Company registration number 02592102 (England and Wales)
AVON BRIDGE MACHINERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
AVON BRIDGE MACHINERY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
AVON BRIDGE MACHINERY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
798,938
784,962
Current assets
Debtors
4
256,462
546,207
Cash at bank and in hand
261,687
10,753
518,149
556,960
Creditors: amounts falling due within one year
5
(200,380)
(166,602)
Net current assets
317,769
390,358
Total assets less current liabilities
1,116,707
1,175,320
Creditors: amounts falling due after more than one year
6
(83,103)
(138,938)
Provisions for liabilities
7
(134,096)
(162,074)
Net assets
899,508
874,308
Capital and reserves
Called up share capital
33
33
Profit and loss reserves
899,475
874,275
Total equity
899,508
874,308
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 2023 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.
The 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 9 February 2024
Mr R Parr
Director
Company Registration No. 02592102
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 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 amounts 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.
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.
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
164,626
1,187,397
1,352,023
Additions
93,667
45,815
139,482
At 31 March 2023
258,293
1,233,212
1,491,505
Depreciation and impairment
At 1 April 2022
27,960
539,101
567,061
Depreciation charged in the year
4,680
120,826
125,506
At 31 March 2023
32,640
659,927
692,567
Carrying amount
At 31 March 2023
225,653
573,285
798,938
At 31 March 2022
136,666
648,296
784,962
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
101,381
90,373
Other debtors
155,081
455,834
256,462
546,207
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10,000
10,000
Trade creditors
75,737
82,544
Taxation and social security
46,010
7,394
Other creditors
68,633
66,664
200,380
166,602
Included within other creditors are balances totalling £45,835 (2022 - £63,664) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
Bank overdrafts are secured over the assets of the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
26,667
36,667
Other creditors
56,436
102,271
83,103
138,938
Included within other creditors are balances totalling £56,436 (2022 - £102,271) relating to amounts owed under hire purchase contracts. Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
134,096
162,074
2023
Movements in the year:
£
Liability at 1 April 2022
162,074
Credit to profit or loss
(27,978)
Liability at 31 March 2023
134,096
AVON BRIDGE MACHINERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Directors' transactions
Advances or credits have been granted by the company to its director as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
One director
2.00
197,516
29,304
1,621
(228,441)
-
197,516
29,304
1,621
(228,441)
-
The loan to the director was unsecured and repayable on demand.