AITKEN PROFESSIONAL SERVICES LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
Company Registration No. SC450443 (Scotland)
AITKEN PROFESSIONAL SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
AITKEN PROFESSIONAL SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
821
1,097
Current assets
Debtors
24,718
4
Cash at bank and in hand
50,661
62,418
75,379
62,422
Creditors: amounts falling due within one year
(24,469)
(26,963)
Net current assets
50,910
35,459
Total assets less current liabilities
51,731
36,556
Capital and reserves
Called up share capital
3
15
4
Profit and loss account
51,716
36,552
Shareholders' funds
51,731
36,556
For the financial year ended 31 March 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 14 December 2015
P Aitken
Director
Company Registration No. SC450443
AITKEN PROFESSIONAL SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2015
- 2 -
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
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
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 and equipment
25% per annum of net book value
1.4
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only when it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.
Deferred tax is not recognised when fixed assets are revalued unless by the balance sheet date there is a binding agreement to sell the revalued assets and the asset has been revalued to selling price. Neither is deferred tax recognised when fixed assets are sold and it is more likely than not that the taxable gain will be rolled over, being charged to tax only if and when the replacement assets are sold.
Deferred tax is measured on a non-discounted basis.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014 & at 31 March 2015
1,399
Depreciation
At 1 April 2014
302
Charge for the period
276
At 31 March 2015
578
Net book value
At 31 March 2015
821
At 31 March 2014
1,097
AITKEN PROFESSIONAL SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 3 -
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
15 Ordinary shares of £1 each
15
4
During the year 11 ordinary shares of £1 each were allocated at par for cash consideration.
4
Directors' benefits: advances, credit and guarantees
Loans to directors
The following directors had interest free loans during the year. The movement on these loans are as follows:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Current account
-
-
14,128
-
-
14,128
-
14,128
-
-
14,128
The above current account is unsecured and has no fixed terms of repayment.