Company Registration No. 06473708 (England and Wales)
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2017
Pages For Filing With Registrar
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Company Information
Directors
A.A. Walker
L.P. Walker
A. Walker
D. Walker
Secretary
L.P. Walker
Company Number
06473708
Registered Office
Unit 5 Wych Elm,
Hamstel Road,
Harlow,
Essex,
CM20 1QP
Accountants
Nicholas Hall
7b, Johnston Road,
Woodford Green,
Essex,
IG8 0XA.
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Contents
Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes To The Financial Statements
4 - 9
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Aaw Mechanical Pipework Services Limited For The Year Ended 31 January 2017
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AAW Mechanical Pipework Services Limited for the year ended 31 January 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of AAW Mechanical Pipework Services Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of AAW Mechanical Pipework Services Limited and state those matters that we have agreed to state to the Board of Directors of AAW Mechanical Pipework Services Limited, as a body, in this report in accordance with technical guidelines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AAW Mechanical Pipework Services Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that AAW Mechanical Pipework Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AAW Mechanical Pipework Services Limited. You consider that AAW Mechanical Pipework Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of AAW Mechanical Pipework Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Nicholas Hall
____________________________
Nicholas Hall
7b, Johnston Road,
Woodford Green,
Essex,
IG8 0XA.
30 October 2017
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Balance Sheet
As At 31 January 2017
- 2 -
2017
2016
As Restated
Notes
£
£
£
£
Fixed Assets
Intangible Assets
33,000
38,500
Tangible Assets
4
10,906
16,999
Current Assets
Stocks
27,788
36,982
Debtors Falling Due After More Than One Year
600
-
Debtors Falling Due Within One Year
390,157
292,953
Cash At Bank And In Hand
255,309
152,257
673,854
482,192
Creditors: Amounts Falling Due Within One Year
(539,258)
(403,409)
Net Current Assets
134,596
78,783
Total Assets Less Current Liabilities
178,502
134,282
Provisions For Liabilities
(2,181)
(3,400)
Net Assets
176,321
130,882
Capital And Reserves
Called Up Share Capital
5
1,000
1,000
Profit And Loss Reserves
175,321
129,882
Total Equity
176,321
130,882

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements to be filed with the Registrar.true

 

AAW MECHANICAL PIPEWORK SERVICES LIMITED
Balance Sheet (Continued)
As At 31 January 2017
- 3 -

For the financial year ended 31 January 2017 the company was entitled to exemption from audit under section 477 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 financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 30 October 2017 and are signed on its behalf by:
A.A. Walker
______________________
A.A. Walker
Director
Company Registration No. 06473708
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Notes To The  Financial Statements
For The Year Ended 31 January 2017
- 4 -
1
Accounting Policies
Company Information

AAW Mechanical Pipework Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Wych Elm, Hamstel Road, Harlow, Essex, CM20 1QP.

1.1
Accounting Convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 January 2017 are the first financial statements of AAW Mechanical Pipework Services Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Intangible Fixed Assets - Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

AAW MECHANICAL PIPEWORK SERVICES LIMITED
Notes To The  Financial Statements (Continued)
For The Year Ended 31 January 2017
1
Accounting Policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant
- 15% Reducing Balance Method
Computer Equipment
- 15% Reducing Balance Method
Motor Vehicles
- 25% Reducing Balance Method

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment Of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash And Cash Equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

AAW MECHANICAL PIPEWORK SERVICES LIMITED
Notes To The  Financial Statements (Continued)
For The Year Ended 31 January 2017
1
Accounting Policies
(Continued)
- 6 -
1.8
Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

AAW MECHANICAL PIPEWORK SERVICES LIMITED
Notes To The  Financial Statements (Continued)
For The Year Ended 31 January 2017
1
Accounting Policies
(Continued)
- 7 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee Benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 3 (2016 - 4).

3
Intangible Fixed Assets
Total
£
Cost
At 1 February 2016 And 31 January 2017
55,000
Amortisation And Impairment
At 1 February 2016
16,500
Amortisation Charged For The Year
5,500
At 31 January 2017
22,000
Carrying Amount
At 31 January 2017
33,000
At 31 January 2016
38,500
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Notes To The  Financial Statements (Continued)
For The Year Ended 31 January 2017
- 8 -
4
Tangible Fixed Assets
Total
£
Cost
At 1 February 2016
29,913
Additions
1,682
Disposals
(11,153)
At 31 January 2017
20,442
Depreciation And Impairment
At 1 February 2016
12,915
Depreciation Charged In The Year
3,068
Eliminated In Respect Of Disposals
(6,447)
At 31 January 2017
9,536
Carrying Amount
At 31 January 2017
10,906
At 31 January 2016
16,999
5
Called Up Share Capital
2017
2016
£
£
Ordinary Share Capital
Issued And Fully Paid
1,000 Ordinary Shares of £1 each
1,000
1,000
1,000
1,000
6
Prior Period Adjustment
Changes To The Balance Sheet
At 31 January 2016
As Previously Reported
Adjustment At 1 Feb 2015
Adjustment At 31 Jan 2016
As Restated
£
£
£
£
Provisions For Liabilities
Deferred Tax
-
(2,862)
(538)
(3,400)
Capital And Reserves
Profit And Loss
133,282
(2,862)
(538)
129,882
AAW MECHANICAL PIPEWORK SERVICES LIMITED
Notes To The  Financial Statements (Continued)
For The Year Ended 31 January 2017
6
Prior Period Adjustment
(Continued)
- 9 -
Changes To The Profit And Loss Account
Period Ended 31 January 2016
As Previously Reported
Adjustment
As Restated
£
£
£
Taxation
(36,150)
(538)
(36,688)
Profit For The Financial Period
141,789
(538)
141,251
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