A & S Forklift Services Ltd
Registered number: SC153913
Balance Sheet
as at 31 October 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 160,000 190,000
Current assets
Stocks 632 1,666
Debtors 3 61,876 48,883
Cash at bank and in hand 40,957 16,774
103,465 67,323
Creditors: amounts falling due within one year 4 (111,047) (130,436)
Net current liabilities (7,582) (63,113)
Total assets less current liabilities 152,418 126,887
Creditors: amounts falling due after more than one year 5 (68,228) (90,485)
Net assets 84,190 36,402
Capital and reserves
Called up share capital 2 2
Share premium 10,000 10,000
Profit and loss account 74,188 26,400
Shareholders' funds 84,190 36,402
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Michael Stewart
Approved by the board on 16 May 2018
A & S Forklift Services Ltd
Notes to the Accounts
for the year ended 31 October 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
At 1 November 2016 555,689 23,180 578,869
Additions 12,500 - 12,500
At 31 October 2017 568,189 23,180 591,369
At 1 November 2016 365,689 23,180 388,869
Charge for the year 42,500 - 42,500
At 31 October 2017 408,189 23,180 431,369
Net book value
At 31 October 2017 160,000 - 160,000
At 31 October 2016 190,000 - 190,000
3 Debtors 2017 2016
£ £
Trade debtors 61,876 48,883
4 Creditors: amounts falling due within one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 34,961 50,961
Trade creditors 42,936 60,657
Corporation tax 28,739 11,907
Other taxes and social security costs 2,185 2,185
Other creditors 2,226 4,726
111,047 130,436
5 Creditors: amounts falling due after one year 2017 2016
£ £
Obligations under finance lease and hire purchase contracts 68,228 90,485
6 Other information
A & S Forklift Services Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
The Capitol
431 Union Street
AB11 6DA
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