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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2018 |
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Advantage Engineering Limited |
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WRR (UK) |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2018 |
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for |
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Advantage Engineering Limited |
T/A |
WRR (UK) |
Advantage Engineering Limited (Registered number: 02350402) |
T/A WRR (UK) |
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Contents of the Financial Statements |
for the year ended 31 July 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Advantage Engineering Limited |
T/A WRR (UK) |
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Company Information |
for the year ended 31 July 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Morton House |
9 Beacon Court |
Pitstone Green Business Park |
Pitstone |
LU7 9GY |
Advantage Engineering Limited (Registered number: 02350402) |
T/A WRR (UK) |
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Balance Sheet |
31 July 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Advantage Engineering Limited (Registered number: 02350402) |
T/A WRR (UK) |
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Notes to the Financial Statements |
for the year ended 31 July 2018 |
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1. | STATUTORY INFORMATION |
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Advantage Engineering Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover, excluding value added tax, represents the value of work done in the year including estimates of |
amounts not invoiced and adjustments to prior years which have been agreed during the year. |
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Profit on contracts is recognised by reference to stage of completion. Full provision is made for all known or |
expected losses on individual contracts once such losses are foreseen. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and section 12 |
'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the |
contractual provisions of the instrument. |
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Basic financial assets |
Basic financial assets, including trade and other debtors, cash and bank 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. |
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Classification of financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the company after deducting all of its liabilities. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors 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. |
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Advantage Engineering Limited (Registered number: 02350402) |
T/A WRR (UK) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Hire purchase and leasing commitments |
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. |
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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. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Advantage Engineering Limited (Registered number: 02350402) |
T/A WRR (UK) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 August 2017 |
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Additions |
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At 31 July 2018 |
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DEPRECIATION |
At 1 August 2017 |
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Charge for year |
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At 31 July 2018 |
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NET BOOK VALUE |
At 31 July 2018 |
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At 31 July 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 August 2017 |
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Transfer to ownership | (112,000 | ) |
At 31 July 2018 |
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DEPRECIATION |
At 1 August 2017 |
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Charge for year |
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Transfer to ownership | (64,750 | ) |
At 31 July 2018 |
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NET BOOK VALUE |
At 31 July 2018 |
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At 31 July 2017 |
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Advantage Engineering Limited (Registered number: 02350402) |
T/A WRR (UK) |
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Notes to the Financial Statements - continued |
for the year ended 31 July 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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Included in other debtors are loans on which a market rate of interest has been charged. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Hire purchase contracts | - | 26,000 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31 July 2018 and 31 July 2017: |
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2018 | 2017 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest was charged to the directors at the HMRC official rate. Loans to directors were repayable on demand. |
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9. | POST BALANCE SHEET EVENTS |
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Dividends paid after the balance sheet date but before the financial statements were approved totalled £922,500. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is under the joint control of its directors, W R Roberts and J Roberts. |