Registered number
06887853
Display Mode Limited
Unaudited Abbreviated Accounts
31 March 2015
Display Mode Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of Display Mode Limited for the year ended 31 March 2015
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of Display Mode Limited for the year ended 31 March 2015 which comprise of the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook.
This report is made solely to the Board of Directors of Display Mode Limited, as a body, in accordance with the terms of our engagement letter dated 29 July 2010. Our work has been undertaken solely to prepare for your approval the accounts of Display Mode Limited and state those matters that we have agreed to state to the Board of Directors of Display Mode Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Display Mode Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Display Mode Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Display Mode Limited. You consider that Display Mode Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Display Mode 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 abbreviated accounts.
Jon Essam & Co Ltd
Chartered Accountants
23 Cottingham Way
Thrapston
Kettering
Northants
NN14 4PL
13 October 2015
Display Mode Limited
Registered number: 06887853
Abbreviated Balance Sheet
as at 31 March 2015
Notes 2015 2014
£ £
Fixed assets
Intangible assets 2 12,549 12,148
Tangible assets 3 516,539 524,752
529,088 536,900
Current assets
Stocks 269,370 211,495
Debtors 960,188 844,662
Cash at bank and in hand 341,882 162,366
1,571,440 1,218,523
Creditors: amounts falling due within one year (618,078) (524,337)
Net current assets 953,362 694,186
Total assets less current liabilities 1,482,450 1,231,086
Creditors: amounts falling due after more than one year (121,519) (130,718)
Provisions for liabilities (8,013) (7,979)
Net assets 1,352,918 1,092,389
Capital and reserves
Called up share capital 5 2 2
Profit and loss account 1,352,916 1,092,387
Shareholders' funds 1,352,918 1,092,389
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mrs H McCallum
Director
Approved by the board on 13 October 2015
Display Mode Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2015
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective 4/1/2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of display stands provided to retail customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant, machinery and office equipment 20% reducing balance
Motor vehicles 25% reducing balance
Land and buildings Not depreciated
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net relisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net relisable value is less than cost.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Intangible fixed assets £
Cost
At 1 April 2014 14,409
Additions 1,401
At 31 March 2015 15,810
Amortisation
At 1 April 2014 2,261
Provided during the year 1,000
At 31 March 2015 3,261
Net book value
At 31 March 2015 12,549
At 31 March 2014 12,148
3 Tangible fixed assets £
Cost
At 1 April 2014 622,472
Additions 25,481
At 31 March 2015 647,953
Depreciation
At 1 April 2014 97,720
Charge for the year 33,694
At 31 March 2015 131,414
Net book value
At 31 March 2015 516,539
At 31 March 2014 524,752
4 Loans 2015 2014
£ £
Creditors include:
Amounts falling due for payment after more than five years 135,619 144,818
Secured bank loans 135,619 144,818
5 Share capital Nominal 2015 2015 2014
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 2 2 2
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