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Financial Statements |
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for the Year Ended 31st December 2018 |
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for |
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AJ PRODUCTS (UK) LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31st December 2018 |
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for |
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AJ PRODUCTS (UK) LIMITED |
AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Contents of the Financial Statements |
for the year ended 31st December 2018 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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AJ PRODUCTS (UK) LIMITED |
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Company Information |
for the year ended 31st December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Balance Sheet |
31st December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Notes to the Financial Statements |
for the year ended 31st December 2018 |
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1. | STATUTORY INFORMATION |
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AJ Products (UK) Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost |
convention. |
The financial statements are presented in sterling which is the functional currency of the company and rounded |
to the nearest £1. |
The significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported for assets and liabilities at the balance sheet date and the |
amounts reported for revenues and expenses during the year. However the nature of estimation means that |
actual outcomes could differ from those estimates. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods |
have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the |
economic benefits associated with the transaction will flow to the company and the costs incurred or to be |
incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
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Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any |
accumulated impairment losses. Historical cost includes any expenditure that is directly attributable to bringing |
the asset to the location and condition necessary for it to be capable of operating in the manner intended by |
management. |
Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset on |
a systematic basis over its expected useful life or, if held under a finance lease, over the term of the lease, |
whichever is shorter. |
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Depreciation is provided on the following basis: |
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Plant and machinery etc -25% on cost and 10% on cost |
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in |
circumstances indicate the carrying value may not be recoverable. |
AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Stocks are |
recognised as an expense in the period in which the related turnover is recognised. |
Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and |
duties and transport and handling directly attributable to bringing the stock to its present location and |
condition. The cost of finished goods and work in progress includes raw materials, direct labour and other |
direct costs and related production overheads (based on normal operating capacity). |
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At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the |
identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is |
recognised in the profit and loss account. Where a reversal of the impairment is recognised the impairment |
charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss |
account. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that |
they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's |
pension scheme are charged to profit or loss in the period to which they relate. |
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Operating leases |
Rentals paid under operating leases are charged in the profit and loss account on a straight line basis over the |
lease term. |
AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Short-term debtors and creditors |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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Employee benefits |
The company provides a range of benefits to employees, including annual bonus arrangements and defined |
contribution pension plans. |
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i. Short term benefits |
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an |
expense in the period in which the service is received. |
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ii. Defined contribution pension plans |
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension |
plan under which the company pays fixed contributions into a separate entity. Once the contributions have |
been paid the company has no further payment obligations. The contributions are recognised as an expense |
when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are |
held separately from the company in independently administered funds. |
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Cash and cash equivalents |
Cash comprise cash in hand and demand deposits. Cash equivalents are short-term, 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 an insignificant risk of change in value. |
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Loans & borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, |
they are measured at amortised cost using the effective interest rate method, less impairment. If an |
arrangement constitutes a finance transaction it is measured at present value. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be |
reliably estimated. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each |
balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating |
unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable |
amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount |
where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2018 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st January 2018 |
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Additions |
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Disposals | ( |
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At 31st December 2018 |
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DEPRECIATION |
At 1st January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2018 |
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NET BOOK VALUE |
At 31st December 2018 |
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At 31st December 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Included in other debtors are prepayments of £25,483 (2017 £19,973) |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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Included in other creditors are accruals of £21,613 (2017 £15,832) |
AJ PRODUCTS (UK) LIMITED (REGISTERED NUMBER: 03762591) |
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Notes to the Financial Statements - continued |
for the year ended 31st December 2018 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £1 | 3 | 3 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | FINANCIAL COMMITMENTS |
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Total financial commitments under non-cancellable operating leases which are not included in the balance |
sheet amount to £33,013 (2017 : £57,376). |