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Registration number: 07227291

Agratech NW Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

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Carter Collins & Myer Limited
 
Accountants & Taxation Advisors
 
Chichester House
 
2 Chichester Street
 
Rochdale
 
Lancashire
 
OL16 2AX

 

Agratech NW Ltd
Contents

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

2 to 3

 

Agratech NW Ltd
(Registration number: 07227291)
Abbreviated Balance Sheet at 31 October 2016

   

Note

   

2016
£

   

2015
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

9,197

   

11,567

 

Current assets

 

             

Stocks

 

   

69,840

   

63,321

 

Debtors

 

   

4,217

   

942

 

Cash at bank and in hand

 

   

11,447

   

1,263

 
   

   

85,504

   

65,526

 

Creditors: Amounts falling due within one year

 

   

(94,357)

   

(76,940)

 

Net current liabilities

 

   

(8,853)

   

(11,414)

 

Net assets

 

   

344

   

153

 

Capital and reserves

 

             

Called up share capital

 

3

   

100

   

100

 

Profit and loss account

 

   

244

   

53

 

Shareholders' funds

 

   

344

   

153

 

For the year ending 31 October 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 25 July 2017 and signed on its behalf by:

.........................................
Mr Christopher John Littler
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

 

Agratech NW Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1

Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Office equipment

33.33% straight line

Fixtures and fittings

15% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

 

Agratech NW Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Included in other creditors is the director loan account of £38,320 (2015: £14,128). This balance is interest free and repayable upon demand.

2

Fixed assets

   

Intangible assets
£

   

Tangible assets
£

   

Total
£

 

Cost

                 

At 1 November 2015

 

20,000

   

21,806

   

41,806

 

Additions

 

-

   

290

   

290

 

At 31 October 2016

 

20,000

   

22,096

   

42,096

 

Depreciation

                 

At 1 November 2015

 

20,000

   

10,239

   

30,239

 

Charge for the year

 

-

   

2,660

   

2,660

 

At 31 October 2016

 

20,000

   

12,899

   

32,899

 

Net book value

                 

At 31 October 2016

 

-

   

9,197

   

9,197

 

At 31 October 2015

 

-

   

11,567

   

11,567

 

3

Share capital

Allotted, called up and fully paid shares

 

2016

2015

   

No.

   

£

   

No.

   

£

 

Ordinary of £1 each

 

100

   

100

   

100

   

100

 
                         

Dividends of £42,000 have been isued this year, this amount was split equaly between the directors.