Company Registration No. 09757513 (England and Wales)
ANT ACCESS INTERNATIONAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
ANT ACCESS INTERNATIONAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
ANT ACCESS INTERNATIONAL LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,875
20,795
Current assets
Stocks and work in progress
86,070
204,495
Debtors
4
15,194
81,651
Cash at bank and in hand
371,410
97,145
472,674
383,291
Creditors: amounts falling due within one year
5
(276,666)
(285,940)
Net current assets
196,008
97,351
Total assets less current liabilities
214,883
118,146
Creditors: amounts falling due after more than one year
6
(11,052)
(32,393)
Provisions for liabilities
(3,586)
(3,951)
Net assets
200,245
81,802
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
190,245
71,802
Total equity
200,245
81,802
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 September 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.
ANT ACCESS INTERNATIONAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 November 2018
Mr A W Kingsbury
Director
Company Registration No. 09757513
ANT ACCESS INTERNATIONAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2016
10,000
22,320
32,320
Year ended 30 September 2017:
Profit and total comprehensive income for the year
-
63,482
63,482
Dividends
-
(14,000)
(14,000)
Balance at 30 September 2017
10,000
71,802
81,802
Year ended 30 September 2018:
Profit and total comprehensive income for the year
-
147,943
147,943
Dividends
-
(29,500)
(29,500)
Balance at 30 September 2018
10,000
190,245
200,245
ANT ACCESS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
1
Accounting policies
Company information
Ant Access International Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Dawley House, Dawley Brook Road, Kingswinford, West Midlands, DY6 7BB.
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 represents the value of goods sold and services provided, excluding value added tax, together with work in progress and in respect of incomplete contracts, the value of work executed during the year.
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
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
Expenditure that cannot be classified into these two categories is treated as being incurred in the research phase.
The company considers that, due to the complex nature of new equipment programmes, it is not possible to distinguish between research and development activities until a relatively late stage in the programme.
Expenditure capitalised is amortised over the lesser of the life of the project or eight years.
1.4
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:
Dies and tools
20% per annum of cost
Equipment
10% to 25% per annum of cost
ANT ACCESS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
1.5
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.
1.6
Stocks and work in progress
Stock is valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
Most materials are purchased for specific contracts.
Work in progress is the cost of direct materials and labour plus attributable overheads based on a normal level of activity.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in
bank only.
1.8
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
trade debtors, corporation tax recoverable, other 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.
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.
ANT ACCESS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
trade creditors, other creditors, corporation tax, other taxation and social security
, bank loans
and overdrafts
, 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
. Certain goods purchases are recognised as trade creditors even though, ownership of the goods in general, does not pass until payment is made
.
The financial statements are nevertheless drawn up on the basis that such ownership will be established in the ordinary course of business.
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..
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
1.10
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 taxation is provided using the liability method in respect of the taxation effect of all timing differences to the extent that tax liabilities are likely to crystalise in the foreseeable future.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
ANT ACCESS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 7 -
1.13
Profit on long term contracts is taken as the work is carried out if the final outcome can be seen with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the period end by recording turnover and related costs as activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total costs expected for that contract.
Revenues derived from variations on contracts are recognised only when they have been accepted by the customer,
Full provision is made for losses on all contracts in the period in which they are first foreseen.
Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess payments are included in creditors as payments received on account.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2017 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2017
28,379
Additions
4,459
At 30 September 2018
32,838
Depreciation and impairment
At 1 October 2017
7,584
Depreciation charged in the year
6,379
At 30 September 2018
13,963
Carrying amount
At 30 September 2018
18,875
At 30 September 2017
20,795
ANT ACCESS INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 8 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
4,328
49,864
Corporation tax recoverable
4,356
-
Other debtors
6,510
31,787
15,194
81,651
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
21,458
20,468
Trade creditors
195,039
237,072
Corporation tax
24,332
14,281
Other taxation and social security
4,225
2,800
Other creditors
31,612
11,319
276,666
285,940
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
11,052
32,393
The loan will be paid off by March 2020 and is secured by fixed and floating charges over the company's assets.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary of £1 each
10,000
10,000
10,000
10,000
8
Financial commitments, guarantees and contingent liabilities
Performance bonds and advanced payment guarantees amounted to £5,552 (2017: £29,808). No liability is expected to arise.
2018-09-30
2017-10-01
false
CCH Software
CCH Accounts Production 2018.310
No description of principal activity
20 November 2018
Mr A W Kingsbury
2018-11-20
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