Registered number
06879676
A&A Wrought Iron Ltd
Unaudited Filleted Accounts
31 January 2017
A&A Wrought Iron Ltd
Registered number: 06879676
Balance Sheet
as at 31 January 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 1,129 646
Current assets
Stocks 9,093 9,093
Debtors 3 15,709 28,097
Cash at bank and in hand 3,632 243
28,434 37,433
Creditors: amounts falling due within one year 4 (50,551) (36,082)
Net current (liabilities)/assets (22,117) 1,351
Net (liabilities)/assets (20,988) 1,997
Capital and reserves
Called up share capital 1 1
Profit and loss account (20,989) 1,996
Shareholders' funds (20,988) 1,997
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr A Williams
Director
Approved by the board on 31 October 2017
A&A Wrought Iron Ltd
Notes to the Accounts
for the year ended 31 January 2017
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2016 12,155 - 12,155
Additions - 783 783
At 31 January 2017 12,155 783 12,938
Depreciation
At 1 February 2016 11,509 - 11,509
Charge for the year 300 - 300
At 31 January 2017 11,809 - 11,809
Net book value
At 31 January 2017 346 783 1,129
At 31 January 2016 646 - 646
3 Debtors 2017 2016
£ £
Trade debtors 3,608 22,426
Other debtors 12,101 5,671
15,709 28,097
4 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 1,811 1,811
Other taxes and social security costs 1,806 2,832
Other creditors 46,934 31,439
50,551 36,082
5 Other information
A&A Wrought Iron Ltd is a private company limited by shares and incorporated in England. Its registered office is:
300 St Mary's Road
Garston
Liverpool
Merseyside
L19 0NQ
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