A & N Engineering (Bedfordshire) Ltd 31/08/2018 iXBRL

Company registration number: 07351315

A & N Engineering (Bedfordshire) Ltd

Unaudited filleted financial statements

31 August 2018

A & N Engineering (Bedfordshire) Ltd

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

A & N Engineering (Bedfordshire) Ltd

Directors and other information


	Directors	Mr A Laird
		Mrs K Laird


	Company number	07351315


	Registered office &	Crooked Oak
	Business address	The Bridleway
		Toddington
		Beds
		LU5 6HS

A & N Engineering (Bedfordshire) Ltd

Statement of financial position

31 August 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	53,986		47,773
		_______		_______
			53,986		47,773

Current assets
Stocks		22,930		20,000
Debtors	6	90,258		155,035
Cash at bank and in hand		513,846		388,702
		_______		_______
		627,034		563,737
Creditors: amounts falling due
within one year	7	( 102,385)		( 110,891)
		_______		_______
Net current assets			524,649		452,846
			_______		_______
Total assets less current liabilities			578,635		500,619


Provisions for liabilities			( 6,601)		( 6,779)

			_______		_______
Net assets			572,034		493,840
			_______		_______

Capital and reserves
Called up share capital			2		2
Profit and loss account			572,032		493,838
			_______		_______
Shareholders funds			572,034		493,840
			_______		_______

For the year ending 31 August 2018 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.

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 comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 16 January 2019 , and are signed on behalf of the board by:

Mr A Laird Mrs K Laird

Director Director

Company registration number: 07351315

A & N Engineering (Bedfordshire) Ltd

Notes to the financial statements

Year ended 31 August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A & N Engineering (Bedfordshire) Ltd, Crooked Oak, The Bridleway, Toddington, Beds, LU5 6HS.

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 Republic of Ireland'.

3. Accounting policies

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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:

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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:

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

Impairment

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. 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 are largely independent of the cash inflows from other assets or groups of assets.

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 stocks to their present location and condition.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 statement of financial position 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 in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

5. Tangible assets

	Short leasehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 September 2017	10,472	61,791	31,507	103,770
Additions	7,845	12,912	-	20,757
Disposals	-	( 3,291)	( 6,570)	( 9,861)
	_______	_______	_______	_______
At 31 August 2018	18,317	71,412	24,937	114,666
	_______	_______	_______	_______
Depreciation
At 1 September 2017	209	41,523	14,265	55,997
Charge for the year	366	8,014	4,067	12,447
Disposals	-	( 2,169)	( 5,595)	( 7,764)
	_______	_______	_______	_______
At 31 August 2018	575	47,368	12,737	60,680
	_______	_______	_______	_______
Carrying amount
At 31 August 2018	17,742	24,044	12,200	53,986
	_______	_______	_______	_______
At 31 August 2017	10,263	20,268	17,242	47,773
	_______	_______	_______	_______

6. Debtors

	2018	2017
	£	£
Trade debtors	89,445	154,258
Other debtors	813	777
	_______	_______
	90,258	155,035
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	15,391	15,458
Corporation tax	37,100	46,546
Social security and other taxes	44,897	46,069
Other creditors	4,997	2,818
	_______	_______
	102,385	110,891
	_______	_______

8. Transition to FRS 102

These are the second financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2016.

Reconciliation of equity

No transitional adjustments were required.

Reconciliation of profit or loss for the year

No transitional adjustments were required.