Company Registration No. 03735252 (England and Wales)
AA SALT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
AA SALT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs N J Rogers
Mr M S Rogers
Secretary
Mrs J R Young
Company number
03735252
Registered office
Wentworth House
Church Lane
Himbleton
Droitwich
Worcestershire
WR9 7LG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminster Bank Plc
1 The Cross
Worcester
Worcestershire
WR1 3PR
AA SALT HOLDINGS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
AA SALT HOLDINGS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AA SALT HOLDINGS LIMITED FOR THE YEAR ENDED 31 MARCH 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of AA Salt Holdings Limited for the year ended 31 March 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of AA Salt Holdings Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of AA Salt Holdings Limited
and state those matters that we have agreed to state to the Board of Directors of AA Salt Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AA Salt Holdings Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that AA Salt Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of AA Salt Holdings Limited. You consider that AA Salt Holdings Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of AA Salt Holdings Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
10 September 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
AA SALT HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
892
75,120
Investment properties
4
167,781
167,781
Investments
5
30,001
30,001
198,674
272,902
Current assets
Debtors
6
212,387
235,823
Cash at bank and in hand
32,733
52,806
245,120
288,629
Creditors: amounts falling due within one year
7
(42,527)
(139,756)
Net current assets
202,593
148,873
Total assets less current liabilities
401,267
421,775
Creditors: amounts falling due after more than one year
8
(61,909)
(106,113)
Provisions for liabilities
-
(12,948)
Net assets
339,358
302,714
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
339,158
302,514
Total equity
339,358
302,714
The directors 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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have 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.
AA SALT HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 10 September 2018 and are signed on its behalf by:
Mrs N J Rogers
Mr M S Rogers
Director
Director
Company Registration No. 03735252
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
1
Accounting policies
Company information
AA Salt Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Wentworth House, Church Lane, Himbleton, Droitwich, Worcestershire, WR9 7LG.
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion
and
whe
re
the
amount of revenue can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
nil
Plant and machinery
25% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
20% on reducing balance
Motor vehicles
25% on reducing balance
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
.
No depreciation is provided on improvements to property. Accordingly in the opinion of the directors, any element of depreciation would be immaterial and no provision has been made.
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases 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 finance lease 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 interest on the remaining balance of the liability.
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 6 -
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
3
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2017
892
8,380
1,018
1,097
167,668
179,055
Additions
-
10,500
-
-
75,605
86,105
Disposals
-
(18,880)
(1,018)
(1,097)
(243,273)
(264,268)
At 31 March 2018
892
-
-
-
-
892
Depreciation and impairment
At 1 April 2017
-
4,823
927
1,013
97,172
103,935
Depreciation charged in the year
-
3,515
14
17
35,443
38,989
Eliminated in respect of disposals
-
(8,338)
(941)
(1,030)
(132,615)
(142,924)
At 31 March 2018
-
-
-
-
-
-
Carrying amount
At 31 March 2018
892
-
-
-
-
892
At 31 March 2017
892
3,557
91
84
70,496
75,120
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
3
Tangible fixed assets
(Continued)
- 8 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Motor vehicles
-
39,949
4
Investment property
2018
£
Fair value
At 1 April 2017 and 31 March 2018
167,781
In the opinion of the directors, fair value is not considered to be significantly different from carrying value.
Investment property comprises [XXX]. The fair value of the investment property has been arrived at on the basis of a valuation carried out at [XXX] by [XXX] Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Fixed asset investments
2018
2017
£
£
Investments
30,001
30,001
Movements in fixed asset investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 April 2017 & 31 March 2018
1
30,000
30,001
Carrying amount
At 31 March 2018
1
30,000
30,001
At 31 March 2017
1
30,000
30,001
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 9 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
40,154
Amounts due from group undertakings and undertakings in which the company has a participating interest
210,458
195,669
210,458
235,823
Deferred tax asset
1,929
-
212,387
235,823
7
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
20,500
20,500
Trade creditors
527
3,158
Corporation tax
-
952
Other taxation and social security
4,348
22,207
Other creditors
17,152
92,939
42,527
139,756
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
61,909
70,958
Other creditors
-
35,155
61,909
106,113
9
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Hire purchase contracts
-
47,939
Bank loans
82,409
91,458
82,409
139,397
Hire purchase contracts are secured against the assets to which they relate.
AA SALT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 10 -
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
100 Ordinary B of £1 each
100
100
200
200
11
Ultimate controlling party
The ultimate controlling party is Mrs N J Rogers.