Registered number
04579262
AGR Flotech Limited
Unaudited Filleted Accounts
31 December 2017
AGR Flotech Limited
Registered number: 04579262
Balance Sheet
as at 31 December 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 5,806 7,724
Current assets
Stocks 500 500
Debtors 4 2,119 5,310
Cash at bank and in hand 31,272 42,525
33,891 48,335
Creditors: amounts falling due within one year 5 (33,990) (34,615)
Net current (liabilities)/assets (99) 13,720
Total assets less current liabilities 5,707 21,444
Provisions for liabilities (1,161) (1,545)
Net assets 4,546 19,899
Capital and reserves
Called up share capital 100 100
Profit and loss account 4,446 19,799
Shareholders' funds 4,546 19,899
The director is 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 director acknowledges his 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.
Mr A Roocroft
Director
Approved by the board on 1 June 2018
AGR Flotech Limited
Notes to the Accounts
for the year ended 31 December 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 (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.
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 over its expected useful life, as follows:
Plant and machinery 20% on reducing balance
Motor vehicles 25% on reducing balance
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.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2017 1,126 13,000 14,126
At 31 December 2017 1,126 13,000 14,126
Depreciation
At 1 January 2017 844 5,558 6,402
Charge for the year 57 1,861 1,918
At 31 December 2017 901 7,419 8,320
Net book value
At 31 December 2017 225 5,581 5,806
At 31 December 2016 282 7,442 7,724
4 Debtors 2017 2016
£ £
Trade debtors - 4,942
Other debtors 2,119 368
2,119 5,310
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 384 -
Taxation and social security costs 1,668 13,953
Other creditors 31,938 20,662
33,990 34,615
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr A Roocroft
Loan to/(from) director (19,953) 32,678 (44,016) (31,291)
(19,953) 32,678 (44,016) (31,291)
7 Controlling party
Mr A Roocroft and Mrs J E Roocroft control the Company by virtue of their ownership of the entire issued share capital.
8 Other information
AGR Flotech Limited is a private company limited by shares and incorporated in England. Its registered office is:
Prospect House
13 Southport Road
Chorley
PR7 5BX
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