Agrifit Machinery Limited - Filleted accounts

Registered number

07046324

Agrifit Machinery Limited

Filleted Accounts

31 March 2017

Agrifit Machinery Limited
Registered number:		07046324
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	2		51,122			35,356

Current assets
Stocks		12,000			10,000
Debtors	3	36,818			30,660
Cash at bank and in hand		58,883			63,424
		107,701			104,084

Creditors: amounts falling due within one year	4	(89,176)			(84,110)

Net current assets			18,525			19,974

Total assets less current liabilities			69,647			55,330

Creditors: amounts falling due after more than one year	5		(40,771)			(21,997)



Net assets			28,876			33,333

Capital and reserves
Called up share capital			5			5
Profit and loss account			28,871			33,328

Shareholder's funds			28,876			33,333

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.




David Lightowler
Director
Approved by the board on 31 August 2017

Agrifit Machinery Limited
Notes to the Accounts
for the year ended 31 March 2017


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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:

	Plant and machinery	25% on written down value
	Fixtures, fittings, tools and equipment	25% on written down value

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined by valuation of the director. 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.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	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.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.


2	Tangible fixed assets
		Plant and machinery etc		Motor vehicles		Total
£			£		£
	Cost
	At 1 April 2016	6,692		67,168		73,860
	Additions	-		25,128		25,128
	At 31 March 2017	6,692		92,296		98,988

	Depreciation
	At 1 April 2016	4,898		33,606		38,504
	Charge for the year	448		8,914		9,362
	At 31 March 2017	5,346		42,520		47,866

	Net book value
	At 31 March 2017	1,346		49,776		51,122
	At 31 March 2016	1,794		33,562		35,356


3	Debtors			2017		2016
£					£

	Trade debtors			36,818		29,186
	Other debtors			-		1,474
				36,818		30,660


4	Creditors: amounts falling due within one year			2017		2016
£					£

	Obligations under finance lease and hire purchase contracts			7,939		7,314
	Trade creditors			31,027		8,436
	Corporation tax			4,357		17,147
	Other taxes and social security costs			7,180		20,572
	Accruals			5,950		150
	Directors Loan Account			32,723		30,491
				89,176		84,110


5	Creditors: amounts falling due after one year			2017		2016
£					£

	Obligations under finance lease and hire purchase contracts			40,771		21,997


6	Other information

	Agrifit Machinery Limited is a private company limited by shares and incorporated in England. Its registered office is:
	5 Pool Court
	Pasture Road
	Goole
	East Yorkshire
	DN14 6HD