Company Registration No. 02592102 (England and Wales)
AVON BRIDGE MACHINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
AVON BRIDGE MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
AVON BRIDGE MACHINERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
485,616
422,459
Current assets
Debtors
4
141,619
190,063
Cash at bank and in hand
105,325
121,256
246,944
311,319
Creditors: amounts falling due within one year
5
(124,631)
(214,784)
Net current assets
122,313
96,535
Total assets less current liabilities
607,929
518,994
Creditors: amounts falling due after more than one year
6
-
(21,125)
Provisions for liabilities
(36,753)
(31,458)
Net assets
571,176
466,411
Capital and reserves
Called up share capital
7
33
33
Profit and loss reserves
571,143
466,378
Total equity
571,176
466,411
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 22 December 2017
Mr R Parr
Director
AVON BRIDGE MACHINERY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
Company Registration No. 02592102
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
Avon Bridge Machinery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Matford Home Farm, Matford, Exeter, Devon, EX2 8XT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Avon Bridge Machinery Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold
straight line over the useful life of the buildings
Plant and machinery
15% per annum on net book value
Fixtures, fittings & equipment
20% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.5
Hire purchase agreements
Assets held under
hire purchase agreements
are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a hire purchase obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of charge.
2
Exceptional costs/(income)
2017
2016
£
£
Written off loan balance
-
38,820
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
128,817
366,349
495,166
Additions
-
131,655
131,655
Disposals
(6,827)
-
(6,827)
At 31 March 2017
121,990
498,004
619,994
Depreciation and impairment
At 1 April 2016
-
72,707
72,707
Depreciation charged in the year
4,760
56,911
61,671
At 31 March 2017
4,760
129,618
134,378
Carrying amount
At 31 March 2017
117,230
368,386
485,616
At 31 March 2016
128,817
293,642
422,459
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
133,674
177,886
Other debtors
7,945
12,177
141,619
190,063
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
23,169
84,969
Corporation tax
19,674
11,891
Other taxation and social security
32,048
-
Other creditors
49,740
117,924
124,631
214,784
Included within other creditors are balances totalling £21,125 (2016 - £39,844) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
21,125
Included within other creditors are balances totalling nil (2016 - £21,125) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
33 Ordinary shares of £1 each
33
33