Registered number
06510406
A & S TRADING AGENCY LTD
Report and Accounts
28 February 2017
WILLBA & CO
Professional Accountants
4th Floor City Gate House
246 – 250 Romford Road
Forest Gate
London E7 9HZ
A & S TRADING AGENCY LTD
Report and accounts
Contents
Page
Directors' report 1
Accountants' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
A & S TRADING AGENCY LTD
Registered number: 06510406
Directors' Report
The directors present their report and accounts for the year ended 28 February 2017.
Principal activities
The company's principal activity during the year continued to be: Travelling and Shipping Agency
Directors
The following persons served as directors during the year: Isaac Kwasi Antwi
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 23 October 2017 and signed on its behalf.
Isaac Kwasi Antwi
Director
A & S TRADING AGENCY LTD
Accountants' Report
Accountants' report to the directors of
A & S TRADING AGENCY LTD
You consider that the company is exempt from an audit for the year ended 28 February 2017. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year.
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us.
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts.
WILLBA & CO PROFESSIONAL ACCOUNTANTS
Accountants
4TH FLOOR, CITY GATE HOUSE
246-250 ROMFORD ROAD
FOREST GATE
LONDON
E7 9HZ
23 October 2017
A & S TRADING AGENCY LTD
Profit and Loss Account
for the year ended 28 February 2017
Notes 2017 2016
£ £
Turnover 125,364 110,563
Cost of sales (64,636) (70,495)
Gross profit 60,728 40,068
Administrative expenses (58,129) (39,553)
Operating profit 2,599 515
Profit on ordinary activities before taxation 2,599 515
Tax on profit on ordinary activities (546) (66)
Profit for the financial year 2,053 449
A & S TRADING AGENCY LTD
Registered number: 06510406
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 1,817 2,643
Current assets
Cash at bank and in hand 5,049 5,055
Creditors: amounts falling due within one year 4 (21,714) (24,599)
Net current liabilities (16,665) (19,544)
Net liabilities (14,848) (16,901)
Capital and reserves
Called up share capital 1 1
Profit and loss account (14,849) (16,902)
Shareholders' funds (14,848) (16,901)
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.
Isaac Kwasi Antwi
Director
Approved by the board on 23 October 2017
A & S TRADING AGENCY LTD
Statement of Changes in Equity
for the year ended 28 February 2017
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 March 2015 1 - - (17,351) (17,350)
Profit for the financial year 449 449
At 29 February 2016 1 - - (16,902) (16,901)
At 1 March 2016 1 - - (16,902) (16,901)
Profit for the financial year 2,053 2,053
At 28 February 2017 1 - - (14,849) (14,848)
A & S TRADING AGENCY LTD
Notes to the Accounts
for the year ended 28 February 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
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.
Plant and machinery over 5 years
Investments
Investments in unquoted equity instruments are measured at fair value. Changes in fair value are recognised in profit or loss. Fair value is estimated by using a valuation technique.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2016 4,130
At 28 February 2017 4,130
Depreciation
At 1 March 2016 1,487
Charge for the year 826
At 28 February 2017 2,313
Net book value
At 28 February 2017 1,817
At 29 February 2016 2,643
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
4 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 546 66
Other taxes and social security costs 455 -
Other creditors 20,713 24,533
21,714 24,599
5 Other information
A & S TRADING AGENCY LTD is a private company limited by shares and incorporated in England. Its registered office is:
18 Station Road
West Croydon
Surrey
CR0 2RB
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