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A & T Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2016

Registration number: 02570142

 

A & T Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

A & T Services Limited

Company Information


 

Directors

T J Richards

S J Richards

Company secretary

T M Richards

Registered office

Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

Accountants

Francis Clark LLP
Chartered Accountants
Francis Clark
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

 

A & T Services Limited

Balance Sheet

31 December 2016

Note

2016
£

2015
£

Fixed assets

 

Tangible assets

4

341,882

304,873

Current assets

 

Stocks

5

233,157

243,951

Debtors

6

494,594

622,528

Cash at bank and in hand

 

55,042

65,238

 

782,793

931,717

Creditors: Amounts falling due within one year

7

(355,923)

(542,360)

Net current assets

 

426,870

389,357

Total assets less current liabilities

 

768,752

694,230

Creditors: Amounts falling due after more than one year

7

(247,473)

(236,497)

Provisions for liabilities

(31,175)

(19,112)

Net assets

 

490,104

438,621

Capital and reserves

 

Called up share capital

5,614

5,614

Capital redemption reserve

4,386

4,386

Profit and loss account

480,104

428,621

Total equity

 

490,104

438,621

 

A & T Services Limited

Balance Sheet

31 December 2016

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

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

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.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 June 2017 and signed on its behalf by:
 

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

T J Richards

Director

Company Registration Number: 02570142

 

A & T Services Limited

Notes to the Financial Statements

Year Ended 31 December 2016

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:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

These financial statements were authorised for issue by the Board on 6 June 2017.

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 except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 January 2015. There is no material impact on the reported financial position and financial performance.

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 or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and Buildings

Straight line over 50 years

Plant and machinery

15% and 33% per annum, reducing balance

 

A & T Services Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Motor vehicles

25% per annum, reducing balance

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 stocks 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.

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.

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.

 

A & T Services Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans;
• Cash and bank balances; and
• Invoice discounting arrangement

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2015 - 40).

 

A & T Services Limited

Notes to the Financial Statements

Year Ended 31 December 2016

4

Tangible assets

Freehold Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2016

127,970

382,143

167,800

677,913

Additions

-

84,105

35,020

119,125

Disposals

-

(37,223)

-

(37,223)

At 31 December 2016

127,970

429,025

202,820

759,815

Depreciation

At 1 January 2016

27,269

217,575

128,195

373,039

Charge for the year

1,704

46,711

10,310

58,725

Eliminated on disposal

-

(13,831)

-

(13,831)

At 31 December 2016

28,973

250,455

138,505

417,933

Carrying amount

At 31 December 2016

98,997

178,570

64,315

341,882

At 31 December 2015

100,701

164,568

39,604

304,873

5

Stocks

2016
£

2015
£

Work in progress

81,613

52,393

Other inventories

151,544

191,558

233,157

243,951

6

Debtors

2016
 £

2015
 £

Trade debtors

469,779

583,075

Other debtors

21,309

33,755

Prepayments

3,506

5,698

494,594

622,528

 

A & T Services Limited

Notes to the Financial Statements

Year Ended 31 December 2016

7

Creditors

Note

2016
 £

2015
 £

Due within one year

 

Loans and borrowings

8

57,071

238,550

Trade creditors

 

155,006

134,562

Social security and other taxes

 

97,369

85,993

Outstanding defined contribution pension costs

 

1,393

-

Accrued expenses

 

22,589

65,541

Corporation tax

22,495

17,714

 

355,923

542,360

Due after one year

 

Loans and borrowings

8

247,473

236,497

8

Loans and borrowings

2016
£

2015
£

Non-current loans and borrowings

Bank borrowings

160,957

173,298

Hire Purchase liabilities

86,516

63,199

247,473

236,497

2016
£

2015
£

Current loans and borrowings

Bank borrowings

12,392

11,756

Bank overdrafts

-

195,973

Hire Purchase liabilities

44,679

30,821

57,071

238,550

 

A & T Services Limited

Notes to the Financial Statements

Year Ended 31 December 2016

9

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2016
 £

2015
 £

Not later than one year

9,110

11,357

Later than one year and not later than five years

15,975

12,611

25,085

23,968

10

Related party transactions

Advances to directors

2016

At 1 January 2016
£

Advances to director
£

Repayments by director
£

At 31 December 2016
£

T J Richards

Various payments made by TJR

(17,932)

41,671

(44,471)

(20,731)

         
         

S J Richards

Various Payments made by SJR

(2,696)

40,013

(37,895)

(578)

         
         

 

2015

At 1 January 2015
£

Advances to director
£

Repayments by director
£

At 31 December 2015
£

T J Richards

Various payments made by TJR

-

15,888

(33,820)

(17,932)

         
         

S J Richards

Various Payments made by SJR

-

26,541

(29,237)

(2,696)

         
         

 

11

Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 01 January 2015.

There were no changes to the previously stated equity as at 1 January 2015 and 31 December 2015 or in the profit for the year ended 31 December 2015 as a result of the transition to FRS 102.