false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-03-01
Sage Accounts Production Advanced 2017 Update 2 - FRS
8,758
8,558
96
8,654
104
200
xbrli:pure
xbrli:shares
iso4217:GBP
03097902
2016-03-01
2017-02-28
03097902
2017-02-28
03097902
2016-02-29
03097902
2015-03-01
2016-02-29
03097902
2016-02-29
03097902
bus:OrdinaryShareClass1
2016-03-01
2017-02-28
03097902
bus:OrdinaryShareClass2
2016-03-01
2017-02-28
03097902
bus:OrdinaryShareClass3
2016-03-01
2017-02-28
03097902
bus:OrdinaryShareClass4
2016-03-01
2017-02-28
03097902
bus:Director1
2016-03-01
2017-02-28
03097902
core:WithinOneYear
2017-02-28
03097902
core:WithinOneYear
2016-02-29
03097902
core:ShareCapital
2017-02-28
03097902
core:ShareCapital
2016-02-29
03097902
core:RetainedEarningsAccumulatedLosses
2017-02-28
03097902
core:RetainedEarningsAccumulatedLosses
2016-02-29
03097902
bus:FRS102
2016-03-01
2017-02-28
03097902
bus:AuditExempt-NoAccountantsReport
2016-03-01
2017-02-28
03097902
bus:FullAccounts
2016-03-01
2017-02-28
03097902
bus:SmallCompaniesRegimeForAccounts
2016-03-01
2017-02-28
03097902
bus:PrivateLimitedCompanyLtd
2016-03-01
2017-02-28
03097902
bus:OrdinaryShareClass1
2016-02-29
03097902
bus:OrdinaryShareClass2
2017-02-28
03097902
bus:OrdinaryShareClass3
2017-02-28
03097902
bus:OrdinaryShareClass4
2017-02-28
03097902
bus:AllOrdinaryShares
2017-02-28
03097902
bus:AllOrdinaryShares
2016-02-29
03097902
core:PlantMachinery
2016-03-01
2017-02-28
03097902
core:PlantMachinery
2017-02-28
03097902
core:PlantMachinery
2016-02-29
COMPANY REGISTRATION NUMBER:
03097902
A1 PRO-PAINT (UK) LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
A1 PRO-PAINT (UK) LIMITED
|
|
YEAR ENDED 28 FEBRUARY 2017
Balance sheet
1
Notes to the financial statements
2 to 5
A1 PRO-PAINT (UK) LIMITED
|
|
28 February 2017
Fixed assets
Tangible assets
|
5
|
104
|
200
|
|
|
|
|
Current assets
Debtors
|
6
|
1,127
|
13,058
|
Cash at bank and in hand
|
6,053
|
25,961
|
|
------------
|
------------
|
|
7,180
|
39,019
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
(
10,037)
|
(
39,627)
|
|
------------
|
------------
|
Net current liabilities
|
(
2,857)
|
(
608)
|
|
------------
|
------------
|
Total assets less current liabilities
|
(
2,753)
|
(
408)
|
|
------------
|
------------
|
Net liabilities
|
(
2,753)
|
(
408)
|
|
------------
|
------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
8
|
12
|
12
|
Profit and loss account
|
(
2,765)
|
(
420)
|
|
------------
|
------------
|
Members deficit
|
(
2,753)
|
(
408)
|
|
------------
|
------------
|
|
|
|
|
These 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 profit and loss account has not been delivered.
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
1 November 2017
, and are signed on behalf of the board by:
Company registration number:
03097902
A1 PRO-PAINT (UK) LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 28 FEBRUARY 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, West Yorkshire, HD1 1PA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Revenue recognition
Turnover represents the value of goods sold and services provided net of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
|
Plant and equipment
|
-
|
20% straight line
|
|
|
|
|
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.
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2016:
2
).
5.
Tangible assets
|
Plant and equipment
|
Total
|
|
£
|
£
|
Cost
|
|
|
At 1 March 2016 and 28 February 2017
|
8,758
|
8,758
|
|
------------
|
------------
|
Depreciation
|
|
|
At 1 March 2016
|
8,558
|
8,558
|
Charge for the year
|
96
|
96
|
|
------------
|
------------
|
At 28 February 2017
|
8,654
|
8,654
|
|
------------
|
------------
|
Carrying amount
|
|
|
At 28 February 2017
|
104
|
104
|
|
------------
|
------------
|
At 29 February 2016
|
200
|
200
|
|
------------
|
------------
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
685
|
12,883
|
Prepayments and accrued income
|
316
|
175
|
Corporation tax
|
126
|
–
|
|
------------
|
------------
|
|
1,127
|
13,058
|
|
------------
|
------------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
–
|
2,452
|
Accruals and deferred income
|
6,876
|
10,850
|
Corporation tax
|
–
|
126
|
Social security and other taxes
|
3,161
|
7,386
|
Director loan accounts
|
–
|
18,813
|
|
------------
|
------------
|
|
10,037
|
39,627
|
|
------------
|
------------
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
2017
|
2016
|
|
No.
|
£
|
No.
|
£
|
Ordinary shares of £ 1 each
|
–
|
–
|
12
|
12
|
Ordinary 'A' shares of £ 1 each
|
4
|
4
|
–
|
–
|
Ordinary 'B' shares of £ 1 each
|
4
|
4
|
–
|
–
|
Ordinary 'C' shares of £ 1 each
|
4
|
4
|
–
|
–
|
|
------------
|
------------
|
------------
|
------------
|
|
12
|
12
|
12
|
12
|
|
------------
|
------------
|
------------
|
------------
|
|
|
|
|
|
A share redesignation took place during the year. The various classes of share rank pari passu in all material respects.
9.
Related party transactions
Transactions with the directors The directors' loan accounts of £nil (2016:£18,813) set out above were unsecured, repayable on demand and interest free. Control of the company The company is controlled by the directors.
10.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.
No transitional adjustments were required in equity or profit or loss for the year.