Registered number: 03568457 | ||||||||
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FOR THE YEAR ENDED 31/05/2019 | ||||||||
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Prepared By: | ||||||||
Greywalls Accountants Limited | ||||||||
13 Isis Lake | ||||||||
Spine Road | ||||||||
South Cerney | ||||||||
Cirencester | ||||||||
GL7 5LT |
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Advanced Maintenance UK Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/05/2019 | ||||||||
DIRECTORS | ||||||||
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REGISTERED OFFICE | ||||||||
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Cirencester | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 03568457 | ||||||||
ACCOUNTANTS | ||||||||
Greywalls Accountants Limited | ||||||||
13 Isis Lake | ||||||||
Spine Road | ||||||||
South Cerney | ||||||||
Cirencester | ||||||||
GL7 5LT |
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Advanced Maintenance UK Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31/05/2019 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 5 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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Advanced Maintenance UK Limited | ||||||||
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BALANCE SHEET AT
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2019 | 2018 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 |
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CURRENT ASSETS | ||||||||||
Stock |
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Debtors | 4 |
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Cash at bank and in hand |
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2,388,234 | 1,763,681 | |||||||||
CREDITORS: Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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1,085,060 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 6 | 138,683 | 139,677 | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES | 9 |
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NET ASSETS |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 10 |
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Capital redemption reserve | 11 |
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Profit and loss account | 1,881,670 | 1,230,894 | ||||||||
SHAREHOLDERS' FUNDS |
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Advanced Maintenance UK Limited | ||||||||
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BALANCE SHEET AT
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
............................. | ||||||||||
R L Gale | ||||||||||
Director | ||||||||||
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Advanced Maintenance UK Limited | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31/05/2019 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date. | ||||||||
Depreciation is provided on the following basis: | ||||||||
Land And Buildings | straight line 3 % | |||||||
Plant And Machinery | reducing balance 25 % | |||||||
Fixtures And Fittings | reducing balance 25 % | |||||||
Equipment | reducing balance 25 % | |||||||
Motor Cars | reducing balance 25 % |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress aand 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 and loss. |
1d. Pension Costs | ||||||||
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year. |
1e. Basis Of Accounting FRS 1021 a | ||||||||
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
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Advanced Maintenance UK Limited | ||||||||
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1f. Turnover | ||||||||
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. 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 turnover is recognised: | ||||||||
Sale of goods - Turnover from the sale of goods is recognised when all of the following conditions are satisfied: a) the Company has transferred the significant risks and rewards of ownership to the buyer; b) the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; c) the amount of turnover can be measured reliably; d) it is probable that the Company will receive the consideration due under the transaction; and e) the costs incurred or to be incurred in respect of the transaction can be measured reliably. | ||||||||
Rendering of services - Turnover 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: a) the amount of turnover can be measured reliably; b) it is probable that the Company will receive the consideration due under the contract; c) the stage of completion of the contract at the end of the reporting period can be measured reliably; and d) the costs incurred and the costs to complete the contract can be measured reliably. |
1g. Debtors | ||||||||
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
1h. Cash And Cash Equivalents | ||||||||
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. cash equivalents are 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. |
1i. Dividends | ||||||||
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
1j. Functional Currency | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
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Advanced Maintenance UK Limited | ||||||||
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1k. Taxation | ||||||||
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, 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. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | ||||||||
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. | ||||||||
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
2. TANGIBLE FIXED ASSETS | ||||||||||||
Land And | Plant and | Fixtures | ||||||||||
Buildings | Machinery | and Fittings | Equipment | Motor Cars | Total | |||||||
£ | £ | £ | £ | £ | £ | |||||||
Cost | ||||||||||||
At 01/06/2018 | 146,090 | 6,518 | 42,210 | 34,762 | 242,644 | 472,224 | ||||||
Additions | 145,833 | 438 | - | 3,107 | 199,194 | 348,572 | ||||||
Disposals | - | - | - | - | (107,143) | (107,143) | ||||||
At 31/05/2019 | 291,923 | 6,956 | 42,210 | 37,869 | 334,695 | 713,653 | ||||||
Depreciation | ||||||||||||
At 01/06/2018 | 5,871 | 3,877 | 17,034 | 22,551 | 116,858 | 166,191 | ||||||
Disposals | - | - | - | - | (64,740) | (64,740) | ||||||
For the year | 5,586 | 690 | 6,294 | 3,575 | 57,959 | 74,104 | ||||||
At 31/05/2019 | 11,457 | 4,567 | 23,328 | 26,126 | 110,077 | 175,555 | ||||||
Net Book Amounts | ||||||||||||
At 31/05/2019 |
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538,098 | ||||||
At 31/05/2018 |
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306,033 | ||||||
Assets held within tangible assets under hire purchase or finance lease arrangemnets had a net book value at the year end of £103,361. The depreciation charge with regards to these assets during the year was £29,593. | ||||||||||||
3. STOCK | 2019 | 2018 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock of finished goods |
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Advanced Maintenance UK Limited | ||||||||
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4. DEBTORS | 2019 | 2018 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | 800,743 | 462,813 | ||||||
Other debtors | 42,649 | 8,703 | ||||||
Prepayments | 58,887 | 105,330 | ||||||
Directors current account | - | 111,744 | ||||||
902,279 | 688,590 | |||||||
5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2019 | 2018 | |||||||
£ | £ | |||||||
UK corporation tax | 177,040 | 126,090 | ||||||
VAT | 163,204 | 132,962 | ||||||
PAYE control | 52,112 | 54,344 | ||||||
Directors current account | 911 | - | ||||||
Bank Loan | 3,987 | 4,087 | ||||||
Credit card | 15,975 | 10,424 | ||||||
Hire purchase | 42,201 | 22,465 | ||||||
Trade creditors | 239,260 | 258,263 | ||||||
Other creditors | 7,488 | 4,494 | ||||||
Accruals | 163,843 | 65,492 | ||||||
866,021 | 678,621 | |||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2019 | 2018 | |||||||
£ | £ | |||||||
Bank loans (secured) >1yr | 100,056 | 103,881 | ||||||
Hire purchase >1yr | 38,627 | 35,796 | ||||||
138,683 | 139,677 | |||||||
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Advanced Maintenance UK Limited | ||||||||
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7. SECURED CREDITORS | ||||||||
2019 | 2018 | |||||||
£ | £ | |||||||
Amount of bank loans and overdrafts which are secured | 104,043 | 107,968 | ||||||
Amount of other creditors which are secured | 80,827 | 58,261 | ||||||
The net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate. Whilst the mortgage is secured on the property to which it relates. | ||||||||
8. EMPLOYEES | ||||||
2019 | 2018 | |||||
No. | No. | |||||
Average number of employees | 34 | 30 | ||||
9. PROVISIONS FOR LIABILITIES | 2019 | 2018 | ||||||
£ | £ | |||||||
Deferred taxation | 27,957 | 8,522 | ||||||
27,957 | 8,522 | |||||||
10. SHARE CAPITAL | 2019 | 2018 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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6000 | 7230 | ||||||
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1500 | 1500 | ||||||
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1 | |||||||
7,501 | 7,500 | |||||||
New shares issued during period: | ||||||||
1
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1 | (1,230) | |||||||
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Advanced Maintenance UK Limited | ||||||||
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11. OTHER RESERVES | 2019 | 2018 | ||||
£ | £ | |||||
Capital redemption reserve | 4,500 | 4,500 | ||||
4,500 | 4,500 | |||||
12. RELATED PARTY TRANSACTIONS | ||||||||
The company paid rent of £28,000 (2018 - £28,000) for its premises and equipment storage facilities to related party landlords comprised of the drectors and their families. | ||||||||
Dividends of £170,000 (2018 - £25,632) have been paid to directors and their families during the year. | ||||||||
As at the year end, the following amounts were due from the directors, D P Jones £7,370 (2018 - £60,666), R L Gale £nil (2018 - £51,078). The loans are repayable on demand and interest is charged on the balances at 2.5% pa. The interest charge for the year was D P Jones £1,703 (2018 - £768), R L Gale £1,401 (2018 - £498). Subsequent to the year end, the loans have been fully discharged. As at the year end the company owed R L Gale £8,281. | ||||||||
13. GENERAL INFORMATION | ||||||||
Advanced Maintenance Limited is a private company limited by shares which is incorporated in England and Wales in the United Kingdom under the Companies Act 2006. The company number and address of the registered office is given on the Company information page. | ||||||||