A__A_Graphics_Ltd_28_Feb_2017_companies_house_set_of

A & A Graphics Ltd

Statement of Financial Position

28 February 2017

		2017		2016
	Note	£		£
Fixed assets
Intangible assets	5	75,850		87,425
Tangible assets	6	11,829		14,203
		87,679		101,628
Current assets
Debtors	7	111,481		147,813
Cash at bank and in hand		323,978		261,819
		435,459		409,632
Creditors: amounts falling due within one year	8	(94,436	)	(123,267	)
Net current assets		341,023		286,365
Total assets less current liabilities		428,702		387,993
Provision for liabilities		(2,243	)	(2,805	)
Net assets		426,459		385,188
Capital and reserves
Called up share capital		2		2
Profit and loss account		426,457		385,186
Shareholders funds		426,459		385,188

For the year ending

28 February 2017

, 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 financial statements for the year in question in accordance with section 476;
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These

financial statements

have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.

In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.

These

financial statements

were approved by the board of directors and authorised for issue on

30 May 2017

, and are signed on behalf of the board by:



Mr Andrew Philip Taylor	Mr Andrew George Woodall
Director	Director

Company registration number:

06496871

A & A Graphics Ltd

Notes to the Financial Statements

Year ended

28 February 2017

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is

Unit 59, Third Avenue

Deeside Industrial Park

Deeside

Flintshire

CH5 2LA

, United Kingdom.

2 Statement of compliance

These

financial statements

have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The

financial statements

have been prepared on the historical cost basis, as modified by the revaluation of certain assets. The

financial statements

are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Intangible assets

Intangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are measured at the fair value at the acquisition date. Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Patents, trademarks and licences

10% straight line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Office equipment	33.33% straight line
Fixtures, fittings and equipment	15% reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provision for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was

(2016 -

5 Intangible assets

	Other intangible assets
	£
Cost
At 1 March 2016 and 28 February 2017	115,749
Amortisation
At 1 March 2016	28,324
Charge	11,575
At 28 February 2017	39,899
Carrying amount
At 28 February 2017	75,850
At 29 February 2016	87,425

6 Tangible assets

	Plant and machinery etc.
	£
Cost
At 1 March 2016	79,657
Additions	4,529
At 28 February 2017	84,186
Depreciation
At 1 March 2016	65,454
Charge	6,903
At 28 February 2017	72,357
Carrying amount
At 28 February 2017	11,829
At 29 February 2016	14,203

7 Debtors

	2017		2016
	£		£
Trade debtors	126,871		146,107
Other debtors	(15,390	)	1,706
	111,481		147,813

8 Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	17,403	24,684
Taxation and social security	62,840	72,633
Other creditors	14,193	25,950
	94,436	123,267

9 Related party transactions

At the balance sheet date the company owed its directors and shareholders, Mr A.P. Taylor £6,707.00 and Mr A.G. Woodall £7,486. These amount are on an interest free basis, payable on demand and is disclosed in note 8 to the accounts under the heading ’Other Creditors’.

10 Controlling party

The company is controlled by the directors by virtue of their majority shareholdings.

Accountant	PDC Online Accountants
	Chartered Certified Accountants
	Number One Old Hall Street Liverpool Merseyside L3 9HG United Kingdom

Bank	Royal Bank of Scotland
	115 Mather Way Salford Shopping Centre Salford M6 5EH United Kingdom