A & L Components Ltd
Registered number: 04450273
Balance Sheet
as at 31 July 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 2 26,013 1,820
Current assets
Stocks 49,952 76,366
Debtors 3 92,629 106,678
Cash at bank and in hand 38,119 39,061
180,700 222,105
Creditors: amounts falling due within one year 4 (146,155) (165,664)
Net current assets 34,545 56,441
Net assets 55,867 58,261
Capital and reserves
Called up share capital 2 2
Profit and loss account 55,865 58,259
Shareholders' funds 55,867 58,261
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mr A Leadbetter
Director
Approved by the board on 26 April 2017
A & L Components Ltd
Notes to the Accounts
for the year ended 31 July 2016
1 Accounting policies
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:
Computer equipment over 3 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Computer equipment Motor vehicles Total
£ £ £
Cost
At 1 August 2015 - 8,600 8,600
Additions 442 26,965 27,407
Disposals (146) - (146)
At 31 July 2016 296 35,565 35,861
Depreciation
At 1 August 2015 - 6,780 6,780
Charge for the year - 3,068 3,068
At 31 July 2016 - 9,848 9,848
Net book value
At 31 July 2016 296 25,717 26,013
At 31 July 2015 - 1,820 1,820
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
3 Debtors 2016 2015
£ £
Trade debtors 91,454 105,503
Other debtors 1,175 1,175
92,629 106,678
4 Creditors: amounts falling due within one year 2016 2015
£ £
Obligations under finance lease and hire purchase contracts 19,597 -
Trade creditors 76,527 130,179
Corporation tax 1,037 5,392
Other taxes and social security costs 15,598 9,489
Other creditors 33,396 20,604
146,155 165,664
5 Other information
A & L Components Ltd is a private company limited by shares and incorporated in England. Its registered office is:
170-172 Townsend Lane
Clubmoor
Liverpool
Merseyside
L13 9DN
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