Company Registration No. 06416215 (England and Wales)
A. & K. PROJECTS FELIXSTOWE LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
A. & K. PROJECTS FELIXSTOWE LTD.
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
A. & K. PROJECTS FELIXSTOWE LTD.
BALANCE SHEET
AS AT 30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
14,996
6,805
Current assets
Debtors
4
11,888
16,531
Creditors: amounts falling due within one year
5
(6,806)
(15,774)
Net current assets
5,082
757
Total assets less current liabilities
20,078
7,562
Creditors: amounts falling due after more than one year
6
(10,991)
-
Provisions for liabilities
(2,849)
(1,361)
Net assets
6,238
6,201
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
6,138
6,101
Total equity
6,238
6,201

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

A. & K. PROJECTS FELIXSTOWE LTD.
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 13 September 2018
Mr A Quinton
Director
Company Registration No. 06416215
A. & K. PROJECTS FELIXSTOWE LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information

A. & K. Projects Felixstowe Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 65 New Road, Trimley St Mary, FELIXSTOWE, IP11 0TF. The company number is 06416215.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 November 2017 are the first financial statements of A. & K. Projects Felixstowe Ltd. prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

A. & K. PROJECTS FELIXSTOWE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

A. & K. PROJECTS FELIXSTOWE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

A. & K. PROJECTS FELIXSTOWE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016
9,434
Additions
15,600
Disposals
(6,500)
At 30 November 2017
18,534
Depreciation and impairment
At 1 December 2016
2,629
Depreciation charged in the year
3,025
Eliminated in respect of disposals
(2,116)
At 30 November 2017
3,538
Carrying amount
At 30 November 2017
14,996
At 30 November 2016
6,805
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
830
-
Other debtors
11,058
16,531
11,888
16,531
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
1,085
4,715
Trade creditors
843
714
Corporation tax
909
1,085
Other creditors
3,969
9,260
6,806
15,774

Hire purchase liabilities of £2,529 are secured on the asset they relate to.

A. & K. PROJECTS FELIXSTOWE LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
- 7 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
10,991
-

Hire purchase liabilities of £10,991 are secured on the asset they relate to.

7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 ordinary of £1 each
100
100
100
100
8
Directors' transactions

During the year the director was advanced £25,608 and made repayments of £31,401. Interest of £320 was charged at a rate of 3%. £11,058 w as owed by the director at the year end (2016: £16,531).

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