Aarron Utilities Company Limited
Registered number: SC325612
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 26,210 20,579
Current assets
Stocks - 16,585
Debtors 4 496,925 126,120
Cash at bank and in hand 520,348 371,766
1,017,273 514,471
Creditors: amounts falling due within one year 5 (268,697) (124,248)
Net current assets 748,576 390,223
Total assets less current liabilities 774,786 410,802
Provisions for liabilities (2,516) -
Net assets 772,270 410,802
Capital and reserves
Called up share capital 2 2
Profit and loss account 772,268 410,800
Shareholders' funds 772,270 410,802
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.
James Brady McLardy
Director
Approved by the board on 11 May 2018
Aarron Utilities Company Limited
Notes to the Accounts
for the year ended 31 March 2018
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 (as applied to small entities by section 1A of the standard).
Turnover
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
Motor Vehicles 25% on reducing balance
Plant and machinery 15% on reducing balance
Fixtures, fittings, tools and equipment 33% on cost
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 15 21
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 1,900 1,762 32,710 36,372
Additions 349 - 14,097 14,446
At 31 March 2018 2,249 1,762 46,807 50,818
Depreciation
At 1 April 2017 1,542 1,174 13,077 15,793
Charge for the year 295 88 8,432 8,815
At 31 March 2018 1,837 1,262 21,509 24,608
Net book value
At 31 March 2018 412 500 25,298 26,210
At 31 March 2017 358 588 19,633 20,579
4 Debtors 2018 2017
£ £
Trade debtors 488,541 126,120
Other debtors 8,384 -
496,925 126,120
5 Creditors: amounts falling due within one year 2018 2017
£ £
Taxation and social security costs 261,315 122,156
Other creditors 7,382 2,092
268,697 124,248
6 Related party transactions 2018
£
Mr J McLardy
Director
Dividends paid 34,800
Mr McLardy has lent the company funds interest free and repayable by the company on demand. (2,134)
Mrs E McLardy
Shareholder
Dividends paid 34,800
Mrs McLardy has lent the company funds interest free and repayable by the company on demand. (2,134)
7 Controlling party
The company is controlled by its Director.
8 Other information
Aarron Utilities Company Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
33 Cressland Drive
Glasgow
G45 9HR
Registered number
SC325612
Aarron Utilities Company Limited
Filleted Accounts
31 March 2018
Aarron Utilities Company Limited SC325612 false 2017-04-01 2018-03-31 2018-03-31 VT Final Accounts March 2018 James Brady McLardy No description of principal activity SC325612 2016-04-01 2017-03-31 SC325612 core:WithinOneYear 2017-03-31 SC325612 core:ShareCapital 2017-03-31 SC325612 core:RetainedEarningsAccumulatedLosses 2017-03-31 SC325612 2017-04-01 2018-03-31 SC325612 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 SC325612 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 SC325612 bus:Director40 2017-04-01 2018-03-31 SC325612 1 2017-04-01 2018-03-31 SC325612 2 2017-04-01 2018-03-31 SC325612 core:LandBuildings 2017-04-01 2018-03-31 SC325612 core:PlantMachinery 2017-04-01 2018-03-31 SC325612 core:Vehicles 2017-04-01 2018-03-31 SC325612 countries:England 2017-04-01 2018-03-31 SC325612 bus:FRS102 2017-04-01 2018-03-31 SC325612 bus:FullAccounts 2017-04-01 2018-03-31 SC325612 2018-03-31 SC325612 core:WithinOneYear 2018-03-31 SC325612 core:ShareCapital 2018-03-31 SC325612 core:RetainedEarningsAccumulatedLosses 2018-03-31 SC325612 core:LandBuildings 2018-03-31 SC325612 core:PlantMachinery 2018-03-31 SC325612 core:Vehicles 2018-03-31 SC325612 2017-03-31 SC325612 core:LandBuildings 2017-03-31 SC325612 core:PlantMachinery 2017-03-31 SC325612 core:Vehicles 2017-03-31 iso4217:GBP xbrli:pure