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Statement of Consent to Prepare Abridged Financial Statements |
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All of the members of A & F Plant (Spares and Repairs) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
02777780
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A & F Plant (Spares and Repairs) Limited |
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Filleted Unaudited Abridged Financial Statements |
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A & F Plant (Spares and Repairs) Limited |
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Abridged Financial Statements |
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Year ended 31 January 2018
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Abridged statement of financial position |
1 to 2 |
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Notes to the abridged financial statements |
3 to 5 |
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A & F Plant (Spares and Repairs) Limited |
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Abridged Statement of Financial Position |
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31 January 2018
Fixed assets
|
Tangible assets |
4 |
|
3,204 |
4,265 |
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|
|
|
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Current assets
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Stocks |
190,000 |
|
190,000 |
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Debtors |
64,035 |
|
228,794 |
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Cash at bank and in hand |
6,226 |
|
1,925 |
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--------- |
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--------- |
|
260,261 |
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420,719 |
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|
|
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Creditors: amounts falling due within one year |
255,413 |
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439,017 |
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--------- |
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--------- |
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Net current assets/(liabilities) |
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4,848 |
(
18,298) |
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|
------- |
-------- |
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Total assets less current liabilities |
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8,052 |
(
14,033) |
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Provisions
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Taxation including deferred tax |
|
1,725 |
1,725 |
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------- |
-------- |
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Net assets/(liabilities) |
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6,327 |
(
15,758) |
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------- |
-------- |
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Capital and reserves
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Called up share capital |
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2 |
2 |
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Profit and loss account |
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6,325 |
(
15,760) |
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------- |
-------- |
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Shareholders funds/(deficit) |
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6,327 |
(
15,758) |
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------- |
-------- |
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These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 2018 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 abridged financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
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A & F Plant (Spares and Repairs) Limited |
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Abridged Statement of Financial Position (continued) |
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31 January 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 November 2018
, and are signed on behalf of the board by:
Company registration number:
02777780
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A & F Plant (Spares and Repairs) Limited |
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Notes to the Abridged Financial Statements |
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Year ended 31 January 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 76 Newcastle Road, Chester Le Street, Co Durham, DH3 3UF.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
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Plant & machinery |
- |
15% reducing balance |
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Fixtures & fittings |
- |
10% reducing balance |
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Motor vehicles |
- |
25% reducing balance |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Tangible assets
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£ |
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Cost |
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At 1 February 2017 and 31 January 2018 |
34,037 |
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-------- |
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Depreciation |
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At 1 February 2017 |
29,772 |
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Charge for the year |
1,061 |
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-------- |
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At 31 January 2018 |
30,833 |
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-------- |
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Carrying amount |
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At 31 January 2018 |
3,204 |
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-------- |
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At 31 January 2017 |
4,265 |
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-------- |
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5.
Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
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2018 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
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|
£ |
£ |
£ |
£ |
|
Mr J Farthing |
(
144,979) |
– |
(
18,890) |
(
163,869) |
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|
--------- |
---- |
-------- |
--------- |
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2017 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
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|
£ |
£ |
£ |
£ |
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Mr J Farthing |
(
149,096) |
4,117 |
– |
(
144,979) |
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--------- |
------- |
---- |
--------- |
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6.
Related party transactions
The company was under the control of
Mr J Farthing
throughout the current and previous year. Mr Farthing is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under the FRSSE 2015.