,204			471,915
Current assets
Debtors					127,186			134,844
Cash at bank and in hand					27,376			34,031
					154,562			168,875
Creditors: Amounts falling due within one year					(365,439)			(397,214)
Net current liabilities					(210,877)			(228,339)
Total assets less current liabilities					270,327			243,576
Creditors: Amounts falling due after more than one year					(16,347)			(38,520)
Provisions for liabilities					(43,915)			(30,211)
Net assets					210,065			174,845
Capital and reserves
Called up share capital		3			100,000			100,000
Profit and loss account					110,065			74,845
Shareholders' funds					210,065			174,845

For the year ending 31 March 2014 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 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 .

Approved by the Board on 23 December 2014 and signed on its behalf by:

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Audile Limited
(Registration number: 04709467)
Abbreviated Balance Sheet at 31 March 2014
......... continued

.........................................
Mr Robin Ashworth
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Audile Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... 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.

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
Plant and machinery	25% on reducing balance and 15% on reducing balance

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.

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

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 4

Audile Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... 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 April 2013		-			1,291,343			1,291,343
Additions		24,996			145,465			170,461
Disposals		-			(17,940)			(17,940)
At 31 March 2014		24,996			1,418,868			1,443,864
Depreciation
At 1 April 2013		-			819,428			819,428
Charge for the year		3,749			150,657			154,406
Eliminated on disposals		-			(11,174)			(11,174)
At 31 March 2014		3,749			958,911			962,660
Net book value
At 31 March 2014		21,247			459,957			481,204
At 31 March 2013		-			471,915			471,915

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		80,000			80,000			80,000			80,000

Page 5