Company Registration No. 03780320 (England and Wales)
SPICE APPLICATION SYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2015
SPICE APPLICATION SYSTEMS LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
SPICE APPLICATION SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2015
31 March 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
13,842
17,149
Current assets
Stocks
263,273
217,498
Debtors
73,993
211,030
337,266
428,528
Creditors: amounts falling due within one year
3
(228,126)
(217,987)
Net current assets
109,140
210,541
Total assets less current liabilities
122,982
227,690
Creditors: amounts falling due after more than one year
4
(13,155)
(42,399)
109,827
185,291
Capital and reserves
Called up share capital
5
800
800
Share premium account
19,800
19,800
Other reserves
200
200
Profit and loss account
89,027
164,491
Shareholders' funds
109,827
185,291
SPICE APPLICATION SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2015
31 March 2015
- 2 -
For the financial year ended 31 March 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 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 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 22 September 2015
P R King
Director
Company Registration No. 03780320
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 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 April 2008).
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 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:
Fixtures, fittings & equipment
20% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Revenue recognition
The company invoices for the supply and installation of its goods in 3 key stages. A down payment on order (typically 30%), after which the company will procure all necessary component parts and commence with the unit assembly. A further payment, prior to despatch (typically 60%) to recognise completion of the assembled unit. A final payment (typically 10%) on installation and commissioning of the working system. Income is recognised in accordance with the amounts invoiced.
1.8
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.
1.9
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.
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
1
Accounting policies
(Continued)
- 4 -
1.10
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
1.11
Costs associated with the registration and renewals of patents is written off to the profit and loss account in the year in which it is incurred.
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2014
52,494
Additions
1,161
At 31 March 2015
53,655
Depreciation
At 1 April 2014
35,345
Charge for the year
4,468
At 31 March 2015
39,813
Net book value
At 31 March 2015
13,842
At 31 March 2014
17,149
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £96,322 (2014 - £104,144).
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2015
- 5 -
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £13,155 (2014 - £42,399).
Amounts due under hire purchase contracts are secured against the assets in which they relate.
5
Share capital
2015
2014
£
£
Allotted, called up and fully paid
800 Ordinary shares of £1 each
800
800