Registered number
04366872
Acorn Engineering (Colchester) Limited
Filleted Accounts
28 February 2017
Acorn Engineering (Colchester) Limited
Registered number: 04366872
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 4 74,778 99,704
Current assets
Stocks 1,550 1,525
Debtors 5 35,962 25,697
Cash at bank and in hand 4,948 -
42,460 27,222
Creditors: amounts falling due within one year 6 (92,839) (71,391)
Net current liabilities (50,379) (44,169)
Total assets less current liabilities 24,399 55,535
Creditors: amounts falling due after more than one year 7 - (51,749)
Provisions for liabilities (17,354) (18,913)
Net assets/(liabilities) 7,045 (15,127)
Capital and reserves
Called up share capital 1 1
Profit and loss account 7,044 (15,128)
Shareholder's funds 7,045 (15,127)
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.
A Timms
Director
Approved by the board on 12 June 2017
Acorn Engineering (Colchester) Limited
Notes to the Accounts
for the year ended 28 February 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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% Reducing balance
Motor vehicle 25% Reducing balance
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2016 7,000
At 28 February 2017 7,000
Amortisation
At 1 March 2016 7,000
At 28 February 2017 7,000
Net book value
At 28 February 2017 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2016 266,033 8,074 274,107
At 28 February 2017 266,033 8,074 274,107
Depreciation
At 1 March 2016 171,476 2,927 174,403
Charge for the year 23,639 1,287 24,926
At 28 February 2017 195,115 4,214 199,329
Net book value
At 28 February 2017 70,918 3,860 74,778
At 29 February 2016 94,557 5,147 99,704
5 Debtors 2017 2016
£ £
Trade debtors 35,334 24,002
Other debtors 628 1,695
35,962 25,697
6 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 58,302 20,056
Trade creditors 17,489 16,461
Other taxes and social security costs 7,294 8,775
Other creditors 9,754 26,099
92,839 71,391
7 Creditors: amounts falling due after one year 2017 2016
£ £
Bank loans - 51,749
8 Loans 2017 2016
£ £
Creditors include:
Secured bank loans 46,431 65,862
9 Related party transactions
At the year end the company owed to A. Timms(Director) - £9,554(2015 - £25,674)
10 Controlling party
The company is under control of A.Timms(Director).
11 Other information
Acorn Engineering (Colchester) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Moat Farm
Turkey Cock Lane
Colchester
Essex
CO3 5ND
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