REGISTERED NUMBER: 02406740 (England and Wales)

AAC WATERPROOFING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

I W Parry Esq

Mrs L Jenkins-Hibbert

S Bunting Esq

REGISTERED OFFICE:

AAC Buildings

Gaerwen Industrial Estate

Gaerwen

Anglesey

LL60 6HR

REGISTERED NUMBER:

02406740 (England and Wales)

ACCOUNTANTS:

Hawley and Company

Chartered Accountants & Chartered Tax Advisers

First Floor Suite

23 Trinity Square

LLANDUDNO

North Wales

LL30 2RH

FIXED ASSETS

Tangible assets

4

243,012

263,377

CURRENT ASSETS

Stocks

5

51,285

82,294

Debtors

6

621,702

819,184

Cash at bank and in hand

22,642

665

695,629

902,143

CREDITORS

Amounts falling due within one year

7

590,969

853,939

NET CURRENT ASSETS

104,660

48,204

TOTAL ASSETS LESS CURRENT LIABILITIES

347,672

311,581

CREDITORS

Amounts falling due after more than one year

8

(199,719

)

(159,861

)

PROVISIONS FOR LIABILITIES

11

(5,100

)

(9,450

)

ACCRUALS AND DEFERRED INCOME

12

(12,479

)

(14,578

)

NET ASSETS

130,374

127,692

CAPITAL AND RESERVES

Called up share capital

13

1,000

1,000

Retained earnings

14

129,374

126,692

SHAREHOLDERS' FUNDS

130,374

127,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 27 April 2018 and were signed on its behalf by:

I W Parry Esq - Director

1.	STATUTORY INFORMATION

AAC Waterproofing Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

33% on cost, 20% on cost and 10% on cost

The freehold property is located at Gaerwen, Anglesey. An assessment of the net realisable value of the property

based on current revalued amount has been undertaken. On the basis that the property will be well maintained

and such repair costs will be charged to the profit and loss account, it is the view of the directors that the net

realisable value equates to the revalued amount. Depreciation is charged on freehold property (excluding land)

on the revalued amount less the estimated residual value over 50 years. On the basis of the above, no charge is

deemed necessary. An impairment review is carried out on an annual basis to assess whether the market value of

the property is at least as much as the carrying value in the accounts. Provision is made for any permanent fall in

value.

Revaluation of tangible fixed assets

The company has adopted a policy of revaluation in respect of freehold land and buildings, as permitted by

Financial Reporting Standard 102.

Government grants

Government grants in respect of capital expenditure are credited to deferred income and are released to profit

over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are

credited to income so as to match them with the expenditure to which they relate.

Stocks

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

Contributions paid during the year are charged to the profit and loss account.

Trade and other debtors

Trade and other debtors are initially recognised at their transaction price, less impairment losses for bad and

doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term

highly liquid investments with original maturities of 3 months or less.

Trade and other creditors

Trade and other creditors are initially recognised at their transaction price.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 August 2016

190,000

250,334

90,174

39,272

569,780

Additions

-

-

572

-

572

Disposals

-

-

(21,366

)

-

(21,366

)

At 31 July 2017

190,000

250,334

69,380

39,272

548,986

DEPRECIATION

At 1 August 2016

-

202,196

77,670

26,537

306,403

Charge for year

-

10,300

6,056

4,581

20,937

Eliminated on disposal

-

-

(21,366

)

-

(21,366

)

At 31 July 2017

-

212,496

62,360

31,118

305,974

NET BOOK VALUE

At 31 July 2017

190,000

37,838

7,020

8,154

243,012

At 31 July 2016

190,000

48,138

12,504

12,735

263,377

If the freehold property had not been revalued in previous years, it would have been stated at an historical cost of

£77,218 (2016: £77,218). The freehold property was revalued in 2014 on a open market basis by Beresford

Adams Commercial Limited. The directors believe this value has remained unchanged.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 August 2016

and 31 July 2017

13,590

DEPRECIATION

At 1 August 2016

2,718

Charge for year

2,718

At 31 July 2017

5,436

NET BOOK VALUE

At 31 July 2017

8,154

At 31 July 2016

10,872

5.

STOCKS

2017

2016

£

£

Stocks

51,285

82,294

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

187,153

306,723

Other debtors

399,338

476,832

Prepayments

35,211

35,629

621,702

819,184

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loan and overdrafts

186,908

176,453

Other loan

31,967

20,836

Hire purchase contracts (see note 9)

3,731

3,731

Trade creditors

289,617

562,255

Corporation tax

11,355

4,050

Social security and other taxes

46,748

50,102

Other creditors

-

14,272

Accruals

20,643

22,240

590,969

853,939

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loan 1- 2 years

6,030

5,750

Bank loan 2 - 5 years

2,975

9,564

Other loan 1 - 2 years

34,966

20,836

Other loan 2 - 5 years

110,126

48,617

Hire purchase contracts (see note 9)

3,420

7,462

Directors' loan accounts

42,202

67,632

199,719

159,861

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Gross obligations repayable:

Within one year

4,176

4,176

Between one and five years

3,828

8,353

8,004

12,529

Finance charges repayable:

Within one year

445

445

Between one and five years

408

891

853

1,336

Net obligations repayable:

Within one year

3,731

3,731

Between one and five years

3,420

7,462

7,151

11,193

Non-cancellable operating

leases

2017

2016

£

£

Within one year

27,108

34,268

Between one and five years

4,440

31,548

31,548

65,816

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

180,878

170,703

Bank loan

15,035

21,064

Hire purchase contracts

7,151

11,193

203,064

202,960

The bank loan and overdraft are secured by a fixed and floating charge over the assets of the company.

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

5,100

9,450

Deferred

tax

£

Balance at 1 August 2016

9,450

Accelerated capital allowances

(4,350

)

Balance at 31 July 2017

5,100

12.	ACCRUALS AND DEFERRED INCOME

2017

2016

£

£

Deferred government grants

14,578

20,413

Released to profit and loss

(2,099

)

(5,835

)

12,479

14,578

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

14.

RESERVES

Retained

earnings

£

At 1 August 2016

126,692

Profit for the year

18,682

Dividends

(16,000

)

At 31 July 2017

129,374

15.	CONTINGENT LIABILITIES

16.	RELATED PARTY DISCLOSURES

During the year, total dividends of £16,000 (2016 - £72,000) were paid to the directors .

Purchases from

Sales to

Amount owed (to)/by

related party

related party

related party

2017

2016

2017

2016

2017

2016

£

£

£

£

£

£

Prelasti (UK)

Limited

-

1,667

-

-

-

(1,667

)

All transactions were carried out within the company's ordinary activities. No amounts have been written off this

debt during the current and previous periods.

All transactions have been made on an arms-length basis.

Mr & Mrs I W Parry together control 100% of Prelasti (UK) Limited.

17.	ULTIMATE CONTROLLING PARTY

I W Parry Esq owns 51% of the called-up share capital.