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A & F Hardware Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2018

The Moffatts Partnership LLP
Progress House
396 Wilmslow Road
Withington
Manchester
M20 3BN

A & F Hardware Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

A & F Hardware Limited

Company Information

Director

Mr Ghafoor Ahmed

Company secretary

Mrs Surriya Yasmin Ahmed

Registered office

146 Manchester Road Manchester M16 0DZ

Accountants

The Moffatts Partnership LLP Progress House 396 Wilmslow Road Withington Manchester M20 3BN

Page 1

A & F Hardware Limited

(Registration number: 04354106)
Balance Sheet as at 31 January 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	64	85
Current assets
Stocks	5	52,316	49,816
Debtors	6	518	484
Cash at bank and in hand		6,265	5,254
		59,099	55,554
Creditors: Amounts falling due within one year	7	(36,550)	(35,495)
Net current assets		22,549	20,059
Total assets less current liabilities		22,613	20,144
Provisions for liabilities		-	(17)
Net assets		22,613	20,127
Capital and reserves
Called up share capital	8	1	1
Profit and loss account		22,612	20,126
Total equity		22,613	20,127

For the financial year ending 31 January 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

A & F Hardware Limited

(Registration number: 04354106)
Balance Sheet as at 31 January 2018

Approved and authorised by the director on 10 October 2018
 

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

Mr Ghafoor Ahmed
Director

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

A & F Hardware Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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:
146 Manchester Road
Manchester
M16 0DZ
England

The principal place of business is:
264 Upper Chorlton Road
Old Trafford
Manchester
M16 0BN

These financial statements were authorised for issue by the director on 10 October 2018.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Page 4

A & F Hardware Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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
Fixtures & Fittings	25% Reducing Balance
Motor Vehicles	25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Page 5

A & F Hardware Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2017 - 3).

Page 6

A & F Hardware Limited

Notes to the Financial Statements for the Year Ended 31 January 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2017	1,350	3,774	5,124
At 31 January 2018	1,350	3,774	5,124
Depreciation
At 1 February 2017	1,320	3,719	5,039
Charge for the year	7	14	21
At 31 January 2018	1,327	3,733	5,060
Carrying amount
At 31 January 2018	23	41	64
At 31 January 2017	30	55	85

5

Stocks

	2018 £	2017 £
Other inventories	52,316	49,816

6

Debtors

	2018 £	2017 £
Prepayments	518	484
	518	484

7

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Trade creditors	1,887	3,572
Taxation and social security	2,523	2,634
Accruals and deferred income	1,140	935
Other creditors	31,000	28,354
	36,550	35,495

Page 7

A & F Hardware Limited

Notes to the Financial Statements for the Year Ended 31 January 2018