Company Registration No. 06349309 (England and Wales)
VORTEX EXHAUST TECHNOLOGY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2015
VORTEX EXHAUST TECHNOLOGY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 4
VORTEX EXHAUST TECHNOLOGY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2015
31 December 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
1
11,547
Tangible assets
2
404,525
430,921
404,526
442,468
Current assets
Stocks
153,485
153,485
Debtors
121,795
409,526
Cash at bank and in hand
1,282
3,409
276,562
566,420
Creditors: amounts falling due within one year
3
(383,965)
(642,658)
Net current liabilities
(107,403)
(76,238)
Total assets less current liabilities
297,123
366,230
Creditors: amounts falling due after more than one year
4
(222,000)
(222,000)
75,123
144,230
Capital and reserves
Called up share capital
5
400,001
1
Profit and loss account
(324,878)
144,229
Shareholder's funds
75,123
144,230
VORTEX EXHAUST TECHNOLOGY LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2015
31 December 2015
- 2 -
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.
Director's responsibilities:
-
The member has 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 29 December 2016
Mr B C Mead
Director
Company Registration No. 06349309
VORTEX EXHAUST TECHNOLOGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2015
- 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
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:
Plant and machinery
20% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
20% straight line
Freehold buildings are depreciated to write down the cost less estimated residual value over their
remaining useful life by equal annual installments. Where buildings are maintained to such a standard that
their residual value is not less than their cost or valuation, no depreciation is charged as it is not
significant. Permanent diminutions in the value of freehold buildings are charged to the profit and loss
account.
1.5
Stock
Stock is valued at the lower of cost and net realisable value.
VORTEX EXHAUST TECHNOLOGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2015
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2015
63,510
480,053
543,563
Additions
-
2,448
2,448
At 31 December 2015
63,510
482,501
546,011
Depreciation
At 1 January 2015
51,963
49,132
101,095
Charge for the year
11,546
28,844
40,390
At 31 December 2015
63,509
77,976
141,485
Net book value
At 31 December 2015
1
404,525
404,526
At 31 December 2014
11,547
430,921
442,468
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £32,315 (2014 - £68,215).
4
Creditors: amounts falling due after more than one year
Analysis of loans repayable in more than five years
The aggregate amount of creditors for which security has been given amounted to £222,000 (2014 - £222,000).
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
1 ordinary of £1 each
1
1
400,000 Preference shares of of £1 each
400,000
-
400,001
1
During the year, 400,000 Redeemable Preference Shares of £1 each were issued, as capitalisation of debt. They are non voting and do not rank for dividends but do rank pari passu with the existing Ordinary Shares of the Company in all other respects. The Redeemable Preference Shares shall be redeemable only at the option of the Company.