Saxa Vord Limited - Period Ending 2014-08-31

Registration number: SC306164

Saxa Vord Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

A9 Accountancy Limited
Chartered Accountants
Elm House
Cradlehall Business Park
Inverness
IV2 5GH

Saxa Vord Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Saxa Vord Limited
(Registration number: SC306164)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					143,776			25,230
Current assets
Stocks					4,342			999
Debtors					59,024			109,733
Cash at bank and in hand					210,483			21,457
					273,849			132,189
Creditors: Amounts falling due within one year					(612,203)			(761,437)
Net current liabilities					(338,354)			(629,248)
Net liabilities					(194,578)			(604,018)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(194,678)			(604,118)
Shareholders' deficit					(194,578)			(604,018)

For the year ending 31 August 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 director acknowledges his 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 director on 19 December 2014

.........................................
Mr F Strang
Director

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

Saxa Vord Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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).

Going concern

The financial statements have been prepared on a going concern basis as the director has confirmed that he will continue to provide financial support to the company for a minimum period of 12 months after the date of approval of these accounts and is satisfied that, in his opinion, the company will be able to continue to trade for at least that period of time and will be able to meet its ongoing financial liabilities.

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. The principal rates in use are:

Asset class	Depreciation method and rate
Plant and Machinery	33% straight line
Leasehold imrpovements	20% straight line
Motor vehicles	25% reducing balance

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 provided in respect of the tax effect of all timing differences that have originated but not reversed at the balance sheet date. A deferred tax asset is recognised to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

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.

Page 2

Saxa Vord Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		207,728			207,728
Additions		172,105			172,105
At 31 August 2014		379,833			379,833
Depreciation
At 1 September 2013		182,498			182,498
Charge for the year		53,559			53,559
At 31 August 2014		236,057			236,057
Net book value
At 31 August 2014		143,776			143,776
At 31 August 2013		25,230			25,230

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3