Caseware UK (AP4) 2016.0.181 2016.0.181 2017-04-302017-04-30The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueThe principle activity of the company during the yearfalse2016-05-01 04710458 2016-05-01 2017-04-30 04710458 2017-04-30 04710458 2015-05-01 2016-04-30 04710458 2016-04-30 04710458 c:Director1 2016-05-01 2017-04-30 04710458 d:PlantMachinery 2016-05-01 2017-04-30 04710458 d:PlantMachinery 2017-04-30 04710458 d:PlantMachinery 2016-04-30 04710458 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-05-01 2017-04-30 04710458 d:Goodwill 2016-05-01 2017-04-30 04710458 d:Goodwill 2017-04-30 04710458 d:Goodwill 2016-04-30 04710458 d:CurrentFinancialInstruments 2017-04-30 04710458 d:CurrentFinancialInstruments 2016-04-30 04710458 d:CurrentFinancialInstruments d:WithinOneYear 2017-04-30 04710458 d:CurrentFinancialInstruments d:WithinOneYear 2016-04-30 04710458 d:ShareCapital 2017-04-30 04710458 d:ShareCapital 2016-04-30 04710458 d:RetainedEarningsAccumulatedLosses 2017-04-30 04710458 d:RetainedEarningsAccumulatedLosses 2016-04-30 04710458 c:FRS102 2016-05-01 2017-04-30 04710458 c:AuditExempt-NoAccountantsReport 2016-05-01 2017-04-30 04710458 c:FullAccounts 2016-05-01 2017-04-30 04710458 c:PrivateLimitedCompanyLtd 2016-05-01 2017-04-30 04710458 d:WithinOneYear 2017-04-30 04710458 d:BetweenOneFiveYears 2016-04-30 iso4217:GBP xbrli:pure
Registered Number:04710458
















AABCO HYDRAULICS LIMITED




UNAUDITED

FINANCIAL STATEMENTS
 
PAGES FOR FILING WITH REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2017










img1893.png


 
AABCO HYDRAULICS LIMITED
REGISTERED NUMBER:04710458


BALANCE SHEET
AS AT 30 APRIL 2017

2017
2016
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,200
9,600

Tangible assets
 5 
859
1,145

  
8,059
10,745

Current assets
  

Stocks
 6 
48,021
49,790

Debtors: amounts falling due within one year
 7 
58,861
67,749

Cash at bank and in hand
 8 
256
206

  
107,138
117,745

Creditors: amounts falling due within one year
 9 
(120,632)
(132,775)

Net current liabilities
  
 
 
(13,494)
 
 
(15,030)

Total assets less current liabilities
  
(5,435)
(4,285)

Provisions for liabilities
  

Deferred tax
  
(283)
(217)

  
 
 
(283)
 
 
(217)

Net liabilities
  
(5,718)
(4,502)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(5,818)
(4,602)

  
(5,718)
(4,502)










 

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AABCO HYDRAULICS LIMITED
REGISTERED NUMBER:04710458

    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 January 2018.



Mr T Zimmerman
Director
The notes on pages 3 to 9 form part of these financial statements.


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AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

1.


General information

Aabco Hydraulics Limited is a private company limited by shares, registered in England and Wales. The registered office is 26 Davey Close, Colchester, Essex, CO1 2XL and registered number - 04710458.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company continues to rely on bank borrowing, an invoice discount facility and director support to meet its day to day liabilities. The company operates within its overdraft and the directors are not aware of any reason why the bank facilities might be overdrawn. The director undertakes to supply funds to allow the company to meet its debts as they fall due for the foreseeable future. As a result the directors have adopted the going concern basis of accounting.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:


- 3 -



 
AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.4

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Goodwill
-
%
5 years straight line

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

 
2.6

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.


- 4 -



 
AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

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.

 
2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Foreign currency translation

The Company's functional and presentational currency is GBP.

 
2.12

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

 
2.14

Operating leases

Rentals paid under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.


- 5 -



 
AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

 
2.15

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and Loss Account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2016 - 5).


- 6 -



 
AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

4.


Intangible assets




Goodwill

£



Cost


At 1 May 2016
30,000



At 30 April 2017

30,000



Amortisation


At 1 May 2016
20,400


Charge for the year
2,400



At 30 April 2017

22,800



Net book value



At 30 April 2017
7,200



At 30 April 2016
9,600


- 7 -



 
AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 May 2016
7,711



At 30 April 2017

7,711



Depreciation


At 1 May 2016
6,567


Charge for the year on owned assets
286



At 30 April 2017

6,853



Net book value



At 30 April 2017
858



At 30 April 2016
1,145


6.


Stocks

2017
2016
£
£

Finished goods and goods for resale
48,021
49,790

48,021
49,790



7.


Debtors

2017
2016
£
£


Trade debtors
48,216
50,790

Other debtors
8,510
14,844

Prepayments and accrued income
2,135
2,115

58,861
67,749



- 8 -



 
AABCO HYDRAULICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017

8.


Cash and cash equivalents

2017
2016
£
£

Cash at bank and in hand
256
206

Less: bank overdrafts
(11,584)
(4,131)

(11,328)
(3,925)



9.


Creditors: Amounts falling due within one year

2017
2016
£
£

Bank overdrafts
11,584
4,131

Trade creditors
40,572
57,507

Corporation tax
8,364
3,591

Other creditors
60,112
67,546

120,632
132,775



10.


Commitments under operating leases

At 30 April 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:

2017
2016
£
£


Not later than 1 year
10,455
-

Later than 1 year and not later than 5 years
-
10,728

10,455
10,728


11.


First time adoption of FRS 102

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

 

- 9 -