Registered Number SC209388
ANCRUM ELECTRONICS LIMITED
Abbreviated Accounts
31 July 2015
Notes | 2015 | 2014 | |
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£ | £ | ||
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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( |
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Net current assets (liabilities) |
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( |
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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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Total net assets (liabilities) |
( |
( |
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Capital and reserves | |||
Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
Turnover policy
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Tangible assets depreciation policy
Fixtures and Fittings - 25% Reducing Balance
Motor Vehicles - 25% Reducing Balance
Equipment - 25% Reducing Balance
Intangible assets amortisation policy
Goodwill - 5% Straight Line
Valuation information and policy
Other accounting policies
The directors acknowledge that the company had net liabilities at the year end of £18,244 (2014 - £6,564). The directors have indicated that it is their intention to continue to support the company through the extension of loan monies. The going concern basis has, accordingly, been applied in the preparation of these financial statements.
Hire Purchase Agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.
£ | |
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Cost | |
At 1 August 2014 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 July 2015 |
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Amortisation | |
At 1 August 2014 |
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Charge for the year |
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On disposals |
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At 31 July 2015 |
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Net book values | |
At 31 July 2015 | 28,000 |
At 31 July 2014 | 31,500 |
£ | |
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Cost | |
At 1 August 2014 |
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Additions |
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Disposals |
( |
Revaluations |
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Transfers |
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At 31 July 2015 |
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Depreciation | |
At 1 August 2014 |
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Charge for the year |
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On disposals |
( |
At 31 July 2015 |
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Net book values | |
At 31 July 2015 | 20,183 |
At 31 July 2014 | 28,842 |
Included within the net book value of £20,183 is £8,451 (2014 - £18,876) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £2,817 (2014 - £6,292).
4 Transactions with directors
Name of director receiving advance or credit: |
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Description of the transaction: |
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Balance at 1 August 2014: | £ |
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Advances or credits made: |
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Advances or credits repaid: | £ |
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Balance at 31 July 2015: | £ |
During the year the company had the following transactions with DSC Solutions Limited, a company under common control - Sales £4,341 (2014 - £7,011), Purchases £7,050 (2014 - £15,184). At the year end the balance due to DSC Solutions Limited was £11,173 (2014 - £17,857).
These transactions were carried out on an arms length basis.