ACTION AUDIO VISUAL LIMITED
Company Registration No. 02748899 (England and Wales)
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
WARNEFORD GIBBS
CHARTERED CERTIFIED ACCOUNTANTS
RUISLIP, MIDDLESEX HA4 74E
ACTION AUDIO VISUAL LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2 - 3
Notes to the abbreviated accounts
4 - 5
ACTION AUDIO VISUAL LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY ACCOUNTS OF ACTION AUDIO VISUAL LIMITED
- 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 Action Audio Visual Limited for the year ended 31 May 2016 set out on pages 3 to 8 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/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of Action Audio Visual Limited, as a body, in accordance with the terms of our engagement letter
.
Our work has been undertaken solely to prepare for your approval the financial statements of Action Audio Visual Limited and state those matters that we have agreed to state to the Board of Directors of Action Audio Visual Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Action Audio Visual Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Action Audio Visual 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 Action Audio Visual Limited. You consider that Action Audio Visual 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 Action Audio Visual 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.
Warneford Gibbs
College House
Chartered Certified Accountants
17 King Edwards Road
Ruislip
Middlesex
United Kingdom
HA4 7AE
28 February 2017
ACTION AUDIO VISUAL LIMITED
ABBREVIATED BALANCE SHEET
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
30,416
39,559
Current assets
Debtors
9,899
3,866
Cash at bank and in hand
350
90
10,249
3,956
Creditors: amounts falling due within one year
(59,734)
(36,694)
Net current liabilities
(49,485)
(32,738)
Total assets less current liabilities
(19,069)
6,821
Provisions for liabilities
(1,317)
(6,495)
(20,386)
326
Capital and reserves
Called up share capital
3
2
2
Profit and loss account
(20,388)
324
Shareholders' funds
(20,386)
326
ACTION AUDIO VISUAL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
- 3 -
For the financial year ended 31 May 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 27 February 2017
G. C. Ferguson
Director
Company Registration No. 02748899
ACTION AUDIO VISUAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2016
- 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 the total of services provided during the year, excluding value added tax.
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:
Hire equipment
20% reducing balance
1.5
Revenue recognition
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.6
Deferred taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
ACTION AUDIO VISUAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2016
- 5 -
2
Fixed assets
Tangible assets
£
Cost
At 1 June 2015
134,686
Additions
1,907
At 31 May 2016
136,593
Depreciation
At 1 June 2015
95,127
Charge for the year
11,050
At 31 May 2016
106,177
Net book value
At 31 May 2016
30,416
At 31 May 2015
39,559
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 Ordinary shares of £1 each
2
2
4
Related party relationships and transactions
Other transactions
G C Ferguson and T J Ferguson are directors of Positive Image Communications Limited, to whom the company sold services (net) to the aggregate value of £
nil
(201
5
- £
54,000
) on normal commercial terms and at the period end £
41,200
(201
5
- £
33,555
) was owed to that company.
Positive Image Communications Limited have provided security for the rental of the business premises.
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