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Registration number: 03339802

A A W Control Systems Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

A A W Control Systems Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 8

 

A A W Control Systems Limited

(Registration number: 03339802)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

104

155

Tangible assets

5

15,995

23,370

 

16,099

23,525

Current assets

 

Stocks

6

42,845

30,709

Debtors

7

158,402

136,642

Cash at bank and in hand

 

48,406

98,055

 

249,653

265,406

Creditors: Amounts falling due within one year

8

(204,806)

(208,809)

Net current assets

 

44,847

56,597

Total assets less current liabilities

 

60,946

80,122

Creditors: Amounts falling due after more than one year

8

(75,000)

(75,780)

Net (liabilities)/assets

 

(14,054)

4,342

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

(14,056)

4,340

Total equity

 

(14,054)

4,342

 

A A W Control Systems Limited

(Registration number: 03339802)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 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 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 Board on 3 September 2018 and signed on its behalf by:
 

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

N J Atkins

Director

 

A A W Control Systems 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 England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 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

25-50% per annum of net book value

Motor vehicles

25% per annum of net book value

 

A A W Control Systems Limited

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

33.3% per annum of net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

A A W Control Systems Limited

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

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2017 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

17,000

17,000

At 31 March 2018

17,000

17,000

Amortisation

At 1 April 2017

16,845

16,845

Amortisation charge

51

51

At 31 March 2018

16,896

16,896

Carrying amount

At 31 March 2018

104

104

At 31 March 2017

155

155

The aggregate amount of research and development expenditure recognised as an expense during the period is £58,417 (2017 - £59,248).
 

 

A A W Control Systems Limited

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

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2017

60,372

35,090

95,462

Disposals

-

(5,678)

(5,678)

At 31 March 2018

60,372

29,412

89,784

Depreciation

At 1 April 2017

54,873

17,219

72,092

Charge for the year

1,660

4,156

5,816

Eliminated on disposal

-

(4,119)

(4,119)

At 31 March 2018

56,533

17,256

73,789

Carrying amount

At 31 March 2018

3,839

12,156

15,995

At 31 March 2017

5,499

17,871

23,370

6

Stocks

2018
£

2017
£

Other inventories

42,845

30,709

7

Debtors

2018
£

2017
£

Trade debtors

134,862

114,788

Prepayments

854

302

Other debtors

22,686

21,552

158,402

136,642

 

A A W Control Systems Limited

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

8

Creditors

Creditors: amounts falling due within one year

2018
£

2017
£

Due within one year

Loans and borrowings

780

3,603

Trade creditors

38,189

34,000

Taxation and social security

31,822

32,957

Other creditors

134,015

138,249

204,806

208,809

Creditors: amounts falling due after more than one year

Note

2018
£

2017
£

Due after one year

 

Loans and borrowings

9

75,000

75,780

9

Loans and borrowings

2018
£

2017
£

Non-current loans and borrowings

Finance lease liabilities

-

780

Other borrowings

75,000

75,000

75,000

75,780

2018
£

2017
£

Current loans and borrowings

Finance lease liabilities

780

3,603

 

A A W Control Systems Limited

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

10

Related party transactions

Transactions with directors

2018

At 1 April 2017
£

At 31 March 2018
£

Directors loan account

(125,947)

(125,947)

     
   

 

2017

At 1 April 2016
£

Advances to directors
£

At 31 March 2017
£

Directors loan account

(152,128)

26,181

(125,947)