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Unaudited Financial Statements |
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for the Year Ended 30th June 2021 |
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for |
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AVONVALE ELECTRICS LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30th June 2021 |
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for |
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AVONVALE ELECTRICS LIMITED |
AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Contents of the Financial Statements |
for the year ended 30th June 2021 |
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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 | 4 |
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AVONVALE ELECTRICS LIMITED |
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Company Information |
for the year ended 30th June 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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(The practising name of |
Baker (Midlands) Limited) |
Arbor House |
Broadway North |
Walsall |
WS1 2AN |
AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Balance Sheet |
30th June 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Balance Sheet - continued |
30th June 2021 |
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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 and authorised for issue on
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AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Notes to the Financial Statements |
for the year ended 30th June 2021 |
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1. | STATUTORY INFORMATION |
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Avonvale Electrics Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. |
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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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: |
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Sale of Goods |
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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 the dispatch of goods. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Land and buildings - 0% on cost |
Fixtures and fittings - 33% on cost and 20% on cost |
Motor vehicles - 25% on cost |
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Government grants |
During the year the company received Coronavirus Job Retention Scheme and other Covid related government grants.These grants are recognised at fair value when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance model. |
AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2021 |
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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. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered 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 represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
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Employee benefits |
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
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The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
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Leases |
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. |
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Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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Debtors and creditors receivable/payable within one year |
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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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. |
AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Loans and 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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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2020 |
and 30th June 2021 |
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DEPRECIATION |
At 1st July 2020 |
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Charge for year |
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At 30th June 2021 |
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NET BOOK VALUE |
At 30th June 2021 |
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At 30th June 2020 |
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5. | STOCKS |
2021 | 2020 |
£ | £ |
Stocks |
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AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors | - | 3,725 |
Prepayments and accrued income |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to parent undertaking |
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Social security and other taxes |
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Pension control | 321 | 321 |
Accruals and deferred income |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank overdraft |
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Bank loans |
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The bank indebtedness is secured by fixed and floating charges over the company's assets. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
AVONVALE ELECTRICS LIMITED (REGISTERED NUMBER: 03972486) |
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Notes to the Financial Statements - continued |
for the year ended 30th June 2021 |
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11. | FINANCIAL COMMITMENTS |
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Total financial commitments under non-cancellable operating leases which are not included in the balance sheet amount to £Nil. (2020 : £10,500) |