A & C Computers Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

A & C Computers Limited

(Registration number: 03427188)
Balance Sheet as at 30 September 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	6,385	8,605
Current assets
Stocks	5	470	1,388
Debtors	6	11,282	136,444
Cash at bank and in hand		155,956	34,462
		167,708	172,294
Creditors: Amounts falling due within one year	7	(16,228)	(14,107)
Net current assets		151,480	158,187
Total assets less current liabilities		157,865	166,792
Provisions for liabilities		(822)	(1,157)
Net assets		157,043	165,635
Capital and reserves
Called up share capital		200	200
Profit and loss account		156,843	165,435
Total equity		157,043	165,635

For the financial year ending 30 September 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 3 to 7 form an integral part of these financial statements.

Page 1

A & C Computers Limited

(Registration number: 03427188)
Balance Sheet as at 30 September 2018

Approved and authorised by the director on 29 March 2019
 

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

Mr Andrew J Booth
Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

A & C Computers Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Herts
SG4 0TW

The principal place of business is:
Maxon House
Cleveland Road
Hemel Hempstead
Herts
HP2 7EY
England

These financial statements were authorised for issue by the director on 29 March 2019.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Page 3

A & C Computers Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales, 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.

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
Plant and machinery	25% reducing balance
Vehicles	25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Page 4

A & C Computers Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

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.

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

Page 5

A & C Computers Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

4	Tangible assets

	Motor vehicles  £	Other tangible assets £	Total £
Cost or valuation
At 1 October 2017	35,490	2,672	38,162
At 30 September 2018	35,490	2,672	38,162
Depreciation
At 1 October 2017	26,976	2,581	29,557
Charge for the year	2,129	91	2,220
At 30 September 2018	29,105	2,672	31,777
Carrying amount
At 30 September 2018	6,385	-	6,385
At 30 September 2017	8,514	91	8,605

5

Stocks

	2018 £	2017 £
Work in progress	295	538
Other inventories	175	850
	470	1,388

6

Debtors

	2018 £	2017 £
Trade debtors	10,130	10,284
Prepayments	602	-
Other debtors	550	126,160
	11,282	136,444

7

Creditors

Creditors: amounts falling due within one year

Page 6

A & C Computers Limited

Notes to the Financial Statements for the Year Ended 30 September 2018

	2018 £	2017 £
Due within one year
Trade creditors	3,118	-
Taxation and social security	5,008	6,837
Accruals and deferred income	800	800
Other creditors	7,302	6,470
	16,228	14,107