Company Registration No. 07406315 (England and Wales)
AC INTELLECT LTD
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2015
AC INTELLECT LTD
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3
AC INTELLECT LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AC INTELLECT LTD FOR THE YEAR ENDED 31 OCTOBER 2015
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 3 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AC Intellect Ltd for the year ended 31 October 2015 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.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.
This report is made solely to the Board of Directors of AC Intellect Ltd, as a body, in accordance with the terms of our engagement letter dated 26 January 2015. Our work has been undertaken solely to prepare for your approval the financial statements of AC Intellect Ltd and state those matters that we have agreed to state to the Board of Directors of AC Intellect Ltd, 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 AC Intellect Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that AC Intellect Ltd 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 profit of AC Intellect Ltd. You consider that AC Intellect Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of AC Intellect Ltd. 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.
Clear & Lane Limited
Chartered Accountants
340 Melton Road
Leicester
LE4 7SL
27 July 2016
AC INTELLECT LTD
ABBREVIATED BALANCE SHEET
AS AT
31 OCTOBER 2015
31 October 2015
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2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,687
21,024
Current assets
Debtors
17,270
10,128
Cash at bank and in hand
16,553
7,683
33,823
17,811
Creditors: amounts falling due within one year
(27,658)
(19,380)
Net current assets/(liabilities)
6,165
(1,569)
Total assets less current liabilities
7,852
19,455
Creditors: amounts falling due after more than one year
-
(15,275)
Provisions for liabilities
(337)
(3,875)
7,515
305
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
7,415
205
Shareholders' funds
7,515
305
For the financial year ended 31 October 2015 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 27 July 2016
Mr A R Clark
Director
Company Registration No. 07406315
AC INTELLECT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 OCTOBER 2015
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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).
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
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:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
4 years straight line
2
Fixed assets
Tangible assets
£
Cost
At 1 November 2014
27,749
Disposals
(25,034)
At 31 October 2015
2,715
Depreciation
At 1 November 2014
6,725
On disposals
(6,259)
Charge for the year
562
At 31 October 2015
1,028
Net book value
At 31 October 2015
1,687
At 31 October 2014
21,024
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100