Company Registration No. 02809465 (England and Wales)
ARGOFIELD LIMITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
ARGOFIELD LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
ARGOFIELD LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,567
7,092
Current assets
Stocks
585,973
639,890
Debtors
73,860
393,745
Cash at bank and in hand
1,122,850
434,956
1,782,683
1,468,591
Creditors: amounts falling due within one year
(1,202,789)
(717,553)
Net current assets
579,894
751,038
Total assets less current liabilities
589,461
758,130
Creditors: amounts falling due after more than one year
(73,333)
(90,750)
516,128
667,380
Capital and reserves
Called up share capital
3
92
92
Profit and loss account
516,036
667,288
Shareholders' funds
516,128
667,380
For the financial year ended 30 June 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 and authorised for issue on 16 March 2017
Mr R J Deamer
Mr R J Deamer
Director
Director
Company Registration No. 02809465
ARGOFIELD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 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 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 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
25% reducing balance
Computer equipment
33% reducing balance
Fixtures, fittings & equipment
25% reducing balance
1.6
Leasing
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
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 in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
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.
ARGOFIELD LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
32,197
Additions
6,256
At 30 June 2016
38,453
Depreciation
At 1 July 2015
25,103
Charge for the year
3,783
At 30 June 2016
28,886
Net book value
At 30 June 2016
9,567
At 30 June 2015
7,092
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
66 Ordinary 'A' shares of £1 each
66
66
26 Ordinary 'B' shares of £1 each
26
26
92
92
The Ordinary 'A' and Ordinary 'B' shares rank equally in all aspects except for the power to pay variable dividends.