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REGISTERED NUMBER:
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ANDY POWELL COMMERCIALS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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REGISTERED NUMBER:
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ANDY POWELL COMMERCIALS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2017 |
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ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 7 |
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Chartered Certified Accountants' Report | 8 |
ANDY POWELL COMMERCIALS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Shelton House |
Coningsby Street |
Hereford |
Herefordshire |
HR1 2DY |
ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Andy Powell Commercials Limited is a
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The company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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No adjustments were made to the reported financial position and performance of the company on its first-time |
adoption of FRS 102 (Section 1A). |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover represents the fair value of goods sold and services provided under contracts with customers to the |
extent that there is a right to consideration. It is measured at the fair value of the consideration due. Where a |
service is incomplete at the period end, turnover represents the value of the service provided to that date based |
on an appropriate proportion of the total expected consideration at completion. |
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Turnover from the sale of goods is recognised when goods are delivered and legal title has passed. |
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Tangible fixed assets |
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Motor vehicles | Reducing balance basis | 10 |
Plant and equipment | Reducing balance basis | 10 |
Office equipment | Reducing balance basis | 10 |
Hospitality units | Reducing balance basis | 10 |
Computer equipment | Reducing balance basis | 10 |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Work in progress includes all direct expenditure and an appropriate proportion of fixed and variable overheads. |
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Financial instruments |
Financial assets and financial liabilities are recognised on the balance sheet when the entity becomes party to the |
contractual provisions of the financial instrument. |
Trade debtors and trade creditors are initially measured at fair value. Subsequent to initial valuation they are |
carried at amortised cost using the effective interest method less amounts in respect of impairment losses. |
Bank loans are initially recognised at fair value less directly attributable transaction costs. Subsequent to initial |
recognition, loans are stated at amortised cost with any difference between cost and redemption value being |
recognised in profit or loss using the effective interest method. |
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ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Rental income from an operating lease is included in turnover and is recognised on a straight-line basis over the |
period of the lease. |
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Assets held for operating lease purposes are recorded as fixed assets and depreciated over their useful life. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2016 |
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Additions |
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Disposals | ( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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The net book value of tangible fixed assets includes £ 106,345 (2016 - £ 94,181 ) in respect of assets held under |
hire purchase contracts. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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ANDY POWELL COMMERCIALS LIMITED (REGISTERED NUMBER: 02088096) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Bank loans |
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Hire purchase contracts | 56,770 | 82,728 |
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The bank borrowing is secured by an unlimited debenture and a personal guarantee of the director supported by a |
second charge over the private residence of the director. |
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Net obligations under hire purchase and finance lease contracts are secured on individual assets financed by such |
agreements. |
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9. | PENSION COMMITMENTS |
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The company operates defined contribution pension schemes. The assets of both schemes are held separately |
from those of the company, in independently administered funds. At the balance sheet date unpaid contributions |
of £131 (2016 - £80) were due to the funds. |
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10. | OTHER FINANCIAL COMMITMENTS |
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At 31 March 2017, the company had total commitments under non-cancellable operating leases over the |
remaining life of those leases of £220,083 (2016 - £238,798) |
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11. | ASSETS HELD AS LESSOR |
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Gross amount of assets held for use in operating leases £233,373 (2016 - £229,498). |
Accumulated depreciation charges on those assets £116,464 (2016 - £105,871). |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
ANDY POWELL COMMERCIALS LIMITED |
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The following reproduces the text of the report prepared for the director and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Andy Powell Commercials Limited for the year ended 31 March 2017 which comprise the Profit |
and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the director of Andy Powell Commercials Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Andy Powell Commercials Limited and state those matters that we have agreed to state to the director of Andy Powell Commercials Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
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It is your duty to ensure that Andy Powell Commercials Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Andy Powell Commercials Limited. You consider that Andy Powell Commercials Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Andy Powell Commercials Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Certified Accountants |
Shelton House |
Coningsby Street |
Hereford |
Herefordshire |
HR1 2DY |
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