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COMPANY REGISTRATION NUMBER: NI073410
Acapple Construction Limited
Filleted Unaudited Financial Statements
31 August 2017
Acapple Construction Limited
Financial Statements
Year ended 31 August 2017
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Acapple Construction Limited
Balance Sheet
31 August 2017
2017
2016
Note
£
£
£
Fixed assets
Intangible assets
5
56,000
84,000
Tangible assets
6
406,847
452,498
---------
---------
462,847
536,498
Current assets
Stocks
109,525
52,033
Debtors
7
882,603
1,158,905
Cash at bank and in hand
827,707
751,487
------------
------------
1,819,835
1,962,425
Creditors: amounts falling due within one year
8
1,549,453
1,719,205
------------
------------
Net current assets
270,382
243,220
---------
---------
Total assets less current liabilities
733,229
779,718
Provisions
Taxation including deferred tax
43,216
50,115
---------
---------
Net assets
690,013
729,603
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
689,913
729,503
---------
---------
Shareholders funds
690,013
729,603
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 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 .
Acapple Construction Limited
Balance Sheet (continued)
31 August 2017
These financial statements were approved by the board of directors and authorised for issue on 23 May 2018 , and are signed on behalf of the board by:
Thomas Martin
Jill Appleyard
Director
Director
Company registration number: NI073410
Acapple Construction Limited
Notes to the Financial Statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Thomas Andrews House, Queens Road, Queens Island, Belfast, BT3 9DU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In preparing these financial statements, the directors have had to make the following judgements: Determine whether there are indicators of impairment of the company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Determine whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. Other key sources of estimation uncertainty: Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & buildings
-
2% straight line
Plant & machinery
-
20% reducing balance
Fixtures & fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Computers
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
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 balance sheet 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 as a finance cost in profit or loss in the period it arises.
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. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost . Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised .
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 17 (2016: 16 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2016 and 31 August 2017
280,000
---------
Amortisation
At 1 September 2016
196,000
Charge for the year
28,000
---------
At 31 August 2017
224,000
---------
Carrying amount
At 31 August 2017
56,000
---------
At 31 August 2016
84,000
---------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Computers
Total
£
£
£
£
£
£
Cost
At 1 Sep 2016
152,905
475,119
99,548
28,000
13,103
768,675
Additions
10,100
17,000
27,100
---------
---------
--------
--------
--------
---------
At 31 Aug 2017
152,905
485,219
99,548
45,000
13,103
795,775
---------
---------
--------
--------
--------
---------
Depreciation
At 1 Sep 2016
15,052
218,165
61,334
10,902
10,724
316,177
Charge for the year
3,058
52,649
7,643
8,170
1,231
72,751
---------
---------
--------
--------
--------
---------
At 31 Aug 2017
18,110
270,814
68,977
19,072
11,955
388,928
---------
---------
--------
--------
--------
---------
Carrying amount
At 31 Aug 2017
134,795
214,405
30,571
25,928
1,148
406,847
---------
---------
--------
--------
--------
---------
At 31 Aug 2016
137,853
256,954
38,214
17,098
2,379
452,498
---------
---------
--------
--------
--------
---------
7. Debtors
2017
2016
£
£
Trade debtors
682,591
965,620
Other debtors
200,012
193,285
---------
------------
882,603
1,158,905
---------
------------
8. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
578,237
998,696
Corporation tax
57,883
38,744
Social security and other taxes
278,416
141,246
Other creditors
634,917
540,519
------------
------------
1,549,453
1,719,205
------------
------------
9. Financial instruments at fair value
2017
2016
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
827,707
751,487
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Thomas Martin
93,220
94,743
( 93,220)
94,743
Jill Appleyard
93,219
94,743
( 93,219)
94,743
---------
---------
---------
---------
186,439
189,486
( 186,439)
189,486
---------
---------
---------
---------
2016
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Thomas Martin
113,329
93,220
( 113,329)
93,220
Jill Appleyard
113,328
93,219
( 113,328)
93,219
---------
---------
---------
---------
226,657
186,439
( 226,657)
186,439
---------
---------
---------
---------
The loans were on an interest-free basis.