Registration number:
A And M Tarways Engineering Limited
for the Year Ended 30 June 2017
Certified Accountants and Business Advisors
The Flint House
Heath Farm Business Centre
Tut Hill
Bury St Edmunds
Suffolk
IP28 6LG
A And M Tarways Engineering Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
A And M Tarways Engineering Limited
Company Information
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Directors |
A W Webb M J Webb |
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Registered office |
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Accountants |
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Page 1 |
A And M Tarways Engineering Limited
(Registration number: 03787447)
Balance Sheet as at 30 June 2017
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Note |
2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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- |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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.
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Page 2 |
A And M Tarways Engineering Limited
(Registration number: 03787447)
Balance Sheet as at 30 June 2017
Approved and authorised by the
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A W Webb
Director
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Page 3 |
A And M Tarways Engineering Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
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General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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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.
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:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
25% straight line basis |
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Equipment |
10% straight line basis |
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.
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Page 4 |
A And M Tarways Engineering Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
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.
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Page 5 |
A And M Tarways Engineering Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2016 |
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Revaluations |
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Additions |
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Disposals |
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- |
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( |
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Transfers |
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- |
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At 30 June 2017 |
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Depreciation |
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At 1 July 2016 |
- |
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Charge for the year |
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Eliminated on disposal |
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- |
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At 30 June 2017 |
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Carrying amount |
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At 30 June 2017 |
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At 30 June 2016 |
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Included within the net book value of land and buildings above is £685,151 (2016 - £412,990) in respect of freehold land and buildings.
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Investments |
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2017 |
2016 |
Revaluation
Investment property was revalued at £685,151 on 28 March 2018.
The name and qualification of the independent valuer are Mr Webb, an officer of the company and the basis of valuation is on a fair value basis..
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Page 6 |
A And M Tarways Engineering Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
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Stocks |
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2017 |
2016 |
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Work in progress |
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Finished goods and goods for resale |
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Other inventories |
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Current asset investments |
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2017 |
2016 |
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Other investments |
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Page 7 |
A And M Tarways Engineering Limited
Notes to the Financial Statements for the Year Ended 30 June 2017
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Creditors |
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Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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- |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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- |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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- |
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Page 8 |