Company registration number 02592102 (England and Wales)
AVON BRIDGE MACHINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
AVON BRIDGE MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
AVON BRIDGE MACHINERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
784,962
597,239
Current assets
Debtors
4
546,207
430,807
Cash at bank and in hand
10,753
38,493
556,960
469,300
Creditors: amounts falling due within one year
5
(166,602)
(109,088)
Net current assets
390,358
360,212
Total assets less current liabilities
1,175,320
957,451
Creditors: amounts falling due after more than one year
6
(138,938)
(65,191)
Provisions for liabilities
7
(162,074)
(94,721)
Net assets
874,308
797,539
Capital and reserves
Called up share capital
33
33
Profit and loss reserves
874,275
797,506
Total equity
874,308
797,539
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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 10 March 2023
Mr R Parr
Director
Company Registration No. 02592102
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
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.
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
.
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
Tractors
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
.
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.
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2021
121,990
947,697
1,069,687
Additions
42,636
393,700
436,336
Disposals
(154,000)
(154,000)
At 31 March 2022
164,626
1,187,397
1,352,023
Depreciation and impairment
At 1 April 2021
23,280
449,168
472,448
Depreciation charged in the year
4,680
134,876
139,556
Eliminated in respect of disposals
(44,943)
(44,943)
At 31 March 2022
27,960
539,101
567,061
Carrying amount
At 31 March 2022
136,666
648,296
784,962
At 31 March 2021
98,710
498,529
597,239
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
90,373
108,350
Other debtors
455,834
322,457
546,207
430,807
5
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
3,143
Trade creditors
82,544
25,408
Taxation and social security
7,394
48,024
Other creditors
66,664
32,513
166,602
109,088
Included within other creditors are balances totalling £63,664 (20
2
1 - £
28,908
) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
Bank overdrafts are secured over the assets of the company.
6
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
36,667
46,857
Other creditors
102,271
18,334
138,938
65,191
Included within other creditors are balances totalling £102,271 (20
2
1 - £1
8
,
333
) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
-
7,033
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.00
117,735
306,485
2,365
(229,069)
197,516
117,735
306,485
2,365
(229,069)
197,516
The loan to the director was unsecured and repayable on demand.