REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
FOR |
A & D DOOR SYSTEMS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
FOR |
A & D DOOR SYSTEMS LIMITED |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
A & D DOOR SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Drake House |
Gadbrook Park |
Northwich |
Cheshire |
CW9 7RA |
BANKERS: |
Park Road |
Timperley |
Altrincham |
Cheshire |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
BALANCE SHEET |
28 FEBRUARY 2018 |
28/2/18 | 28/2/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
BALANCE SHEET - continued |
28 FEBRUARY 2018 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on its behalf by: |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
1. | STATUTORY INFORMATION |
A & D Door Systems Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the value of installation work provided during the period excluding VAT. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
FINANCIAL ASSETS |
Trade, group and other debtors |
Trade, group and other debtors (including accrued income) which are receivable within one year and |
which do not constitute a financing transaction are initially measured at the transaction price and |
subsequently measured at amortised cost, being the transaction price less any amounts settled and |
any impairment losses. |
A provision for impairment of trade debtors is established where there is objective evidence that the |
amounts due will not be collected according to the original terms of the contract. Impairment losses |
are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present |
value of the future cash flows discounted using the original effective interest rate. Subsequent |
reversals of an impairment loss that objectively relate to an event occurring after the impairment loss |
was recognised, are recognised immediately in profit or loss. |
FINANCIAL LIABILITIES |
Trade, group and other creditors |
Trade, group and other creditors (including accruals) payable within one year that do not constitute a |
financing transaction are initially measured at the transaction price and subsequently measured at |
amortised cost, being transaction price less any amounts settled. |
Derecognition of financial assets and liabilities |
A financial asset is only derecognised when the contractual rights to cash flows expire or are settled, or |
substantially all the risks and rewards of ownership are transferred to another party, or if some |
significant risks and rewards of ownership are retained but control of the asset has transferred to |
another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability |
(or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled |
or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
except to the extent that it relates to items recognised in other comprehensive income or directly in |
equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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. |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
An asset and corresponding liability are recognised for leasing agreements that transfer to the |
Company substantially all of the risk and rewards incidental to ownership ("finance leases"). The |
amount capitalised is the fair value of the leased asset or, if lower, the present value of the minimum |
lease payments payable during the lease term, both determined at inception of the lease. Lease |
payments are treated as consisting of capital and interest elements. The interest is charged to profit or |
loss so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
Contingent rents are expensed as incurred. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 March 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 March 2017 |
Additions |
Disposals | ( |
) |
At 28 February 2018 |
DEPRECIATION |
At 1 March 2017 |
Charge for year |
At 28 February 2018 |
NET BOOK VALUE |
At 28 February 2018 |
At 28 February 2017 |
5. | STOCKS |
28/2/18 | 28/2/17 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/18 | 28/2/17 |
£ | £ |
Trade debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28/2/18 | 28/2/17 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Taxation |
Social security and other taxes |
Net wages | (2,217 | ) | - |
Pensions | 304 | - |
VAT | 23,046 | 25,307 |
Other creditors |
Directors' current accounts | 1,726 | 654 |
Accrued expenses |
A & D DOOR SYSTEMS LIMITED (REGISTERED NUMBER: 03027244) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2018 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28/2/18 | 28/2/17 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
28/2/18 | 28/2/17 |
£ | £ |
Hire purchase contracts | 52,526 | 23,911 |
The hire purchase liabilities are secured on the assets to which they relate. |
10. | PROVISIONS FOR LIABILITIES |
28/2/18 | 28/2/17 |
£ | £ |
Deferred tax | 1,141 | 5,303 |
Deferred |
tax |
£ |
Balance at 1 March 2017 |
movement in the year | (4,162 | ) |
Balance at 28 February 2018 |
11. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £55,000 were paid to the directors . |
At 28 February 2018 the Company owed £1726 to a director. No interest has been charged to the |
Company in respect of this loan which is repayable on demand and classified in creditors due within |
one year. |
12. | ULTIMATE CONTROLLING PARTY |
There is no individual ultimate controlling party. |