Aardvark Janitorial Supplies Limited Company Accounts

COMPANY REGISTRATION NUMBER: 04192075

Aardvark Janitorial Supplies Limited

Filleted Unaudited Financial Statements

30 April 2017

Aardvark Janitorial Supplies Limited

Financial Statements

Year ended 30 April 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Aardvark Janitorial Supplies Limited

Statement of Financial Position

30 April 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		32,645	38,748

Current assets

Stocks		32,672	65,355
Debtors	7	148,714	171,136
Cash at bank and in hand		113,487	90,744
		---------	---------
		294,873	327,235

Creditors: amounts falling due within one year	8	144,298		167,938
		---------		---------
Net current assets			150,575	159,297
			---------	---------
Total assets less current liabilities			183,220	198,045

Creditors: amounts falling due after more than one year	9		3,071	12,392

Provisions

Taxation including deferred tax	6,529	7,750
	---------	---------
Net assets	173,620	177,903
	---------	---------

Capital and reserves

Called up share capital	11	1	1
Profit and loss account		173,619	177,902
		---------	---------
Members funds		173,620	177,903
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Aardvark Janitorial Supplies Limited

Statement of Financial Position (continued)

30 April 2017

These financial statements were approved by the board of directors and authorised for issue on 18 July 2017 , and are signed on behalf of the board by:

Mr A Hilton
Director

Company registration number: 04192075

Aardvark Janitorial Supplies Limited

Notes to the Financial Statements

Year ended 30 April 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 13 Willow Court, West Quay Road, Winwick, Warrington, WA2 8UF.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 15.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance
Computer equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of banks loans which are subsequently measured at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2016: 6 ).

5. Tax on profit

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	11,839	20,205

Deferred tax:

Origination and reversal of timing differences	( 1,221)	443
	--------	--------
Tax on profit	10,618	20,648
	--------	--------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2016: lower than) the standard rate of corporation tax in the UK of 19.92 % (2016: 20 %).

	2017	2016
	£	£
Profit on ordinary activities before taxation	53,335	113,716
	--------	---------
Profit on ordinary activities by rate of tax	10,624	22,743
Effect of capital allowances and depreciation	( 6)	( 2,095)
	--------	---------
Tax on profit	10,618	20,648
	--------	---------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Computer Equipment	Total
	£	£	£	£	£
Cost
At 1 May 2016	46,151	2,903	10,360	5,707	65,121
Additions	–	–	–	316	316
	--------	-------	--------	-------	--------
At 30 April 2017	46,151	2,903	10,360	6,023	65,437
	--------	-------	--------	-------	--------
Depreciation
At 1 May 2016	12,751	2,626	6,169	4,827	26,373
Charge for the year	5,010	69	1,048	292	6,419
	--------	-------	--------	-------	--------
At 30 April 2017	17,761	2,695	7,217	5,119	32,792
	--------	-------	--------	-------	--------
Carrying amount
At 30 April 2017	28,390	208	3,143	904	32,645
	--------	-------	--------	-------	--------
At 30 April 2016	33,400	277	4,191	880	38,748
	--------	-------	--------	-------	--------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 30 April 2017	22,725
	--------
At 30 April 2016	26,735
	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	140,196	162,438
Other debtors	8,518	8,698
	---------	---------
	148,714	171,136
	---------	---------

The directors loan account went overdrawn during the year. It is interest free and repayable on demand. The highest overdrawn balance outstanding during the year was £188 in March 2017.

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	109,510	125,088
Accruals and deferred income	3,831	2,150
Corporation tax	11,843	20,205
Social security and other taxes	10,508	11,205
Obligations under finance leases and hire purchase contracts	8,606	8,854
Director loan accounts	–	436
	---------	---------
	144,298	167,938
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	3,071	12,392
	-------	--------

10. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	6,529	7,750
	-------	-------

11. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

12. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	460	–
Later than 1 year and not later than 5 years	77	–
	----	----
	537	–
	----	----

13. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A Hilton	( 436)	620	184
	----	----	----

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr A Hilton	( 20,339)	19,903	( 436)
	--------	--------	----

14. Related party transactions

The company was under the control of the director throughout the current and previous year. Mr A Hilton is the managing director and only shareholder. No transactions with related parties were undertaken such as are required to be disclosed.

15. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.