A&E Supplies Limited Company accounts

COMPANY REGISTRATION NUMBER: 02098549

A&E Supplies Limited

Unaudited Financial Statements

31 March 2018

A&E Supplies Limited

Financial Statements

Year ended 31 March 2018

Contents	Page

Directors' report	1

Statement of income and retained earnings	2

Statement of financial position	3

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	9

A&E Supplies Limited

Directors' Report

Year ended 31 March 2018

The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2018 .

Directors

The directors who served the company during the year were as follows:

Mr A E Hurford
Mrs E P Hurford

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 21 December 2018 and signed on behalf of the board by:

Mr A E Hurford	Mrs EP Hurford
Director	Company Secretary

Registered office:

The Moorings

Dane Road Industrial Estate

Dane Road

Sale

M33 7BH

A&E Supplies Limited

Statement of Income and Retained Earnings

Year ended 31 March 2018

	2018	2017
Note	£	£
Turnover	990,819	825,547

Cost of sales	562,966	415,745
	--------	--------
Gross profit	427,853	409,802

Administrative expenses	310,746	261,761
	--------	--------
Operating profit	117,107	148,041

Interest payable and similar expenses		7,774	6,953
		--------	--------
Profit before taxation	5	109,333	141,088

Tax on profit	27,723	8,377
	--------	--------
Profit for the financial year and total comprehensive income	81,610	132,711
	--------	--------

Dividends paid and payable	( 56,000)	( 56,000)

Retained earnings at the start of the year	307,371	230,660
	--------	--------
Retained earnings at the end of the year	332,981	307,371
	--------	--------

All the activities of the company are from continuing operations.

A&E Supplies Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	6		352,586	405,938

Current assets

Stocks		21,400	14,125
Debtors	7	221,487	195,247
Cash at bank and in hand		233,944	196,524
		--------	--------
		476,831	405,896

Creditors: amounts falling due within one year	8	347,763		290,662
		--------		--------
Net current assets			129,068	115,234
			--------	--------
Total assets less current liabilities			481,654	521,172

Creditors: amounts falling due after more than one year	9		71,543	133,011

Provisions

Taxation including deferred tax	77,128	80,788
	--------	--------
Net assets	332,983	307,373
	--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	332,981	307,371
	--------	--------
Shareholders funds	332,983	307,373
	--------	--------

These financial statements have been prepared 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'.

For the 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 21 December 2018 , and are signed on behalf of the board by:

Mr A E Hurford
Director

Company registration number: 02098549

A&E Supplies Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Moorings, Dane Road Industrial Estate, Dane Road, Sale, M33 7BH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102 :

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.

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 & Machinery	-	10% straight line
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	25% straight line
Equipment	-	33% straight line

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.

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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2017: 7 ).

5. Profit before taxation

Profit before taxation is stated after charging:

	2018	2017
	£	£
Depreciation of tangible assets	56,084	53,980
	------	------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2017	646,009	2,089	20,821	1,635	670,554
Additions	2,400	–	–	332	2,732
	--------	-----	------	-----	--------
At 31 March 2018	648,409	2,089	20,821	1,967	673,286
	--------	-----	------	-----	--------
Depreciation
At 1 April 2017	261,053	2,089	–	1,474	264,616
Charge for the year	50,675	–	5,205	204	56,084
	--------	-----	------	-----	--------
At 31 March 2018	311,728	2,089	5,205	1,678	320,700
	--------	-----	------	-----	--------
Carrying amount
At 31 March 2018	336,681	–	15,616	289	352,586
	--------	-----	------	-----	--------
At 31 March 2017	384,956	–	20,821	161	405,938
	--------	-----	------	-----	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	213,487	187,247
Other debtors	8,000	8,000
	--------	--------
	221,487	195,247
	--------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	124,554	116,355
Corporation tax	37,628	6,244
Social security and other taxes	57,522	38,636
Other creditors	128,059	129,427
	--------	--------
	347,763	290,662
	--------	--------

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

	2018	2017
	£	£
Other creditors	71,543	133,011
	------	--------

10. Directors' advances, credits and guarantees

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

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A E Hurford	9,224	( 28,583)	36,040	16,681
Mrs E P Hurford	40,974	( 28,583)	36,040	48,431
	------	------	------	------
	50,198	( 57,166)	72,080	65,112
	------	------	------	------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr A E Hurford	15,684	( 42,500)	36,040	9,224
Mrs E P Hurford	15,684	( 10,750)	36,040	40,974
	------	------	------	------
	31,368	( 53,250)	72,080	50,198
	------	------	------	------

A&E Supplies Limited

Management Information

Year ended 31 March 2018

The following pages do not form part of the financial statements.

A&E Supplies Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of A&E Supplies Limited

Year ended 31 March 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2018, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

TWJ PARTNERSHIP LLP Chartered accountant

The Moorings Dane Road Industrial Estate Dane Road Sale Cheshire M33 7BH

21 December 2018