Company Registration No. 02592102 (England and Wales)
AVON BRIDGE MACHINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
AVON BRIDGE MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AVON BRIDGE MACHINERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
457,001
485,616
Current assets
Debtors
3
283,430
141,619
Cash at bank and in hand
31,291
105,325
314,721
246,944
Creditors: amounts falling due within one year
4
(61,328)
(124,631)
Net current assets
253,393
122,313
Total assets less current liabilities
710,394
607,929
Provisions for liabilities
6
(38,252)
(36,753)
Net assets
672,142
571,176
Capital and reserves
Called up share capital
5
33
33
Profit and loss reserves
672,109
571,143
Total equity
672,142
571,176
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 31 March 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 member has 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 and signed by the director and authorised for issue on 21 December 2018
Mr R Parr
Director
Company Registration No. 02592102
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
1
Accounting policies
Company information
Avon Bridge Machinery Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Matford Home Farm, Matford, Exeter, Devon, EX2 8XT.
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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold
straight line over the useful life of the buildings
Plant and machinery
15% per annum on net book value
Tractors
20% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
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.
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.5
Hire purchase agreements
Assets held under
hire purchase agreements
are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a hire purchase obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of charge.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
121,990
498,004
619,994
Additions
-
46,951
46,951
At 31 March 2018
121,990
544,955
666,945
Depreciation and impairment
At 1 April 2017
4,760
129,618
134,378
Depreciation charged in the year
4,480
71,086
75,566
At 31 March 2018
9,240
200,704
209,944
Carrying amount
At 31 March 2018
112,750
344,251
457,001
At 31 March 2017
117,230
368,386
485,616
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
205,365
133,674
Other debtors
78,065
7,945
283,430
141,619
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
30,810
23,169
Taxation and social security
24,688
51,722
Other creditors
5,830
49,740
61,328
124,631
Included within other creditors are balances totalling nil (2017 - £21,125) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
33 Ordinary shares of £1 each
33
33
6
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.50
(26,245)
113,256
471
(29,023)
58,459
(26,245)
113,256
471
(29,023)
58,459
The loan to the director was unsecured and repayable on demand.