REGISTERED NUMBER:
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CLYDE BROADCAST PRODUCTS LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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REGISTERED NUMBER:
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CLYDE BROADCAST PRODUCTS LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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CLYDE BROADCAST PRODUCTS LIMITED (REGISTERED NUMBER: SC174692) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Abbreviated Balance Sheet | 2 |
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Notes to the Abbreviated Accounts | 4 |
CLYDE BROADCAST PRODUCTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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BANKERS: |
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CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
CLYDE BROADCAST PRODUCTS LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's |
annual unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages |
two to six) have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Clyde Broadcast Products Limited for the year ended 30th November 2015 which |
comprise the Profit and Loss Account, the Balance Sheet, and the related notes from the company's accounting |
records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance. |
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This report is made solely to the Board of Directors of Clyde Broadcast Products Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clyde Broadcast Products Limited and state those matters that we have agreed to state to the Board of Directors of Clyde Broadcast Products Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Clyde Broadcast Products 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 profit of Clyde Broadcast Products Limited. You consider that Clyde Broadcast Products Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Clyde Broadcast Products 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 financial statements. |
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Chartered Accountants |
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31st August 2016 |
CLYDE BROADCAST PRODUCTS LIMITED (REGISTERED NUMBER: SC174692) |
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ABBREVIATED BALANCE SHEET |
30TH NOVEMBER 2015 |
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30.11.15 | 30.11.14 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 4 |
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Share premium |
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Capital redemption reserve |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the
Companies Act 2006 and |
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preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
CLYDE BROADCAST PRODUCTS LIMITED (REGISTERED NUMBER: SC174692) |
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ABBREVIATED BALANCE SHEET - continued |
30TH NOVEMBER 2015 |
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The financial statements were approved by the Board of Directors on
behalf by: |
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CLYDE BROADCAST PRODUCTS LIMITED (REGISTERED NUMBER: SC174692) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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1. | ACCOUNTING POLICIES |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with |
the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
The turnover shown in the profit and loss account represents the sales value of work done in relation to the |
manufacture and installation of broadcast and audio equipment during the year, exclusive of Value Added |
Tax. |
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Research & development |
Development expenditure on clearly defined projects whose outcome can be assessed with reasonable |
certainty is capitalised and amortisation is commenced in the year the product is released. Amortisation is |
calculated by reference to the expected value and period of sales of the product. All other research and |
development expenditure is written off in the year in which it is incurred. |
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Amortisation |
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the |
useful economic life of that asset as follows: |
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Research and development | - Refer to note 6. |
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Tangible fixed assets |
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Plant & machinery | - 25% straight line |
Fixtures & fittings | - 10% straight line |
Motor vehicles | - 25% straight line |
Office equipment | - 25% straight line |
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Assets held for use in operating leases are included in tangible fixed assets at cost and are depreciated on |
the straight line method over their expected useful economic lives. |
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Plant & machinery | - 20% straight line |
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Stocks |
Stock and work in progress are valued at the lower of cost and net realisable value, after making due |
allowance for obsolete and slow moving items. |
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Deferred tax |
Deferred tax arises as a result of including items of income and expenditure in taxation computations in |
periods different from those in which they are included in the company's financial statements. Deferred tax |
is provided in full on timing differences which result in an obligation to pay more tax, or a right to pay less |
tax, at a future date at the average tax rates that are expected to apply when the timing differences reverse, |
based on current tax rates and laws. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating |
result. |
CLYDE BROADCAST PRODUCTS LIMITED (REGISTERED NUMBER: SC174692) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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1. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over |
the period of the lease. |
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Turnover from operating leases are recognised in the profit and loss accounts on a straight line basis over |
the period of each lease. The initial direst costs incurred in negotiating and arranging operating leases are |
charged to the profit and loss account in the period in which they are incurred. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to the profit and loss account in the period to which they relate. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual |
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is |
any contract that evidences a residual interest in the assets of the company after deducting all of its |
liabilities. |
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Government grants |
Grants of a revenue nature are credited to the profit and loss account in the period to which they relate. |
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Deferred government grants in respect of capital expenditure are treated as deferred income and are |
credited to the profit and loss account over the estimated useful life of the assets to which they relate. |
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Long term contracts |
The company classifies as long term those contracts where the contract activity extends over more than |
one accounting period. |
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The amount recognised as turnover represents the value of work carried out during the year. Where the |
outcome of a contract can be assessed with reasonable certainty attributable profit is recognised in |
proportion to the amount of turnover recognised in the financial statements. Full provision is made for any |
foreseeable losses. |
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Where the amount recognised as turnover exceeds the payments received on account in respect of that |
contract, the balance is included in debtors as amounts recoverable on contracts. |
CLYDE BROADCAST PRODUCTS LIMITED (REGISTERED NUMBER: SC174692) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
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2. | INTANGIBLE FIXED ASSETS |
Total |
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COST |
At 1st December 2014 |
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Additions |
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At 30th November 2015 |
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AMORTISATION |
At 1st December 2014 |
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Amortisation for year |
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At 30th November 2015 |
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NET BOOK VALUE |
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At 30th November 2015 |
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At 30th November 2014 |
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Other intangible assets comprise capitalised research and development expenditure which represents the |
costs incurred in the development of 3 products, "Synergy v2", "Octomix" and a product with the working |
title of "Phoenix". The directors are confident of both the technical and commercial feasibility of these |
products. The amortisation of these costs is applied over the estimated commercial lives of the products |
from their release date. This is currently planned to be against the first 320 sales of "Synergy v2" and the |
first 330 sales of "Octomix". "Phoenix" is expected to be released during 2017. |
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3. | TANGIBLE FIXED ASSETS |
Total |
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COST |
At 1st December 2014 |
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Additions |
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Disposals | ( |
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At 30th November 2015 |
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DEPRECIATION |
At 1st December 2014 |
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Charge for year |
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Eliminated on disposal | ( |
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At 30th November 2015 |
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NET BOOK VALUE |
At 30th November 2015 |
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At 30th November 2014 |
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4. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.15 | 30.11.14 |
value: | £ | £ |
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Ordinary | 1 |
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