Year Ended
Registration number:
A G S Building Services (Taunton) Ltd
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Financial Statements |
A G S Building Services (Taunton) Ltd
Company Information
|
Director |
Mr A G Sweet |
|
Company secretary |
Mrs S J Sweet |
|
Registered office |
|
|
Accountants |
|
|
Page 1 |
A G S Building Services (Taunton) Ltd
Balance Sheet
31 May 2017
|
Note |
2017 |
2016 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
|
Page 2 |
A G S Building Services (Taunton) Ltd
Balance Sheet
31 May 2017
For the financial year ending 31 May 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the director on
.........................................
Mr A G Sweet
Director
Company Registration Number: 04111357
|
Page 3 |
A G S Building Services (Taunton) Ltd
Notes to the Financial Statements
Year Ended 31 May 2017
|
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Change in basis of accounting
The company transitioned to FRS102 from previously extant UK GAAP as at 1 June 2015.
There were no changes to the previously stated equity as at 1 June 2015 and 31 May 2016 or in the profit for the year ended 31 May 2016 as a result of the transition to FRS102.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
|
Page 4 |
A G S Building Services (Taunton) Ltd
Notes to the Financial Statements
Year Ended 31 May 2017
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
15% reducing balance |
|
Motor vehicles |
25% reducing balance |
|
Equipment |
25% reducing balance |
Defined contribution pension obligation
The company operates a money purchase pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
|
Page 5 |
A G S Building Services (Taunton) Ltd
Notes to the Financial Statements
Year Ended 31 May 2017
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
|
Page 6 |
A G S Building Services (Taunton) Ltd
Notes to the Financial Statements
Year Ended 31 May 2017
|
Tangible assets |
|
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 June 2016 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
- |
( |
|
At 31 May 2017 |
|
|
|
|
|
Depreciation |
||||
|
At 1 June 2016 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
|
At 31 May 2017 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 May 2017 |
|
|
|
|
|
At 31 May 2016 |
|
|
|
|
|
Debtors |
|
2017 |
2016 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
|
Creditors |
|
2017 |
2016 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Corporation tax |
5,482 |
4,343 |
|
|
|
|
Page 7 |