Company Registration No. 02660666 (England and Wales)
VISORLAKE PCB DESIGNS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2014
VISORLAKE PCB DESIGNS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
VISORLAKE PCB DESIGNS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 NOVEMBER 2014
30 November 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1
1
Tangible assets
2
304
358
305
359
Current assets
Debtors
2,839
6,327
Cash at bank and in hand
1,346
2,632
4,185
8,959
Creditors: amounts falling due within one year
(2,130)
(15,303)
Net current assets/(liabilities)
2,055
(6,344)
Total assets less current liabilities
2,360
(5,985)
Creditors: amounts falling due after more than one year
(13,135)
(10,775)
(5,985)
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
(10,777)
(5,987)
Shareholders' funds
(10,775)
(5,985)
For the financial year ended 30 November 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their 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 20 August 2015
Mr D Markham
Director
Company Registration No. 02660666
VISORLAKE PCB DESIGNS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 NOVEMBER 2014
- 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 April 2008).
The company is able to meet its day-to-day working capital requirements through the provision of loans from the directors. This support is not expected to be withdrawn, and on this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets 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:
Plant and machinery
15% reducing balance
1.6
Revenue recognition
Turnover is recognised from when the service took place in the period.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
VISORLAKE PCB DESIGNS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2014
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 December 2013 & at 30 November 2014
8,200
16,350
24,550
Depreciation
At 1 December 2013
8,199
15,992
24,191
Charge for the year
54
54
At 30 November 2014
8,199
16,046
24,245
Net book value
At 30 November 2014
1
304
305
At 30 November 2013
1
358
359
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2