Company Registration No. 07583834 (England and Wales)
ROVAC GROUP LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
ROVAC GROUP LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
ROVAC GROUP LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
32,835
9,669
Tangible assets
2
25,528
30,548
58,363
40,217
Current assets
Stocks
11,250
10,000
Debtors
458,221
208,362
Cash at bank and in hand
8,939
5,285
478,410
223,647
Creditors: amounts falling due within one year
(508,734)
(323,669)
Net current liabilities
(30,324)
(100,022)
Total assets less current liabilities
28,039
(59,805)
Creditors: amounts falling due after more than one year
(5,179)
(18,225)
Provisions for liabilities
(4,600)
-
18,260
(78,030)
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
18,259
(78,031)
Shareholders' funds
18,260
(78,030)
ROVAC GROUP LIMITED
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.
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 10 November 2016
Mr R Owens
Director
Company Registration No. 07583834
ROVAC GROUP LIMITED
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 of ten years.
of ten years.
1.5
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:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% reducing balance
1.6
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
1.8
Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.
ROVAC GROUP LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 April 2015
10,002
32,998
43,000
Additions
25,000
2,930
27,930
Disposals
-
(938)
(938)
At 31 March 2016
35,002
34,990
69,992
Depreciation
At 1 April 2015
333
2,450
2,783
On disposals
-
(293)
(293)
Charge for the year
1,834
7,305
9,139
At 31 March 2016
2,167
9,462
11,629
Net book value
At 31 March 2016
32,835
25,528
58,363
At 31 March 2015
9,669
30,548
40,217
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary - A of £1 each
1
1