Company Registration No. 07342421 (England and Wales)
ACTIVE FLOW CONTROLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
ACTIVE FLOW CONTROLS LIMITED
COMPANY INFORMATION
Directors
A Cole
D Collier
P Docherty
A Cole
Company number
07342421
Registered office
Upper Floor West
Brackenwood House
Kimbell Road
Basingstoke
Hampshire
RG22 4AT
Accountants
Haines Watts Basingstoke Limited
10 Sarum Hill
Basingstoke
Hampshire
RG21 8SR
Business address
Upper Floor West
Brackenwood House
Kimbell Road
Basingstoke
Hampshire
RG22 4AT
ACTIVE FLOW CONTROLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
ACTIVE FLOW CONTROLS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
6
17,847
19,879
Current assets
Stocks
50,000
50,000
Debtors
7
409,889
571,043
Cash at bank and in hand
656,477
418,882
1,116,366
1,039,925
Creditors: amounts falling due within one year
8
(263,131)
(456,384)
Net current assets
853,235
583,541
Total assets less current liabilities
871,082
603,420
Creditors: amounts falling due after more than one year
9
-
(321)
Provisions for liabilities
11
(3,569)
(3,975)
Net assets
867,513
599,124
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
867,413
599,024
Total equity
867,513
599,124
The directors 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 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act 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.
ACTIVE FLOW CONTROLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2017
31 August 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 December 2017 and are signed on its behalf by:
A Cole
Director
Company Registration No. 07342421
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 3 -
1
Accounting policies
Company information
Active Flow Controls Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Upper Floor West, Brackenwood House, Kimbell Road, Basingstoke, Hampshire, RG22 4AT.
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.
These financial statements for the year ended 31 August 2017
are the
first
financial statements of Active Flow Controls Limited 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 September 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
.
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, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and
net realisable value and is based on the directors' estimate.
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks.
1.7
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 measured at transaction price including transaction costs.
Financial assets classified as receivable within one year are not amortised.
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, are
recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2016 - 7).
3
Directors' remuneration
2017
2016
£
£
Remuneration paid to directors
47,856
43,078
Dividends paid to directors
134,320
384,335
4
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
99,082
131,969
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
4
Taxation
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
(406)
(1,250)
Total tax charge
98,676
130,719
5
Dividends
2017
2016
£
£
Interim paid
136,000
384,335
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2016
38,176
Additions
3,000
At 31 August 2017
41,176
Depreciation and impairment
At 1 September 2016
18,297
Depreciation charged in the year
5,032
At 31 August 2017
23,329
Carrying amount
At 31 August 2017
17,847
At 31 August 2016
19,879
7
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
407,073
568,703
Other debtors
2,816
2,340
409,889
571,043
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 7 -
8
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
142,753
107,611
Corporation tax
99,082
131,969
Other taxation and social security
17,608
61,172
Other creditors
3,688
155,632
263,131
456,384
9
Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
-
321
10
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
11
3,569
3,975
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2017
2016
Balances:
£
£
Deferred tax
3,569
3,975
2017
Movements in the year:
£
Liability at 1 September 2016
3,975
Credit to profit or loss
(406)
Liability at 31 August 2017
3,569
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 8 -
12
Retirement benefit schemes
2017
2016
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
1,082
242
The company operates a defined contribution pension scheme for all qualifying employees.
The assets of the scheme are held separately from those of the company in an independently administered fund.
13
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
100
100
100
14
Related party transactions
Included in other debtors is £2,240 (201
6
- £2,240) due from Basingstoke Pressure Vessels and Pipework
Limited, a related company of which D Collier and A Cole are directors.
I
ncluded in
trade creditors
is £
35
,
516
(201
6
- £
nil
) due
to
Basingstoke Pressure Vessels and Pipework
Limited
.
15
Directors' transactions
Included in creditors falling due within one year is £
nil
(2016 : £58,084), £
nil
(2016 : £60,000),
£
nil
(2016 :
£15,000) and £
nil
(2016 : £15,000), owed by the company to the directors A Cole, D Collier, P Docherty and A Cole respectively.
Included in debtors due within one year is £476 (2016 : £nil) owed by director A Cole.
2017-08-31
2016-09-01
false
CCH Software
CCH Accounts Production 2017.300
No description of principal activity
07 December 2017
07342421
2016-09-01
2017-08-31
07342421
bus:Director1
2016-09-01
2017-08-31
07342421
bus:Director2
2016-09-01
2017-08-31
07342421
bus:Director3
2016-09-01
2017-08-31
07342421
bus:Director4
2016-09-01
2017-08-31
07342421
bus:RegisteredOffice
2016-09-01
2017-08-31
07342421
2017-08-31
07342421
2016-08-31
07342421
core:OtherPropertyPlantEquipment
2017-08-31
07342421
core:OtherPropertyPlantEquipment
2016-08-31
07342421
core:CurrentFinancialInstruments
2017-08-31
07342421
core:CurrentFinancialInstruments
2016-08-31
07342421
core:Non-currentFinancialInstruments
2016-08-31
07342421
core:Non-currentFinancialInstruments
2017-08-31
07342421
core:ShareCapital
2017-08-31
07342421
core:ShareCapital
2016-08-31
07342421
core:RetainedEarningsAccumulatedLosses
2017-08-31
07342421
core:RetainedEarningsAccumulatedLosses
2016-08-31
07342421
core:ShareCapitalOrdinaryShares
2017-08-31
07342421
core:ShareCapitalOrdinaryShares
2016-08-31
07342421
core:FurnitureFittings
2016-09-01
2017-08-31
07342421
core:MotorVehicles
2016-09-01
2017-08-31
07342421
core:UKTax
2016-09-01
2017-08-31
07342421
core:UKTax
2015-09-01
2016-08-31
07342421
2015-09-01
2016-08-31
07342421
core:OtherPropertyPlantEquipment
2016-08-31
07342421
core:OtherPropertyPlantEquipment
2016-09-01
2017-08-31
07342421
bus:OrdinaryShareClass1
2016-09-01
2017-08-31
07342421
bus:OrdinaryShareClass1
2017-08-31
07342421
bus:PrivateLimitedCompanyLtd
2016-09-01
2017-08-31
07342421
bus:FRS102
2016-09-01
2017-08-31
07342421
bus:AuditExemptWithAccountantsReport
2016-09-01
2017-08-31
07342421
bus:SmallCompaniesRegimeForAccounts
2016-09-01
2017-08-31
07342421
bus:FullAccounts
2016-09-01
2017-08-31
xbrli:pure
xbrli:shares
iso4217:GBP