ACB Auto Electrics Limited Company Accounts

COMPANY REGISTRATION NUMBER: 04622689

ACB Auto Electrics Limited

Filleted Unaudited Financial Statements

31 January 2017

ACB Auto Electrics Limited

Financial Statements

Year ended 31 January 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

The following pages do not form part of the financial statements

Report to the director on the preparation of the unaudited statutory financial statements	8

ACB Auto Electrics Limited

Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		12,137	13,931

Current assets

Stocks		2,000	2,000
Debtors	6	16,075	6,898
Cash at bank and in hand		4,360	3,851
		--------	--------
		22,435	12,749

Creditors: amounts falling due within one year	7	32,250		23,649
		--------		--------
Net current liabilities			9,815	10,900
			--------	--------
Total assets less current liabilities			2,322	3,031

Provisions

Taxation including deferred tax	1,963	2,220
	-------	-------
Net assets	359	811
	-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	358	810
	----	----
Members funds	359	811
	----	----

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

ACB Auto Electrics Limited

Statement of Financial Position (continued)

31 January 2017

These financial statements were approved by the board of directors and authorised for issue on 4 September 2017 , and are signed on behalf of the board by:

Mr AC Bromley
Director

Company registration number: 04622689

ACB Auto Electrics Limited

Notes to the Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is South Dale House, Denby Lane, Upper Denby, Huddersfield, HD8 8UN.

2. 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.

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 represents the value of goods sold and services provided net of value added tax.

Taxation

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Amortisation	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Equipment	-	20% reducing balance

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.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

4. Intangible assets

	Goodwill
	£
Cost
At 1 February 2016 and 31 January 2017	10,000
	--------
Amortisation
At 1 February 2016 and 31 January 2017	10,000
	--------
Carrying amount
At 31 January 2017	–
	--------

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 February 2016	32,838	11,285	133	44,256
Additions	197	–	507	704
	--------	--------	----	--------
At 31 January 2017	33,035	11,285	640	44,960
	--------	--------	----	--------
Depreciation
At 1 February 2016	21,419	8,841	65	30,325
Charge for the year	1,772	611	115	2,498
	--------	--------	----	--------
At 31 January 2017	23,191	9,452	180	32,823
	--------	--------	----	--------
Carrying amount
At 31 January 2017	9,844	1,833	460	12,137
	--------	--------	----	--------
At 31 January 2016	11,419	2,444	68	13,931
	--------	--------	----	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	16,075	6,898
	--------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	3,328	2,756
Corporation tax	4,350	4,419
Social security and other taxes	2,535	2,560
Other creditors - desc in a/cs	19,963	4,074
Other creditors	2,074	9,840
	--------	--------
	32,250	23,649
	--------	--------

8. Related party transactions

ACB Auto Electrics Limited

Management Information

Year ended 31 January 2017

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

ACB Auto Electrics Limited

Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of ACB Auto Electrics Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ACB Auto Electrics Limited for the year ended 31 January 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of ACB Auto Electrics Limited in accordance with the terms of our engagement letter dated 1 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of ACB Auto Electrics Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ACB Auto Electrics Limited and its director for our work or for this report.

It is your duty to ensure that ACB Auto Electrics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ACB Auto Electrics Limited. You consider that ACB Auto Electrics Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of ACB Auto Electrics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

G&T ACCOUNTANCY SERVICES LTD Chartered accountant

Denby Dale Business Park Wakefield Road Denby Dale Huddersfield West Yorkshire HD8 8QH

4 September 2017