| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2018 |
| for |
| A & D Sales Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 May 2018 |
| for |
| A & D Sales Limited |
| A & D Sales Limited (Registered number: 03748887) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| A & D Sales Limited |
| Company Information |
| for the Year Ended 31 May 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 68 Argyle Street |
| Birkenhead |
| CH41 6AF |
| A & D Sales Limited (Registered number: 03748887) |
| Balance Sheet |
| 31 May 2018 |
| 31.5.18 | 31.5.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| A & D Sales Limited (Registered number: 03748887) |
| Balance Sheet - continued |
| 31 May 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| A & D Sales Limited (Registered number: 03748887) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2018 |
| 1. | STATUTORY INFORMATION |
| A & D Sales Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| Estimates and judgements are continually evaluated and are based on historical experience and other factors, |
| including expectations of future events that are believed to be reasonable under the circumstances. The company |
| makes estimates and assumptions concerning the future. |
| The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. |
| The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying |
| amounts of assets and liabilities within the next financial year are discussed below; |
| When an asset is purchased it is categorised into an asset class, the depreciation policy of each class estimates the |
| economic life of all assets within the class. |
| The depreciation policy of each asset class is determined by management and reviewed regularly for |
| appropriateness. The depreciation policy adopted is based on historical experience as well as considering the |
| future events which may impact the useful economic life of all assets within each class, such as changes in |
| market demands. |
| In addition FRS 102 requires an entity to assess at each reporting date whether there is any indication that assets |
| within a class may be impaired i.e. the recoverable amount of the asset is less than the carrying amount. If any |
| such indication exists, management are required to estimate the recoverable amount of the individual assets |
| concerned. |
| Management judgement is applied to determine if revenue and costs should be recognised in the current period. |
| Turnover |
| Income is recognised on an accruals basis according to delivery of the services supplied. |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
| moving items. |
| A & D Sales Limited (Registered number: 03748887) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
| balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
| the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
| under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
| are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| Basic financial instruments |
| The following assets and liabilities are classified as financial instruments - trade debtors, other debtors, trade |
| creditors, other creditors, accruals and directors' loans. |
| Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted |
| amount of the cash or other consideration expected to be paid or received. |
| Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective |
| evidence of impairment. If objective evidence of impairment is found, an impairment loss in recognised in the |
| Statement of Income and Retained Earnings. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| A & D Sales Limited (Registered number: 03748887) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 June 2017 |
| Additions |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 June 2017 |
| Additions |
| At 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| A & D Sales Limited (Registered number: 03748887) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2018 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 June 2017 |
| and 31 May 2018 |
| DEPRECIATION |
| At 1 June 2017 |
| Charge for year |
| At 31 May 2018 |
| NET BOOK VALUE |
| At 31 May 2018 |
| At 31 May 2017 |
| 5. | STOCKS |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' current accounts |
| VAT |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 5,397 | - |
| Other creditors |
| Accrued expenses |
| A & D Sales Limited (Registered number: 03748887) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2018 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| The company committed to a lease agreement on 1 March 2017 for a Ford Mondeo. The term of the agreement is |
| 36 months, leaving £5,712 to be paid within 1 year and the remaining £4,284 to be paid within 2-5 years. |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts |
| The bank overdrafts are secured by a mortgage debenture over the assets of the company and by personal |
| guarantees from the directors, D Ormrod and Mrs A J Wallwork, for £88,000. |
| Hire purchase contracts are secured on the assets concerned. |
| A & D Sales Limited (Registered number: 03748887) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2018 |
| 11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 May 2018 and |
| 31 May 2017: |
| 31.5.18 | 31.5.17 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| At 31 May 2018, D Ormrod, director, owed the company £60,267 (2017 - £105,162). No interest has been |
| charged on the directors loan account balance. |
| At 31 May 2018, Mrs A J Wallwork, director, owed the company £55,993 (2017 - £85,372). No interest has |
| been charged on the directors loan account balance. |
| These advances are unsecured and have no formal repayment schedule. |