SIGMA ENGINEERING PRODUCT DESIGN LTD
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
Company Registration No. 04475408 (England and Wales)
SIGMA ENGINEERING PRODUCT DESIGN LTD
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
SIGMA ENGINEERING PRODUCT DESIGN LTD
ABBREVIATED BALANCE SHEET
AS AT
31 JULY 2015
31 July 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
80,156
15,638
Current assets
Stocks
28,218
22,425
Debtors
46,148
17,030
Cash at bank and in hand
1,866
106
76,232
39,561
Creditors: amounts falling due within one year
3
(63,325)
(63,580)
Net current assets/(liabilities)
12,907
(24,019)
Total assets less current liabilities
93,063
(8,381)
Creditors: amounts falling due after more than one year
4
(235,716)
(217,040)
(142,653)
(225,421)
Capital and reserves
Called up share capital
5
100
100
Revaluation reserve
34,238
-
Profit and loss account
(176,991)
(225,521)
Shareholders' funds
(142,653)
(225,421)
For the financial year ended 31 July 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 27 April 2016
Mr Densley James
Director
Company Registration No. 04475408
SIGMA ENGINEERING PRODUCT DESIGN LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
At 31 July 2015 the company's liabilities exceeded its assets by £142,653 (2014 - £225,421). At that date the loans advanced by D James, director, and W Murray stood at £201,351 (2014 - £205,913). These amounts are the subject of a subordination agreement between Mr James and Mr Murray and the company, ranking the loans below ordinary creditors until such a time that the company is able to repay the outstanding amounts.
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 invoiced for the sale of ventilation equipment and associated products. Turnover is recognised upon issue of invoice and is stated net of VAT within the accounts.
amounts invoiced for the sale of ventilation equipment and associated products. Turnover is recognised upon issue of invoice and is stated net of VAT within the accounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10% Straight Line
Computer equipment
25% Straight Line
Fixtures, fittings & equipment
10% Straight Line
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.6
Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
SIGMA ENGINEERING PRODUCT DESIGN LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2015
- 3 -
2
Fixed assets
Tangible assets
£
Cost or valuation
At 1 August 2014
110,727
Additions
36,873
Revaluation
(17,595)
At 31 July 2015
130,005
Depreciation
At 1 August 2014
95,089
Revaluation
(51,833)
Charge for the year
6,593
At 31 July 2015
49,849
Net book value
At 31 July 2015
80,156
At 31 July 2014
15,638
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £9,370 (2014 - £18,641).
The bank borrowings are secured by a bond and floating charge over the assets of the company.
Amounts due under hire purchase agreements are secured against the asset to which they relate.
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £32,365 (2014 - £4,927).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary Shares of £1 each
100
100