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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Arrow Engineering Components Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 May 2017 |
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for |
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Arrow Engineering Components Limited |
Arrow Engineering Components Limited (Registered number: 02235902) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Arrow Engineering Components Limited |
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Company Information |
for the Year Ended 31 May 2017 |
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DIRECTORS: |
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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 Accountants |
Reedham House |
31 King Street West |
Manchester |
M3 2PJ |
Arrow Engineering Components Limited (Registered number: 02235902) |
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Balance Sheet |
31 May 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 | 132,790 | 157,436 |
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CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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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 directors acknowledge their 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. |
Arrow Engineering Components Limited (Registered number: 02235902) |
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Balance Sheet - continued |
31 May 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Arrow Engineering Components Limited (Registered number: 02235902) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2017 |
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1. | STATUTORY INFORMATION |
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Arrow Engineering Components Limited is a
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Wales. 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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Turnover |
Turnover represents the invoice value of goods and services provided net of value added tax. |
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Tangible fixed assets |
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Improvements to property | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Stocks |
Stocks 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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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at |
the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Arrow Engineering Components Limited (Registered number: 02235902) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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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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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Operating lease rentals |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the |
period of the lease. |
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Going concern |
The company's financial statements for the year ended 31 May 2017 have been prepared on a going concern |
basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company has |
adequate resources to continue in operational existence for the foreseeable future. |
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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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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2016 |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Arrow Engineering Components Limited (Registered number: 02235902) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
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Additions |
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Disposals | ( |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2016 |
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Transfer to ownership | ( |
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At 31 May 2017 |
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DEPRECIATION |
At 1 June 2016 |
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Charge for year |
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Transfer to ownership | ( |
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At 31 May 2017 |
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NET BOOK VALUE |
At 31 May 2017 |
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At 31 May 2016 |
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5. | STOCKS |
2017 | 2016 |
£ | £ |
Goods for re-sale |
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Arrow Engineering Components Limited (Registered number: 02235902) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | 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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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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9. | 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 | 23,181 | 40,053 |
Other creditors | 227,440 | 160,315 |
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10. | RELATED PARTY DISCLOSURES |
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Included within the other creditors is the directors current account balance of £233,359 (2016: £282,082). There |
are no fixed repayment terms and no interest is chargeable to the company in respect of this balance. |
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The company's bank borrowings are secured on property owned personally by the directors. During the current |
and previous year the company occupied these premises rent free. |
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During the year, the company paid rent amounting to £20,497 (2016: £20,497) to a Pension Scheme, a scheme in |
which the directors are trustees and beneficiaries. |
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At the year end, the amount due the Pension Scheme was £4,295 (2016: £4,295). |
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