Company Registration No. SC543630 (Scotland)
A.C. PLANT SALES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
A.C. PLANT SALES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
A.C. PLANT SALES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
164,158
152,569
Current assets
Stocks
587,000
268,183
Debtors
4
586,063
743,290
Cash at bank and in hand
1,212,075
284,008
2,385,138
1,295,481
Creditors: amounts falling due within one year
5
(1,735,080)
(960,617)
Net current assets
650,058
334,864
Total assets less current liabilities
814,216
487,433
Creditors: amounts falling due after more than one year
6
(47,338)
-
Provisions for liabilities
Deferred tax liability
31,190
22,721
(31,190)
(22,721)
Net assets
735,688
464,712
Capital and reserves
Called up share capital
7
500
500
Profit and loss reserves
735,188
464,212
Total equity
735,688
464,712
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
A.C. PLANT SALES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2020
31 August 2020
- 2 -
For the financial year ended 31 August 2020 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.
The financial statements were approved by the board of directors and authorised for issue on 7 January 2021 and are signed on its behalf by:
Mr A Campbell
Director
Company Registration No. SC543630
A.C. PLANT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 3 -
1
Accounting policies
Company information
A.C. Plant Sales Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
17b Henderson Drive, INVERNESS, United Kingdom, IV1 1TR.
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 total amounts receivable from the sale and hire of plant and machinery, net of trade discounts and value added tax.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost
of assets less their residual values over their useful lives on the following bases:
Plant and equipment
5% Straight line
Fixtures and fittings
10% Straight line
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).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
A.C. PLANT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 4 -
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs
.
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 and other creditors
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.
1.8
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.
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.
A.C. PLANT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
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.
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2019 - 4
).
A.C. PLANT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2019
168,610
Additions
20,285
At 31 August 2020
188,895
Depreciation
At 1 September 2019
16,041
Depreciation charged in the year
8,696
At 31 August 2020
24,737
Carrying amount
At 31 August 2020
164,158
At 31 August 2019
152,569
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
455,088
433,967
Corporation tax recoverable
-
90,124
Other debtors
130,975
219,199
586,063
743,290
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
2,662
-
Trade creditors
1,005,771
633,915
Corporation tax
86,885
-
Other taxation and social security
1,196
1,258
Other creditors
638,566
325,444
1,735,080
960,617
The bank loan is guaranteed by the UK Government under the Bounce Back Loan Scheme.
A.C. PLANT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
- 7 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
47,338
-
The bank loan is guaranteed by the UK Government under the Bounce Back Loan Scheme.
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
500 Ordinary shares of £1 each
500
500
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
Within one year
4,550
4,550
Between two and five years
18,200
18,200
In over five years
332,150
336,700
354,900
359,450
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Purchases
2020
2019
2020
2019
£
£
£
£
Other related parties
359,767
552,028
2,917,039
500
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Other related parties
422,798
600
A.C. PLANT SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
9
Related party transactions
(Continued)
- 8 -
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due from related parties
£
£
Key management personnel
500
500
Other related parties
97,281
306,171