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A & S Aggregates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

A & S Aggregates Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 10

A & S Aggregates Limited

Company Information

Directors

A N Steward

Registered office

Shaftesbury House Briar Road, Great Bromley Colchester Essex CO7 7XD

Solicitors

Barker Gotelee 41 Barrack Square Martlesham Heath Ipswich Suffolk IP5 3RF

Bankers

Barclays Bank plc High Street Chelmsford Essex CM1 1BG

Accountants

Lambert Chapman LLP Chartered Accountants 3 Warners Mill Silks Way Braintree Essex CM7 3GB

Page 1

A & S Aggregates Limited

(Registration number: 02547326)
Balance Sheet as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	396,712	375,114
Current assets
Stocks	5	75,884	64,384
Debtors	6	290,858	301,280
Cash at bank and in hand		5,516	1,272
		372,258	366,936
Creditors: Amounts falling due within one year	7	(586,459)	(505,783)
Net current liabilities		(214,201)	(138,847)
Total assets less current liabilities		182,511	236,267
Creditors: Amounts falling due after more than one year	7	(91,466)	(141,345)
Provisions for liabilities		(23,455)	(28,235)
Net assets		67,590	66,687
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		66,590	65,687
Total equity		67,590	66,687

For the financial year ended 31 March 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.

Approved and authorised by the director on 6 July 2018
 

A N Steward

Director

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

A & S Aggregates Limited

Statement of Changes in Equity for the Year Ended 31 March 2018

	Share capital £	Profit and loss account £	Total £
At 1 April 2017	1,000	65,687	66,687
Profit for the year	-	10,903	10,903
Total comprehensive income	-	10,903	10,903
Dividends	-	(10,000)	(10,000)
At 31 March 2018	1,000	66,590	67,590

 

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	1,000	44,768	45,768
Profit for the year	-	20,919	20,919
Total comprehensive income	-	20,919	20,919
At 31 March 2017	1,000	65,687	66,687

 

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

A & S Aggregates Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is: Shaftesbury House, Briar Road, Great Bromley, Colchester, Essex, CO7 7XD.

The principal place of business is: Butterfly Yard, Old Ipswich Road, Ardleigh, Colchester, Essex, CO7 7QR.

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.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover represents net invoiced sales for haulage services and aggregate material goods, excluding value added tax on an accruals basis.

Tax

Current Tax is recognised in the profit and loss account, 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

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 or valuation 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	15% Straight Line Method
Motor Vehicles	25% Reducing Balance Method
Office Equipment	33% Straight Line Method
Improvements to property	10% Straught Line Method

Page 4

A & S Aggregates Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Cash and cash equivalents

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

Trade debtors

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

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

Page 5

A & S Aggregates Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

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.

Page 6

A & S Aggregates Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2017 - 10).

4	Tangible assets

	Improvements to property £	Office equipment  £	Motor vehicles  £	Plant and machinery  £
Cost or valuation
At 1 April 2017	33,121	2,980	118,235	467,990
Additions	-	7,900	-	153,712
Disposals	-	-	-	(81,766)
At 31 March 2018	33,121	10,880	118,235	539,936
Depreciation
At 1 April 2017	13,894	2,258	43,637	187,423
Charge for the year	3,312	1,634	18,648	70,740
Eliminated on disposal	-	-	-	(36,086)
At 31 March 2018	17,206	3,892	62,285	222,077
Carrying amount
At 31 March 2018	15,915	6,988	55,950	317,859
At 31 March 2017	19,227	722	74,598	280,567

	Total £
Cost or valuation
At 1 April 2017	622,326
Additions	161,612
Disposals	(81,766)
At 31 March 2018	702,172
Depreciation
At 1 April 2017	247,212
Charge for the year	94,334
Eliminated on disposal	(36,086)
At 31 March 2018	305,460
Carrying amount
At 31 March 2018	396,712
At 31 March 2017	375,114

Included within the total net book value of tangible fixed assets is £352,952 (2017 - £283,863) in respect of assets held under hire purchase contracts. Depreciation for the year on these assets was £80,365 (2017 - £59,638).

Page 7

A & S Aggregates Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

5

Stocks

	2018 £	2017 £
Stock	75,884	64,384

6

Debtors

	2018 £	2017 £
Trade debtors	210,179	246,497
Other debtors	3,930	-
Prepayments and accrued income	76,749	54,783
Total current trade and other debtors	290,858	301,280

Page 8

A & S Aggregates Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018  £	2017  £
Due within one year
Loans and borrowing	9	203,361	149,026
Trade creditors		291,370	284,695
Social security and other taxes		31,799	37,093
Directors loan		21,546	17,720
Other creditors		33,442	12,148
Accruals and deferred income		4,941	5,101
		586,459	505,783
Due after one year
Loans and borrowings	9	91,466	117,257
Other creditors		-	24,088
		91,466	141,345