Company Registration No. 1333857 (England and Wales)
Automec Equipment & Parts Limited
Unaudited accounts
for the year ended 31 December 2018
Automec Equipment & Parts Limited
Unaudited accounts
Contents
Automec Equipment & Parts Limited
Company Information
for the year ended 31 December 2018
Directors
R F Smith
Mrs V J Smith
J P Smith
Company Number
1333857 (England and Wales)
Registered Office
36 Ballmoor
Buckingham Industrial Park
Buckingham
Buckinghamshire
MK18 1RQ
Accountants
Anthistle Craven
Moreton House
31 High Street
Buckingham
Bucks
MK18 1NU
Automec Equipment & Parts Limited
Statement of financial position
as at
31 December 2018
Tangible assets
345
4,487
Inventories
118,730
91,431
Cash at bank and in hand
274,656
182,404
Creditors: amounts falling due within one year
(143,983)
(146,131)
Net current assets
324,087
215,677
Total assets less current liabilities
324,432
220,164
Provisions for liabilities
Net assets
324,366
219,311
Called up share capital
5,000
5,000
Profit and loss account
319,366
214,311
Shareholders' funds
324,366
219,311
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 8 April 2019.
R F Smith
Director
Company Registration No. 1333857
Automec Equipment & Parts Limited
Notes to the Accounts
for the year ended 31 December 2018
Automec Equipment & Parts Limited is a private company, limited by shares, registered in England and Wales, registration number 1333857. The registered office is 36 Ballmoor, Buckingham Industrial Park, Buckingham, Buckinghamshire, MK18 1RQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% on cost
Motor vehicles
20% on cost
Computer equipment
33% on cost
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Automec Equipment & Parts Limited
Notes to the Accounts
for the year ended 31 December 2018
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2018
52,244
20,703
12,176
85,123
At 31 December 2018
52,244
20,703
12,176
85,123
At 1 January 2018
52,242
16,218
12,176
80,636
Charge for the year
2
4,140
-
4,142
At 31 December 2018
52,244
20,358
12,176
84,778
At 31 December 2018
-
345
-
345
At 31 December 2017
2
4,485
-
4,487
Raw materials
118,730
91,431
Trade debtors
74,684
87,973
7
Creditors: amounts falling due within one year
2018
2017
Trade creditors
83,658
97,150
Taxes and social security
42,922
34,821
Other creditors
5,194
3,862
8
Average number of employees
During the year the average number of employees was 12 (2017: 6).