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Abbreviated Unaudited Accounts for the Year Ended 31 December 2014 |
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Advanced LED's Limited |
REGISTERED NUMBER:
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Abbreviated Unaudited Accounts for the Year Ended 31 December 2014 |
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for |
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Advanced LED's Limited |
Advanced LED's Limited (Registered number: 04229742) |
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Contents of the Abbreviated Accounts |
for the Year Ended 31 December 2014 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Abbreviated Balance Sheet | 3 |
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Notes to the Abbreviated Accounts | 5 |
Advanced LED's Limited |
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Company Information |
for the Year Ended 31 December 2014 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Advanced LED's Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on |
pages three to seven) have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Advanced LED's Limited for the year ended 31 December 2014 which comprise |
the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records |
and from information and explanations you have given us. |
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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. |
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This report is made solely to the Board of Directors of Advanced LED's Limited, as a body, in accordance with |
our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial |
statements of Advanced LED's Limited and state those matters that we have agreed to state to the Board of |
Directors of Advanced LED's Limited, 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 the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Advanced LED's Limited has kept adequate accounting records and to prepare |
statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss |
of Advanced LED's Limited. You consider that Advanced LED's Limited is exempt from the statutory audit |
requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Advanced LED's |
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 financial statements. |
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Chartered Accountants |
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9 June 2015 |
Advanced LED's Limited (Registered number: 04229742) |
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Abbreviated Balance Sheet |
31 December 2014 |
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2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debts subject to non-recourse |
financing arrangement |
Debts factored without recourse | 258,483 | 340,302 |
Non-returnable deposits | (222,163 | ) | (212,723 | ) |
36,320 | 127,579 |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
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NET LIABILITIES | ( |
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Advanced LED's Limited (Registered number: 04229742) |
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Abbreviated Balance Sheet - continued |
31 December 2014 |
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2014 | 2013 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 4 |
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Share premium |
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Other reserves | 1 | - |
Profit and loss account | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at
the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Advanced LED's Limited (Registered number: 04229742) |
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Notes to the Abbreviated Accounts |
for the Year Ended 31 December 2014 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance |
with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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The directors consider that the year ended 31 December 2014 saw significantly improved sales |
compared to the previous year with greatly improved margins. We have been successful in taking cost |
out of our product (without impacting on quality) which should see margins continue to improve over |
the coming 12 months. Additionally, in late 2014 we launched a new product which should ensure |
continued growth and will improve both quality and margins further. Since the financial year end the |
company achieved further investment of £418,974 as detailed in note 15. The company's budget for |
the year ending 31 December 2015 forecasts a significantly improved performance and a return to |
profitability based on increased turnover and improving margins. Whilst the balance sheet at 31 |
December 2014 shows a deficiency of £621,506, the directors anticipate remaining with facilities |
currently agreed and those expected to be agreed as required. |
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Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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Research and development |
Development costs have been incurred by the company in relation to new product development. These |
costs have been capitalised and have been amortised over 10 years from the date of the expense. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
Advanced LED's Limited (Registered number: 04229742) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 December 2014 |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 January 2014 |
and 31 December 2014 |
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AMORTISATION |
At 1 January 2014 |
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Amortisation for year |
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At 31 December 2014 |
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NET BOOK VALUE |
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At 31 December 2014 |
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At 31 December 2013 |
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3. | TANGIBLE FIXED ASSETS |
Total |
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COST |
At 1 January 2014 |
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Additions |
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At 31 December 2014 |
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DEPRECIATION |
At 1 January 2014 |
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Charge for year |
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At 31 December 2014 |
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NET BOOK VALUE |
At 31 December 2014 |
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At 31 December 2013 |
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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
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Ordinary | 10p |
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Ordinary A | 10p |
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Deferred | 10p |
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1,612 | 1,612 |
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During the year ended 31 December 2014 the company re-purchased into treasury 121 ordinary 10p |
shares at a total consideration of £1. These shares no longer have the right to participate in future |
dividends. A transfer from reserves has been made as shown in note 12. |
Advanced LED's Limited (Registered number: 04229742) |
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Notes to the Abbreviated Accounts - continued |
for the Year Ended 31 December 2014 |
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5. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the year ended 31 December 2014 |
and the period ended 31 December 2013: |
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2014 | 2013 |
£ | £ |
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Balance outstanding at start of year |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts repaid |
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Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Balance outstanding at end of year |
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During the year ended 31 December 2014, the amount owed to the company by CM Clarke was |
written off. |