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Registration number: 02595870

Display Cor Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

 

Display Cor Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2 to 3

Notes to the Abbreviated Accounts

4 to 6

 

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6 ) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Display Cor Limited
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Display Cor Limited for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html .

This report is made solely to the Board of Directors of Display Cor Limited, as a body, in accordance with the terms of our engagement letterdated 11 May 2004. Our work has been undertaken solely to prepare for your approval the accounts of Display Cor Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Display Cor Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Display Cor 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 Cor Limited. You consider that Display Cor 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 Cor 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 accounts.

......................................

D A Green & Sons
Chartered Certified Accountants
12 The Broadway
St. Ives
Cambridgeshire
PE27 5BN

13 June 2016

 

Display Cor Limited
(Registration number: 02595870)
Abbreviated Balance Sheet at 31 March 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

81,622

   

101,098

 

Current assets

 

             

Stocks

 

   

18,118

   

16,145

 

Debtors

 

   

967,933

   

1,219,122

 

Cash at bank and in hand

 

   

460,041

   

191,752

 
   

   

1,446,092

   

1,427,019

 

Creditors: Amounts falling due within one year

 

   

(583,484)

   

(639,231)

 

Net current assets

 

   

862,608

   

787,788

 

Total assets less current liabilities

 

   

944,230

   

888,886

 

Creditors: Amounts falling due after more than one year

 

   

-

   

(3,412)

 

Provisions for liabilities

 

   

(12,640)

   

(15,727)

 

Net assets

 

   

931,590

   

869,747

 

Capital and reserves

 

             

Called up share capital

 

3

   

1,004

   

1,004

 

Profit and loss account

 

   

930,586

   

868,743

 

Shareholders' funds

 

   

931,590

   

869,747

 

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

 

Display Cor Limited
(Registration number: 02595870)
Abbreviated Balance Sheet at 31 March 2016
......... continued

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 13 June 2016 and signed on its behalf by:

.........................................
J Gardiner
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

 

Display Cor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Leasehold improvements and workshop structure

Straight line over 5 years

Plant and machinery

Straight line basis between three and ten years

Motor vehicles

Straight line basis over three years

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

 

Display Cor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 April 2015

 

370,871

   

370,871

 

Additions

 

3,645

   

3,645

 

At 31 March 2016

 

374,516

   

374,516

 

Depreciation

           

At 1 April 2015

 

269,773

   

269,773

 

Charge for the year

 

23,121

   

23,121

 

At 31 March 2016

 

292,894

   

292,894

 

Net book value

           

At 31 March 2016

 

81,622

   

81,622

 

At 31 March 2015

 

101,098

   

101,098

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

1,000

   

1,000

   

1,000

   

1,000

 

A Shares of £1 each

 

4

   

4

   

4

   

4

 
   

1,004

   

1,004

   

1,004

   

1,004

 
 

Display Cor Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4

Related party transactions

Directors' advances and credits

 

2016
Advance/ Credit
£

2016
Repaid
£

2015
Advance/ Credit
£

2015
Repaid
£

J Gardiner

Balance brought forward

(3,925)

-

(191)

-

Advances

(10,913)

-

(3,925)

-

Repayments

3,925

-

191

-

 

(10,913)

-

(3,925)

-

         

P A Millard

Balance brought forward

1,704

-

1,824

-

Advances

(33)

-

(120)

-

Repayments

-

-

-

-

 

1,671

-

1,704

-

         

N J Gardiner

Balance brought forward

-

-

1,056

-

Advances

-

-

(1,056)

-

Repayments

-

-

-

-

 

-

-

-

-

         

N Gardiner

Balance brought forward

(24,632)

-

(10,620)

-

Advances

(13,556)

-

(54,012)

-

Repayments

28,188

-

40,000

-

 

(10,000)

-

(24,632)

-

         

During the year the directors received dividends totalling £35,235.

The overdrawn loan accounts are to be cleared during May 2016.