AA Sheet Metal Limited - Period Ending 2016-12-31

AA Sheet Metal Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

RAK Accountancy Solutions
The Studio
Blofields Loke
Aylsham
Norfolk
NR11 6ES

AA Sheet Metal Limited

Contents

Company Information	1
Directors' Report	2
Accountants' Report	3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 10

AA Sheet Metal Limited

Company Information

Directors

Alan Lappin

Alan Smith

Registered office

Unit 1
Fletcher Way
Weston Road
Norwich
Norfolk
NR3 3ST

Accountants

RAK Accountancy Solutions
The Studio
Blofields Loke
Aylsham
Norfolk
NR11 6ES

Page 1

AA Sheet Metal Limited

Directors' Report for the Year Ended 31 December 2016

The Directors present their report and the financial statements for the year ended 31 December 2016.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 17 March 2017 and signed on its behalf by:

.........................................
Alan Lappin
Director

.........................................
Alan Smith
Director

Page 2

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
AA Sheet Metal Limited
for the Year Ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AA Sheet Metal Limited for the year ended 31 December 2016 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that AA Sheet Metal Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of AA Sheet Metal Limited. You consider that AA Sheet Metal Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AA Sheet Metal Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

RAK Accountancy Solutions
The Studio
Blofields Loke
Aylsham
Norfolk
NR11 6ES

17 March 2017

Page 3

AA Sheet Metal Limited

(Registration number: 04589987)
Balance Sheet as at 31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	342,552	299,693
Current assets
Stocks		7,747	7,747
Debtors		141,831	152,161
Cash at bank and in hand		29,134	47,479
		178,712	207,387
Creditors: Amounts falling due within one year		(380,705)	(403,899)
Net current liabilities		(201,993)	(196,512)
Total assets less current liabilities		140,559	103,181
Creditors: Amounts falling due after more than one year		(10,180)	(12,182)
Provisions for liabilities		(20,812)	(34,085)
Net assets		109,567	56,914
Capital and reserves
Called up share capital	5	200	200
Profit and loss account		109,367	56,714
Total equity		109,567	56,914

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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 17 March 2017 and signed on its behalf by:

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 4

AA Sheet Metal Limited

(Registration number: 04589987)
Balance Sheet as at 31 December 2016

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

Alan Lappin

Director

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

Alan Smith

Director

The notes on pages 6 to 10 form an integral part of these financial statements.
Page 5

AA Sheet Metal Limited

Notes to the 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:
Unit 1
Fletcher Way
Weston Road
Norwich
Norfolk
NR3 3ST

These financial statements were authorised for issue by the Board on 17 March 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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

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
Improvements to property	10% on cost
Plant and machinery	25% on reducing balance
Fixtures and fittings	15% on reducing balance

Page 6

AA Sheet Metal Limited

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

Motor vehicles	25% on reducing balance
Office equipment	15% on reducing balance

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.

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.

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.

3	Intangible assets

	Goodwill £	Total £
Cost or valuation
At 1 January 2016	60,000	60,000
At 31 December 2016	60,000	60,000
Amortisation
At 1 January 2016	60,000	60,000
At 31 December 2016	60,000	60,000
Carrying amount
At 31 December 2016	-	-

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Other property, plant and equipment £
Cost or valuation

Page 7

AA Sheet Metal Limited

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

	Total £
Cost or valuation

Page 8

AA Sheet Metal Limited

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

	Land and buildings £	Furniture, fittings and equipment £	Motor vehicles £	Other property, plant and equipment £
At 1 January 2016	11,431	29,350	71,511	417,915
Additions	-	1,632	17,850	3,730
At 31 December 2016	11,431	30,982	89,361	421,645
Depreciation
At 1 January 2016	11,431	19,499	41,993	157,591
Charge for the year	-	2,209	7,104	(28,960)
At 31 December 2016	11,431	21,708	49,097	128,631
Carrying amount
At 31 December 2016	-	9,274	40,264	293,014
At 31 December 2015	-	9,851	29,518	260,324

Page 9

AA Sheet Metal Limited

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

	Total £
At 1 January 2016	530,207
Additions	23,212
At 31 December 2016	553,419
Depreciation
At 1 January 2016	230,514
Charge for the year	(19,647)
At 31 December 2016	210,867
Carrying amount
At 31 December 2016	342,552
At 31 December 2015	299,693

5	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	200	200	200	200

Page 10