A&M Haughian Ltd - Filleted accounts

Registered number

NI049124

A&M Haughian Ltd

Filleted Accounts

31 March 2017

A&M Haughian Ltd
Report and accounts
for the year ended 31 March 2017

Contents




Page

Balance sheet	2
Notes to the accounts	3-5

A&M Haughian Ltd
Registered number:		NI049124
Balance Sheet
as at 31 March 2017

Notes			2017			2016
£				£
Fixed assets
Tangible assets	3		390,970			395,599

Current assets
Stocks and work in progress		343,959			343,959
Debtors	4	1,798			3,873
Cash at bank and in hand		100			100
		345,857			347,932

Creditors: amounts falling due within one year	5	(323,235)			(339,846)

Net current assets			22,622			8,086

Total assets less current liabilities			413,592			403,685

Creditors: amounts falling due after more than one year	6		-			(2,980)

Provisions for liabilities			(2,163)			(2,734)


Net assets			411,429			397,971

Capital and reserves
Called up share capital			2			2
Profit and loss account			411,427			397,969

Shareholders' funds			411,429			397,971

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.




Michael Haughian
Director
Approved by the board on 20 November 2017

A&M Haughian Ltd
Notes to the Accounts
for the year ended 31 March 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 evenly over its expected useful life, as follows:

	Plant and machinery			20% reducing balance
	Motor vehicles			20% 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.

	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.


2	Employees					2017		2016
Number							Number

	Average number of persons employed by the company					3		3


3	Tangible fixed assets
		Land and buildings		Plant and machinery		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 April 2016	372,454		108,007		20,600		501,061
	At 31 March 2017	372,454		108,007		20,600		501,061

	Depreciation
	At 1 April 2016	-		96,984		8,478		105,462
	Charge for the year	-		2,205		2,424		4,629
	At 31 March 2017	-		99,189		10,902		110,091

	Net book value
	At 31 March 2017	372,454		8,818		9,698		390,970
	At 31 March 2016	372,454		11,023		12,122		395,599


4	Debtors					2017		2016
£							£

	Other debtors					1,798		3,873


5	Creditors: amounts falling due within one year					2017		2016
£							£

	Bank loans and overdrafts					16,960		20,176
	Obligations under finance lease and hire purchase contracts					2,980		2,980
	Trade creditors					1,602		15,033
	Corporation tax					6,595		3,815
	Other taxes and social security costs					64		43
	Other creditors					295,034		297,799
						323,235		339,846


6	Creditors: amounts falling due after one year					2017		2016
£							£

	Obligations under finance lease and hire purchase contracts					-		2,980


7	Events after the reporting date

	There have been no events occurring since the balance sheet date which would necessitate a revision of the above figures.

8	Contingent liabilities

	As far as the directors are aware there were no contingent liabilities at the year end.


9	Related party transactions

	During the year transactions occurred between the company and its directors. The directors are owed £286,297 at the year end (2016: £290,845). This is reflected in Note 5, Other creditors.


10	Controlling party

	The ultimate controlling parties have been identified as Adrian and Michael Haughian, the managing directors.


11	Other information

	A&M Haughian Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
	10C Marcus Square
	Newry
	Co. Down
	BT34 1AE