Company Registration No. 04036777 (England and Wales)
ADVANCE VISION SYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2016
ADVANCE VISION SYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ADVANCE VISION SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2016
31 August 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
330,000
360,000
Tangible assets
2
14,563
18,472
344,563
378,472
Current assets
Stocks
9,285
9,106
Debtors
111,720
121,706
Cash at bank and in hand
15,361
18,526
136,366
149,338
Creditors: amounts falling due within one year
3
(310,173)
(387,380)
Net current liabilities
(173,807)
(238,042)
Total assets less current liabilities
170,756
140,430
Provisions for liabilities
(2,912)
(3,694)
167,844
136,736
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
167,744
136,636
Shareholders' funds
167,844
136,736
For the financial year ended 31 August 2016 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 5 April 2017
Mr P Currie
Mrs F J Currie
Director
Director
Company Registration No. 04036777
ADVANCE VISION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
- 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).
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Income in respect of goods is recognised at point of sale. Income in respect of services is recognised on completion of work.
Income in respect of goods is recognised at point of sale. Income in respect of services is recognised on completion of work.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
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:
Tools and equipment
25% reducing balance
Office furniture and equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ADVANCE VISION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2016
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 September 2015
600,000
68,368
668,368
Additions
-
1,243
1,243
Disposals
-
(1,118)
(1,118)
At 31 August 2016
600,000
68,493
668,493
Depreciation
At 1 September 2015
240,000
49,896
289,896
On disposals
-
(726)
(726)
Charge for the year
30,000
4,760
34,760
At 31 August 2016
270,000
53,930
323,930
Net book value
At 31 August 2016
330,000
14,563
344,563
At 31 August 2015
360,000
18,472
378,472
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £2,832).
Net obligations under finance lease and hire purchase contracts are secured by fixed charges on the assets concerned.
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 ordinary shares of £1 each
100
100
5
Related party relationships and transactions
L E D Lighting and Electrical Ltd
Mr P Currie and Mrs F J Currie are directors and shareholders in the above company. There were no related party transactions this year (2015 - nil) with L E D Lighting and Electrical Ltd.