|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
FOR |
|
ACCESS IRRIGATION LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
FOR |
|
ACCESS IRRIGATION LIMITED |
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
ACCESS IRRIGATION LIMITED |
|
COMPANY INFORMATION |
for the year ended 31 December 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Magma House |
16 Davy Court |
Castle Mound Way |
Rugby |
CV23 0UZ |
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
BALANCE SHEET |
31 December 2018 |
|
2018 | 2017 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
) |
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
|
|
1. | STATUTORY INFORMATION |
|
Access Irrigation Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 01291598 and its registered office is 15 Yelvertoft Road, Crick, |
Northamptonshire, NN6 7XS. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
The financial statements are presented in Sterling (£). |
|
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
|
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
|
- the amount of revenue can be measured reliably; |
- it is probable that the Company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
|
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated |
impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the |
location and condition necessary for it to be capable of operating in the manner intended by management. |
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful |
lives, using either a straight line or reducing balance method, as indicated below. |
|
Depreciation is provided on the following basis: |
|
Plant and machinery | - 20% on reducing balance |
Fixtures and fittings | - 20% straight line and 10% on reducing balance |
Motor vehicles | - 25% on reducing balance |
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in profit or loss. |
|
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based |
on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and |
attributable overheads. |
|
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is |
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in |
profit or loss. |
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
|
Taxation |
The tax expense for the year comprises current and deferred tax. |
|
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised |
as other comprehensive income or to an item recognised directly in equity is also recognised in other |
comprehensive income or directly in equity respectively. |
|
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by |
the Balance Sheet date, except that: |
|
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered |
against the reversal of deferred tax liabilities or other future taxable profits; and |
|
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have |
been met. |
|
Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
|
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange |
ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
Operating leases |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
|
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
|
Payments in respect of other post-retirement benefits are charged to profit or loss in the period to which they |
relate. |
|
|
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
using the effective interest method, less any impairment. |
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
|
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
where the debt instrument is measured at the present value of the future payments discounted at a market rate |
of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less |
any impairment. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
|
Additions |
|
|
|
|
Disposals |
|
|
( |
) | ( |
) |
At 31 December 2018 |
|
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
|
Charge for year |
|
|
|
|
Eliminated on disposal |
|
|
( |
) | ( |
) |
At 31 December 2018 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
|
At 31 December 2017 |
|
|
|
|
|
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
|
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 8) |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
At 31 December 2018 dividends remaining unpaid amounted to £1,260 (2017: £8,160). |
|
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts (see note 8) |
|
|
|
8. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
2018 | 2017 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Hire purchase contracts | 14,729 | - |
|
Amounts due on hire purchase contracts are secured over the assets to which they relate. |
ACCESS IRRIGATION LIMITED (REGISTERED NUMBER: 01291598) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
|
|
10. | RELATED PARTY DISCLOSURES |
|
Access Irrigation Directors Pension Scheme is a pension scheme for the benefit of the directors of Access |
Irrigation Limited, of which the directors are trustees. During the year the company paid rent to the pension |
scheme of £25,000 (2017: £25,000). |
|
During the year, a motor vehicle was sold to a shareholder of the company for proceeds of £5,000. |
|
At the year end, £8,900 was due to the company by a director in the form of an overdrawn loan account. The |
amount is interest free and repayable on demand. |
|
At the year end, £9,680 was due to the company by a director in the form of an overdrawn loan account. The |
amount is interest free and repayable on demand. |
|
At the year end, £9,620 was due to the company by a shareholder in the form of a loan. The amount is interest |
free and repayable on demand. |