Company Registration No. 07170285 (England and Wales)
ARGON ELECTRONICS (UK) LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ARGON ELECTRONICS (UK) LTD
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ARGON ELECTRONICS (UK) LTD
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
24,823
35,318
Tangible assets
2
12,914
39,019
37,737
74,337
Current assets
Stocks
385,492
399,784
Debtors
145,301
227,252
Cash at bank and in hand
1,460,865
1,561,801
1,991,658
2,188,837
Creditors: amounts falling due within one year
(34,828)
(37,704)
Net current assets
1,956,830
2,151,133
Total assets less current liabilities
1,994,567
2,225,470
Provisions for liabilities
(13,677)
(14,086)
1,980,890
2,211,384
Capital and reserves
Called up share capital
3
30,000
30,000
Revaluation reserve
-
33,852
Profit and loss account
1,950,890
2,147,532
Shareholders' funds
1,980,890
2,211,384
ARGON ELECTRONICS (UK) LTD
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2016
31 March 2016
- 2 -
For the financial year ended 31 March 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 21 November 2016
Mr S D Pike
Director
Company Registration No. 07170285
ARGON ELECTRONICS (UK) LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
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
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
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.
1.6
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.7
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:
Computer equipment
25% on cost
Fixtures, fittings & equipment
33% on cost
1.8
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.9
Stock
Stock is valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items.
1.10
Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.11
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.
ARGON ELECTRONICS (UK) LTD
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
1
Accounting policies
(Continued)
- 4 -
1.12
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
898,049
87,095
985,144
Additions
1,865
10,717
12,582
At 31 March 2016
899,914
97,812
997,726
Depreciation
At 1 April 2015
862,731
48,076
910,807
Charge for the year
12,360
36,822
49,182
At 31 March 2016
875,091
84,898
959,989
Net book value
At 31 March 2016
24,823
12,914
37,737
At 31 March 2015
35,318
39,019
74,337
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
30,000 Ordinary of £1 each
30,000
30,000