Company Registration No. 06397138 (England and Wales)
AVONDALE MOTOR ENGINEERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
PAGES FOR FILING WITH REGISTRAR
AVONDALE MOTOR ENGINEERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
AVONDALE MOTOR ENGINEERS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2019
30 November 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
20,678
4,971
Current assets
Stocks
3,000
3,000
Debtors
4
9,583
13,950
Cash at bank and in hand
632,202
567,378
644,785
584,328
Creditors: amounts falling due within one year
5
(83,757)
(64,029)
Net current assets
561,028
520,299
Total assets less current liabilities
581,706
525,270
Provisions for liabilities
(3,900)
-
Net assets
577,806
525,270
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
577,706
525,170
Total equity
577,806
525,270
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 November 2019 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.
AVONDALE MOTOR ENGINEERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2019
30 November 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 2 June 2020
Mr D M Dickie
Director
Company Registration No. 06397138
AVONDALE MOTOR ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 3 -
1
Accounting policies
Company information
Avondale Motor Engineers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
75 Avondale Road, Kettering, Northamptonshire, NN16 8PL.
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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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:
Plant and equipment
25% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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.
AVONDALE MOTOR ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
2
2
AVONDALE MOTOR ENGINEERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2019
- 5 -
3
Tangible fixed assets
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 December 2018
6,496
3,124
14,705
24,325
Additions
2,499
2,350
18,810
23,659
Disposals
-
-
(11,705)
(11,705)
At 30 November 2019
8,995
5,474
21,810
36,279
Depreciation and impairment
At 1 December 2018
4,443
1,533
13,378
19,354
Depreciation charged in the year
1,138
985
5,034
7,157
Eliminated in respect of disposals
-
-
(10,910)
(10,910)
At 30 November 2019
5,581
2,518
7,502
15,601
Carrying amount
At 30 November 2019
3,414
2,956
14,308
20,678
At 30 November 2018
2,053
1,591
1,327
4,971
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
9,583
13,950
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
6,371
10,780
Corporation tax
16,575
21,640
Other taxation and social security
8,487
8,814
Other creditors
50,724
21,295
Accruals and deferred income
1,600
1,500
83,757
64,029