Company Registration No. 07342421 (England and Wales)
ACTIVE FLOW CONTROLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
PAGES FOR FILING WITH REGISTRAR
ACTIVE FLOW CONTROLS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ACTIVE FLOW CONTROLS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2018
31 August 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
5
60,685
17,847
Current assets
Stocks
50,000
50,000
Debtors
6
743,606
409,889
Cash at bank and in hand
250,118
656,477
1,043,724
1,116,366
Creditors: amounts falling due within one year
7
(230,940)
(263,131)
Net current assets
812,784
853,235
Total assets less current liabilities
873,469
871,082
Provisions for liabilities
9
(11,530)
(3,569)
Net assets
861,939
867,513
Capital and reserves
Called up share capital
11
100
100
Profit and loss reserves
861,839
867,413
Total equity
861,939
867,513
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 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
ACTIVE FLOW CONTROLS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2018
31 August 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 December 2018 and are signed on its behalf by:
A Cole
Director
Company Registration No. 07342421
ACTIVE FLOW CONTROLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2016
100
599,024
599,124
Year ended 31 August 2017:
Profit and total comprehensive income for the year
-
404,389
404,389
Dividends
4
-
(136,000)
(136,000)
Balance at 31 August 2017
100
867,413
867,513
Year ended 31 August 2018:
Profit and total comprehensive income for the year
-
276,593
276,593
Dividends
4
-
(282,167)
(282,167)
Balance at 31 August 2018
100
861,839
861,939
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2018
- 4 -
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
8 & 9 Brunel Gate, West Portway Industrial Estate, Andover, Hampshire, SP10 3SL.
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
.
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.
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.
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 5 -
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.
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.
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
1
Accounting policies
(Continued)
- 6 -
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
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 9 (2017 - 9
).
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
61,369
99,082
Deferred tax
Origination and reversal of timing differences
7,961
(406)
Total tax charge
69,330
98,676
4
Dividends
2018
2017
£
£
Interim paid
282,167
136,000
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2017
41,176
Additions
58,661
At 31 August 2018
99,837
Depreciation and impairment
At 1 September 2017
23,329
Depreciation charged in the year
15,823
At 31 August 2018
39,152
Carrying amount
At 31 August 2018
60,685
At 31 August 2017
17,847
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
740,155
407,073
Other debtors
3,451
2,816
743,606
409,889
7
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
115,445
142,753
Corporation tax
61,369
99,082
Other taxation and social security
51,126
17,608
Other creditors
3,000
3,688
230,940
263,131
8
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
9
11,530
3,569
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Deferred tax
11,530
3,569
2018
Movements in the year:
£
Liability at 1 September 2017
3,569
Charge to profit or loss
7,961
Liability at 31 August 2018
11,530
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.
10
Retirement benefit schemes
2018
2017
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,075
1,082
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.
11
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary shares of £1 each
100
100
100
100
ACTIVE FLOW CONTROLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2018
- 9 -
12
Related party transactions
Included in other debtors is £
nil
(201
7
- £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 £
19,040
(201
7
- £
35,516
) due
to
Basingstoke Pressure Vessels and Pipework
Limited
.
13
Directors' transactions
Included in debtors due within one year is £3,351 (2017 - £476) owed by director A Cole.
2018-08-31
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false
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11 December 2018
A Cole
D Collier
P Docherty
A Cole
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