Acapple Construction Limited Company Accounts

COMPANY REGISTRATION NUMBER: NI073410

Acapple Construction Limited

Unaudited Financial Statements

31 August 2016

SW CUNNINGHAM LTD

Chartered accountant

190D Saintfield Road

Belfast

BT8 6NN

Acapple Construction Limited

Financial Statements

Year ended 31 August 2016

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Acapple Construction Limited

Balance Sheet

31 August 2016

	2016		2015
Note	£	£	£

Fixed assets

Intangible assets	6	84,000	112,000
Tangible assets	7	452,498	509,786
		---------	---------
		536,498	621,786

Current assets

Stocks	8	52,033	52,033
Debtors	9	1,158,905	1,886,470
Cash at bank and in hand		751,487	569
		------------	------------
		1,962,425	1,939,072

Creditors: amounts falling due within one year	10	1,719,205		1,669,733
		------------		------------
Net current assets			243,220	269,339
			---------	---------
Total assets less current liabilities			779,718	891,125

Provisions

Taxation including deferred tax	50,115	39,508
	---------	---------
Net assets	729,603	851,617
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	729,503	851,517
	---------	---------
Members funds	729,603	851,617
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Acapple Construction Limited

Balance Sheet (continued)

31 August 2016

These financial statements were approved by the board of directors and authorised for issue on 8 May 2017 , and are signed on behalf of the board by:

Thomas Martin	Jill Appleyard
Director	Director

Company registration number: NI073410

Acapple Construction Limited

Notes to the Financial Statements

Year ended 31 August 2016

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Thomas Andrews House, Queens Road, Queens Island, Belfast, BT3 9DU.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The July 2015 amendments to the standard have been early adopted.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2014. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have had to make the following judgments: Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty: Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values .

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Land & buildings	-	2% straight line
Plant & machinery	-	20% reducing balance
Fixtures & fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

	Computers	-	33% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares .

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 16 (2015: 19).

5. Profit before taxation

Profit before taxation is stated after charging:

	2016	2015
	£	£
Amortisation of intangible assets	28,000	28,000
Depreciation of tangible assets	75,267	53,873
	--------	--------

6. Intangible assets

	Goodwill
	£
Cost
At 1 Sep 2015 and 31 Aug 2016	280,000
	---------
Amortisation
At 1 September 2015	168,000
Charge for the year	28,000
	---------
At 31 August 2016	196,000
	---------
Carrying amount
At 31 August 2016	84,000
	---------
At 31 August 2015	112,000
	---------

7. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Computers	Total
	£	£	£	£	£	£
Cost
At 1 Sep 2015	152,905	452,319	96,548	99,850	13,103	814,725
Additions	–	51,300	3,000	–	–	54,300
Disposals	–	( 28,500)	–	( 71,850)	–	( 100,350)
	---------	---------	--------	--------	--------	---------
At 31 Aug 2016	152,905	475,119	99,548	28,000	13,103	768,675
	---------	---------	--------	--------	--------	---------
Depreciation
At 1 Sep 2015	11,994	181,966	52,155	50,071	8,753	304,939
Charge for the year	3,058	55,360	9,179	5,699	1,971	75,267
Disposals	–	( 19,161)	–	( 44,868)	–	( 64,029)
	---------	---------	--------	--------	--------	---------
At 31 Aug 2016	15,052	218,165	61,334	10,902	10,724	316,177
	---------	---------	--------	--------	--------	---------
Carrying amount
At 31 Aug 2016	137,853	256,954	38,214	17,098	2,379	452,498
	---------	---------	--------	--------	--------	---------
At 31 Aug 2015	140,911	270,353	44,393	49,779	4,350	509,786
	---------	---------	--------	--------	--------	---------

8. Stocks

	2016	2015
	£	£
Raw materials and consumables	52,033	52,033
	--------	--------

9. Debtors

	2016	2015
	£	£
Trade debtors	965,620	1,659,813
Other debtors	193,285	226,657
	------------	------------
	1,158,905	1,886,470
	------------	------------

10. Creditors: amounts falling due within one year

	2016	2015
	£	£
Bank loans and overdrafts	–	5,099
Trade creditors	998,696	1,012,323
Corporation tax	38,744	68,617
Social security and other taxes	141,246	140,714
Other creditors	540,519	442,980
	------------	------------
	1,719,205	1,669,733
	------------	------------

11. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2016	2015
	£	£

Financial assets that are debt instruments measured at amortised cost

Financial assets that are debt instruments measured at amortised cost	1,044,075	1,135,386
	------------	------------

Financial liabilities measured at amortised cost

Financial liabilities measured at amortised cost	1,539,215	1,460,401
	------------	------------

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Thomas Martin	113,329	93,220	( 113,329)	93,220
Jill Appleyard	113,328	93,219	( 113,328)	93,219
	---------	---------	---------	---------
	226,657	186,439	(226,657)	186,439
	---------	---------	---------	---------

	2015
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Thomas Martin	66,281	113,329	( 66,281)	113,329
Jill Appleyard	66,280	113,328	( 66,280)	113,328
	---------	---------	---------	---------
	132,561	226,657	(132,561)	226,657
	---------	---------	---------	---------

The loans were on an interest-free basis .

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2014.

No transitional adjustments were required in equity or profit or loss for the year.