Company Registration No. 02383612 (England and Wales)
PRP OPTOELECTRONICS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
PRP OPTOELECTRONICS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
PRP OPTOELECTRONICS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRP OPTOELECTRONICS LIMITED FOR THE YEAR ENDED 31 DECEMBER 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 5 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 PRP Optoelectronics Limited for the year ended 31 December 2015 set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com
/
rulebook
.
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/factsheet163.
It is your duty to ensure that PRP Optoelectronics 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 PRP Optoelectronics Limited. You consider that PRP Optoelectronics Limited 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 PRP Optoelectronics 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 accounts.
DBH
15 September 2016
Chartered Certified Accountants
16 Dorcan Business Village
Murdock Road, Dorcan
Swindon
Wiltshire
SN3 5HY
PRP OPTOELECTRONICS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
525,447
536,800
Tangible assets
2
467,290
381,236
992,737
918,036
Current assets
Stocks
523,052
762,542
Debtors
303,718
287,166
Cash at bank and in hand
155,046
34,275
981,816
1,083,983
Creditors: amounts falling due within one year
3
(1,132,238)
(1,122,070)
Net current liabilities
(150,422)
(38,087)
Total assets less current liabilities
842,315
879,949
Creditors: amounts falling due after more than one year
4
(269,431)
-
572,884
879,949
Capital and reserves
Called up share capital
5
218,888
218,888
Share premium account
83,174
83,174
Other reserves
67,000
67,000
Profit and loss account
203,822
510,887
Shareholders' funds
572,884
879,949
PRP OPTOELECTRONICS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 3 -
For the financial year ended 31 December 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 15 September 2016
Mr K R Peart
Director
Company Registration No. 02383612
PRP OPTOELECTRONICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
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
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.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Leasehold Property: Lessees Fixtures
straight line basis over 6 years
Plant and machinery
straight line basis over 3 to 10 years
1.6
Leasing and hire purchase commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
1.7
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.8
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.9
Deferred taxation
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the directors, there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
1.10
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.
PRP OPTOELECTRONICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 5 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2015
536,800
1,345,441
1,882,241
Additions
257,841
174,600
432,441
Disposals
(269,194)
-
(269,194)
At 31 December 2015
525,447
1,520,041
2,045,488
Depreciation
At 1 January 2015
-
964,205
964,205
On disposals
(269,194)
-
(269,194)
Charge for the year
269,194
88,546
357,740
At 31 December 2015
-
1,052,751
1,052,751
Net book value
At 31 December 2015
525,447
467,290
992,737
At 31 December 2014
536,800
381,236
918,036
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £129,033 (2014 - £122,461).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £69,783 (2014 - £0).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
218,888 Ordinary of £1 each
218,888
218,888
6
Ultimate parent company
The ultimate parent company
wa
s
PRP Technology
Limited, a company registered in England and Wales
, until 15 May 2015 when all shares were acquired by Hillmead Technology Limited, also a company registered in England and Wales.