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Unaudited Financial Statements |
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for the Year Ended 31 August 2021 |
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for |
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A N D Industrial Supplies Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 August 2021 |
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for |
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A N D Industrial Supplies Limited |
A N D Industrial Supplies Limited (Registered number: 04825776) |
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Contents of the Financial Statements |
for the Year Ended 31 August 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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A N D Industrial Supplies Limited |
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Company Information |
for the Year Ended 31 August 2021 |
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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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A N D Industrial Supplies Limited (Registered number: 04825776) |
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Statement of Financial Position |
31 August 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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A N D Industrial Supplies Limited (Registered number: 04825776) |
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Notes to the Financial Statements |
for the Year Ended 31 August 2021 |
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1. | STATUTORY INFORMATION |
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A N D Industrial Supplies Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' including the provisions of Section 1A ''Small Entities'' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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The financial statements cover the company as an individual entity and are presented in Pounds Sterling (£) being the functional currency. |
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The financial statements have been prepared on a going concern basis on the assumption that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have made this assessment with regard to the company’s current and expected performance. Particular consideration has been given to the impact of the Coronavirus on the company's ability to operate for the foreseeable future. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, after discounts, returns and rebates, excluding value added tax and other sales taxes. |
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Sale of goods |
Turnover from the sale of goods is recognised when all the following conditions are satisfied: |
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the company has transferred to the buyer the significant risks and rewards of ownership of
the goods; |
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the company retains neither continuing managerial involvement to the degree usually
associated with ownership nor effective control over the goods sold; |
- | the amount of turnover can be measured reliably; |
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it is probable that the economic benefits associated with the transaction will flow to the
company; and |
- | the costs incurred or to be incurred in respect of the transition can be measured reliably. |
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Usually, turnover from the sale of goods is recognised when the goods are delivered and legal title has passed. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, has been amortised evenly over its estimated useful life of fifteen years. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Government grants |
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. |
A N D Industrial Supplies Limited (Registered number: 04825776) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are stated at the lower of cost and net realisable value (estimated selling price less costs to complete and sell). Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
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Financial instruments |
Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is |
found, an impairment loss is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax, if applicable. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
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Hire purchase and leasing commitments |
Assets, obtained under hire purchase contracts and finance leases, are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2020 |
and 31 August 2021 |
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AMORTISATION |
At 1 September 2020 |
and 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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A N D Industrial Supplies Limited (Registered number: 04825776) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 August 2021 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2020 |
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Additions |
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At 31 August 2021 |
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DEPRECIATION |
At 1 September 2020 |
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Charge for year |
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At 31 August 2021 |
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NET BOOK VALUE |
At 31 August 2021 |
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At 31 August 2020 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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