Company Registration No. 01988374 (England and Wales)
AIRFLOW REFRIGERATION SPACERS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
AIRFLOW REFRIGERATION SPACERS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AIRFLOW REFRIGERATION SPACERS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
128,975
125,954
Current assets
Stocks
85,273
83,673
Debtors
107,952
143,030
Cash at bank and in hand
365,305
316,387
558,530
543,090
Creditors: amounts falling due within one year
(293,386)
(262,102)
Net current assets
265,144
280,988
Total assets less current liabilities
394,119
406,942
Provisions for liabilities
(6,713)
(6,109)
387,406
400,833
Capital and reserves
Called up share capital
3
12,490
12,490
Profit and loss account
374,916
388,343
Shareholders' funds
387,406
400,833
For the financial year ended 31 December 2015 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 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 financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 10 March 2016
Mr S R Wildgoose
Director
Company Registration No. 01988374
AIRFLOW REFRIGERATION SPACERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land and buildings are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Freehold
No depreciation
Plant and machinery
15% Reducing balance
Motor vehicles
25% Reducing balance
The company carries out a policy of regular maintenance on the freehold land and buildings, and in the opinion of the director the estimated residual value at the end of its useful life will not be less than cost.
2
Fixed assets
Tangible assets
£
Cost
At 1 January 2015
190,672
Additions
17,134
Disposals
(14,845)
At 31 December 2015
192,961
Depreciation
At 1 January 2015
64,718
On disposals
(7,016)
Charge for the year
6,284
At 31 December 2015
63,986
Net book value
At 31 December 2015
128,975
At 31 December 2014
125,954
AIRFLOW REFRIGERATION SPACERS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
9,992 Ordinary shares of £1 each
9,992
9,992
2,498 T Ordinary shares of £1 each
2,498
2,498
12,490
12,490
4
Related party relationships and transactions
Loan from Director
Transactions in relation to loans from the director
d
uring the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr S R Wildgoose - Loan
-
9,282
233,400
-
154,784
87,898
9,282
233,400
-
154,784
87,898
At the balance sheet date an amount of £Nil (2014 - £40,274) was due to the Executors of Mrs C Wildgoose in respect of loans made.