Company Registration No. 03780320 (England and Wales)
SPICE APPLICATION SYSTEMS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
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 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
17,149
21,546
Investments
2
10,000
17,149
31,546
Current assets
Stocks
217,498
180,808
Debtors
211,030
187,804
428,528
368,612
Creditors: amounts falling due within one year
3
(217,987)
(181,493)
Net current assets
210,541
187,119
Total assets less current liabilities
227,690
218,665
Creditors: amounts falling due after more than one year
4
(42,399)
(43,293)
185,291
175,372
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
164,491
154,572
Shareholders' funds
185,291
175,372
SPICE APPLICATION SYSTEMS LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2014
31 March 2014
- 2 -
For the financial year ended 31 March 2014 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 10 December 2014
P R King
Director
Company Registration No. 03780320
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 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
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.7
Stock
Stock is valued at the lower of cost and net realisable value.
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 2014
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
Investments
Total
£
£
£
Cost
At 1 April 2013
51,351
10,000
61,351
Additions
1,143
-
1,143
Revaluation
(10,000)
(10,000)
At 31 March 2014
52,494
-
52,494
Depreciation
At 1 April 2013
29,805
-
29,805
Charge for the year
5,540
-
5,540
At 31 March 2014
35,345
-
35,345
Net book value
At 31 March 2014
17,149
17,149
At 31 March 2013
21,546
10,000
31,546
SPICE APPLICATION SYSTEMS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 5 -
3
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £104,144 (2013 - £70,234).
4
Creditors: amounts falling due after more than one year
The aggregate amount of creditors for which security has been given amounted to £42,399 (2013 - £43,293).
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
800 Ordinary shares of £1 each
800
800