A. & G. Motor Engineers Limited - Period Ending 2016-12-31

A. & G. Motor Engineers Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 December 2016

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

A. & G. Motor Engineers Limited

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Abridged Financial Statements	5 to 10

A. & G. Motor Engineers Limited

Company Information

Directors

Mrs C Atkinson

Mr S J Atkinson

Company secretary

Mr M Atkinson

Registered office

Parkfield Garage
George Street
Elland
West Yorkshire
HX5 0NE

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

Page 1

A. & G. Motor Engineers Limited

(Registration number: 01677122)
Abridged Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	51,975	44,386
Current assets
Stocks	5	7,070	6,950
Debtors		94,281	62,296
Cash at bank and in hand		54,699	75,880
		156,050	145,126
Prepayments and accrued income		2,080	2,467
Creditors: Amounts falling due within one year		(62,406)	(57,603)
Net current assets		95,724	89,990
Total assets less current liabilities		147,699	134,376
Provisions for liabilities		(7,712)	(7,648)
Accruals and deferred income		(13,682)	(2,707)
Net assets		126,305	124,021
Capital and reserves
Called up share capital		100	100
Profit and loss account		126,205	123,921
Total equity		126,305	124,021

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

The notes on pages 5 to 10 form an integral part of these abridged financial statements.

Page 2

A. & G. Motor Engineers Limited

(Registration number: 01677122)
Abridged Balance Sheet as at 31 December 2016

Approved and authorised by the Board on 5 May 2017 and signed on its behalf by:

.........................................

Mr S J Atkinson

Director

The notes on pages 5 to 10 form an integral part of these abridged financial statements.

Page 3

A. & G. Motor Engineers Limited

Statement of Changes in Equity for the Year Ended 31 December 2016

	Share capital £	Profit and loss account £	Total £
At 1 January 2016	100	123,921	124,021
Profit for the year	-	64,284	64,284
Total comprehensive income	-	64,284	64,284
Dividends	-	(62,000)	(62,000)
At 31 December 2016	100	126,205	126,305

	Share capital £	Profit and loss account £	Total £
At 1 January 2015	100	113,622	113,722
Profit for the year	-	60,299	60,299
Total comprehensive income	-	60,299	60,299
Dividends	-	(50,000)	(50,000)
At 31 December 2015	100	123,921	124,021

The notes on pages 5 to 10 form an integral part of these abridged financial statements.

Page 4

A. & G. Motor Engineers Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Parkfield Garage
George Street
Elland
West Yorkshire
HX5 0NE

These financial statements were authorised for issue by the Board on 5 May 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% on reducing balance
Motor vehicles	25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 5

A. & G. Motor Engineers Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 6

A. & G. Motor Engineers Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2015 - 5).

4	Tangible assets

Total
£

Cost or valuation

At 1 January 2016

156,019

Additions

20,179

Disposals

(3,800)

At 31 December 2016

172,398

Depreciation

At 1 January 2016

111,633

Charge for the year

11,387

Eliminated on disposal

(2,597)

At 31 December 2016

120,423

Carrying amount

At 31 December 2016

51,975

At 31 December 2015

44,386

5

Stocks

2016
£

2015
£

Other inventories

7,070

6,950

6

Dividends

Interim dividends paid

	2016 £	2015 £
Interim dividend of £620 (2015 - £500) per each Ordinary share	62,000	50,000

7	Related party transactions

Summary of transactions with other related parties

Page 7

A. & G. Motor Engineers Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

A & G Motor Engineers 2014 Limited
(Holding Company)
During the year the company advanced loans of £68,288 (2015: £45,485) to, and received loan repayments of £31,000 (2015: £25,000) from A & G Motor Engineers 2014 Limited. At the balance sheet date, the amount due (to)/from A & G Motor Engineers 2014 Limited was £57,774 (2015 £20,485).

8	Transition to FRS 102

Balance Sheet at 1 January 2015

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		44,386	-	-	44,386
Current assets
Stocks		6,950	-	-	6,950
Debtors		64,764	-	-	64,764
Cash at bank and in hand		75,880	-	-	75,880
		147,594	-	-	147,594
Creditors: Amounts falling due within one year		(60,311)	-	-	(60,311)
Net current assets		87,283	-	-	87,283
Total assets less current liabilities		131,669	-	-	131,669
Provisions for liabilities		(7,648)	-	-	(7,648)
Net assets		124,021	-	-	124,021
Capital and reserves
Called up share capital		(100)	-	-	(100)
Profit and loss account		(123,921)	-	-	(123,921)
Total equity		(124,021)	-	-	(124,021)

Page 8

A. & G. Motor Engineers Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Balance Sheet at 31 December 2015

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Tangible assets		55,271	-	-	55,271
Current assets
Stocks		7,070	-	-	7,070
Debtors		87,247	-	-	87,247
Cash at bank and in hand		74,038	-	-	74,038
		168,355	-	-	168,355
Creditors: Amounts falling due within one year		(67,450)	-	-	(67,450)
Net current assets		100,905	-	-	100,905
Total assets less current liabilities		156,176	-	-	156,176
Provisions for liabilities		(9,733)	-	-	(9,733)
Net assets		146,443	-	-	146,443
Capital and reserves
Called up share capital		(100)	-	-	(100)
Profit and loss account		(146,343)	-	-	(146,343)
Total equity		(146,443)	-	-	(146,443)

Page 9

A. & G. Motor Engineers Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2016

Profit and Loss Account for the year ended 31 December 2015

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		467,660	-	-	467,660
Cost of sales		(278,437)	-	-	(278,437)
Gross profit		189,223	-	-	189,223
Administrative expenses		(98,147)	-	-	(98,147)
Operating profit		91,076	-	-	91,076
Other interest receivable and similar income		64	-	-	64
		64	-	-	64
Profit before tax		91,140	-	-	91,140
Profit for the financial year		91,140	-	-	91,140

Page 10

	Total £
Cost or valuation
At 1 January 2016	156,019
Additions	20,179
Disposals	(3,800)
At 31 December 2016	172,398
Depreciation
At 1 January 2016	111,633
Charge for the year	11,387
Eliminated on disposal	(2,597)
At 31 December 2016	120,423
Carrying amount
At 31 December 2016	51,975
At 31 December 2015	44,386