Company Registration No. 4615941 (England and Wales)
AH GREAVES UPHOLSTERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
AH GREAVES UPHOLSTERY LTD
COMPANY INFORMATION
Director
Mr A H Greaves
Secretary
Mrs J Greaves
Company number
4615941
Registered office
Kings Arms Vaults
The Watton
Brecon
Powys
LD3 7EF
Accountants
King Morter Proud & Co Ltd
Kings Arms Vaults
The Watton
Brecon
Powys
LD3 7EF
Business address
Dan-y-Gaer Mill
Dan-y-Gaer Road
Brecon
Powys
LD3 7DT
AH GREAVES UPHOLSTERY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AH GREAVES UPHOLSTERY LTD
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Cash at bank and in hand
3,055
3,827
Creditors: amounts falling due within one year
4
(16,692)
(14,258)
Net current liabilities
(13,637)
(10,431)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(13,638)
(10,432)
Total equity
(13,637)
(10,431)
The director 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 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he member has 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.
The financial statements were approved and signed by the director and authorised for issue on 11 September 2017
Mr A H Greaves
Director
Company Registration No. 4615941
AH GREAVES UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 2 -
1
Accounting policies
Company information
AH Greaves Upholstery Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Arms Vaults, The Watton, Brecon, Powys, LD3 7EF.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of AH Greaves Upholstery Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
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.
, 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.
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.
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:
Plant and machinery
10% per annum on cost
Motor vehicles
15% per annum on cost
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AH GREAVES UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
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.
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 is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2015 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2016 and 31 December 2016
13,160
Depreciation and impairment
At 1 January 2016 and 31 December 2016
13,160
Carrying amount
At 31 December 2016
-
At 31 December 2015
-
AH GREAVES UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
4
Creditors: amounts falling due within one year
2016
2015
£
£
Trade creditors
66
66
Other creditors
16,626
14,192
16,692
14,258
Included in other creditors is a loan of £16,626 from the director. The loan is interest free and there are no formal terms for repayment.
5
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1 ordinary of £1 each
1
1