Company Registration No. 05479838 (England and Wales)
AJ&C SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
AJ&C SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
AJ&C SERVICES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2018
30 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,244
3,872
Current assets
Stocks
-
13,650
Debtors
4
122,393
66,007
Cash at bank and in hand
16,199
50,899
138,592
130,556
Creditors: amounts falling due within one year
5
(14,738)
(39,743)
Net current assets
123,854
90,813
Total assets less current liabilities
127,098
94,685
Provisions for liabilities
Deferred tax liability
6
555
555
(555)
(555)
Net assets
126,543
94,130
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
126,443
94,030
Total equity
126,543
94,130
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.
AJ&C SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2018
30 June 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 21 February 2019
T R J Haigh
Director
Company Registration No. 05479838
AJ&C SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
- 3 -
1
Accounting policies
Company information
AJ&C Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Elmtree Grange, Ashford Road, High Halden, Ashford, Kent, TN26 3BP.
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. 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
and
settlement discounts.
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:
Fixtures and fittings
15% reducing balance basis
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
AJ&C SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
AJ&C SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
1.7
Taxation
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
AJ&C SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 6 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 July 2017 and 30 June 2018
18,573
Depreciation and impairment
At 1 July 2017
14,701
Depreciation charged in the year
628
At 30 June 2018
15,329
Carrying amount
At 30 June 2018
3,244
At 30 June 2017
3,872
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
2,498
30,805
Amounts owed by undertakings in which the company has a participating interest
119,895
2,500
Other debtors
-
32,702
122,393
66,007
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
3,374
1,983
Corporation tax
8,880
17,100
Other taxation and social security
483
8,844
Accruals and deferred income
2,001
11,816
14,738
39,743
AJ&C SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 7 -
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Accelerated capital allowances
555
555
There were no deferred tax movements in the year.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Related party transactions
During the year the company traded with Fruitapeel Limited, a company related by common ownership
up until 18 December 2017
. Sales and recharges of
£107,273
£291,787) were made to Fruitapeel Limited. At the year end,
£nil (2017:
£22,743
)
was due
from
Fruitapeel Limited.
During the year the company traded with Aseptico Limited, a company related by common directorship
up until 18 December 2017
. Sales and recharges of
£10,080
(2017:
£20,286
)
were made to Aseptico Limited. At the year end Aseptico Limited owed the company
£nil (2017:
£8,064
)
.
During the year,
the company
loaned Wenlock Commercial Properties Ltd, a company related by common ownership,
£124,495 (2017:
£2,500
)
. No interest is charged on the balance
,
£7,100 was repaid and t
he balance outstanding at the year end
was £119,895 (2017:
£2,500
)
.
During the year the company traded with
AMC Fresh & Natural Foods (UK)
Limited, a company related by common ownership. Sales and recharges of
£16,231
(2017:
£
nil
) were made to
AMC Fresh & Natural Foods (UK)
Limited. At the year end,
£1,599 (2017:
£
nil)
was due
from AMC Fresh & Natural Foods (UK)
Limited.
During the year, the company traded with Lancashire Foodtek Limited, a company related by common ownership. Sales of £76,051 (2017: £nil) were made by Lancashire Foodtek Limited. At the year end £nil (2017 £nil) was due from Lancashire Foodtek Limited.
AJ&C SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2018
- 8 -
9
Directors' transactions
During the year the company advanced £nil (2017: £32,702) to the director T R J Haigh and £32,702 was repaid.
As at 30 June 2018 T R J Haigh owed the company £nil (2017: £32,702).
During the year the company also paid rent of £17,300 (2017: £16,719) for business use of a property owned by T R J Haigh.