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COMPANY REGISTRATION NUMBER: 05019955
A&S Development Services Limited
Filleted Unaudited Financial Statements
31 August 2017
A&S Development Services Limited
Financial Statements
Year ended 31 August 2017
CONTENTS
PAGE
Officers and Professional Advisers
1
Statement of Financial Position
2
Notes to the Financial Statements
4
A&S Development Services Limited
Officers and Professional Advisers
Director
Mr A Curtin
Company secretary
Mr A Curtin
Registered office
Unit 9 Llys Caer Felin
Swansea West Business Park
Fforestfach
Swansea
SA5 4HH
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
A&S Development Services Limited
Statement of Financial Position
31 August 2017
2017
2016
Note
£
£
FIXED ASSETS
Tangible assets
4
568
133,995
Investments
5
2
2
----
---------
570
133,997
CURRENT ASSETS
Stocks
47,912
Debtors
6
240,932
217,732
Cash at bank and in hand
21,742
8,664
---------
---------
310,586
226,396
CREDITORS: amounts falling due within one year
7
2,371
5,928
---------
---------
NET CURRENT ASSETS
308,215
220,468
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
308,785
354,465
CREDITORS: amounts falling due after more than one year
8
54,459
---------
---------
NET ASSETS
308,785
300,006
---------
---------
CAPITAL AND RESERVES
Called up share capital
9
2
2
Profit and loss account
308,783
300,004
---------
---------
MEMBERS FUNDS
308,785
300,006
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 August 2017 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
A&S Development Services Limited
Statement of Financial Position (continued)
31 August 2017
These financial statements were approved by the board of directors and authorised for issue on 16 May 2018 , and are signed on behalf of the board by:
Mr A Curtin
Director
Company registration number: 05019955
A&S Development Services Limited
Notes to the Financial Statements
Year ended 31 August 2017
1. GENERAL INFORMATION
A&S Development Services Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the company's operations and principal activities are that of a holding company.
2. STATEMENT OF COMPLIANCE
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102)', Section 1A for Small Entities and the Companies Act 2006.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 31 August 2017. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Going concern
The directors have considered the future trading position of the company and are confident that the going concern principle can be applied to the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Investment properties
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value and the fair value movement included in the profit and loss for the year are as follows:
The directors have established that the values in the accounts for Investment Properties are deemed reasonable based on their knowledge of current market conditions of similar properties in the area.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of asset and liabilities within the next financial year are addressed below. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Interest receivable and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the companies right to receive payment is established.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
Tangible assets
Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful lives using the following rates: Land - 0% per annum of cost Plant & Machinery - 25% per annum of cost
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 September 2016
133,238
757
133,995
Disposals
( 133,238)
( 133,238)
---------
----
---------
At 31 August 2017
757
757
---------
----
---------
Depreciation
Charge for the year
189
189
---------
----
---------
At 31 August 2017
189
189
---------
----
---------
Carrying amount
At 31 August 2017
568
568
---------
----
---------
At 31 August 2016
133,238
757
133,995
---------
----
---------
Cost or valuation of land and buildings comprises:
2017 2016
£ £
Cost 166,288 166,288
Valuation 2014 (33,050) (33,050)
Disposals (90,826)
Moved to WIP (42,412)
--------- ---------
133,238
--------- ---------
The comparable amounts determined according to the historical cost convention are as follows:
2017 2016
£ £
Cost 123,877 237,242
--------- ---------
Land and buildings represent investment properties owned by the company. No revaluation of these properties was undertaken during the year, as they had been disposed of.
5. INVESTMENTS
Shares in group undertakings
£
Cost
At 1 September 2016 and 31 August 2017
2
----
Impairment
At 1 September 2016 and 31 August 2017
----
Carrying amount
At 31 August 2017
2
----
Name
Nature of Buisiness
Country of Registration
Shares held/class Percentage
A & S Bricklaying Contractors Limited
Bricklaying Services & Construction
Wales
2 £1 Ordinary shares
(100%)
6. DEBTORS
2017
2016
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
237,732
217,732
Other debtors
3,200
---------
---------
240,932
217,732
---------
---------
7. CREDITORS: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
4,353
Other creditors
2,371
1,575
------
------
2,371
5,928
------
------
8. CREDITORS: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
54,459
----
--------
Included within creditors: amounts falling due after more than one year is an amount of £NIL (2016:34,839) in respect of liabilities payable or repayable by installments which fall due for payment after more than five years from the reporting date.
9. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
10. RELATED PARTY TRANSACTIONS
Exemption under Section 33.1A has been claimed to not disclose transactions for 100% group companies. Other related parties:
2017 2016
£ £
Balances owing from related parties 3,200
11. TRANSITION TO FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
No transitional adjustments were required in equity or profit or loss for the year.