Year Ended
Registration number:
AUK Supplies Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
AUK Supplies Limited
Company Information
Directors |
Mr M S Besley Mr A Besley Mr M Besley Mrs E Besley |
Company secretary |
Mrs E Besley |
Registered office |
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Accountants |
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Page 1 |
AUK Supplies Limited
Balance Sheet
31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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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 |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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Page 2 |
AUK Supplies Limited
Balance Sheet
31 December 2018
For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 05111595
Page 3 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
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 Section 1A, and the Companies Act 2006.
There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
20/5 years straight line |
Page 4 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Tangible assets
All fixed assets are initially recorded at cost, except for freehold properties acquired before 2015. The properties were revalued at 31 December 2014. In 2016 the directors adopted the transitional provisions of FRS 102, which provide that companies do not have to revalue tangible fixed assets. Previous valuations have been retained as deemed cost and have not been updated.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation on freehold property relates only to freehold buildings. No depreciation has been charged on land owned by the company.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold property |
2% straight line |
Plant & Machinery |
15% reducing balance |
Fixtures & Fittings |
15% reducing balance/25% straight line |
Motor Vehicles |
25% reducing balance |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income.
Movements in deferred tax relating to revalued assets are included in the revaluation reserve .
Deferred tax is determined using tax rates and laws (including indexation relief) that have been enacted or substantively enacted by the reporting date.
Foreign currency
Page 5 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and interest is charged to the profit and loss account on a straight line basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior period.
Contributions to defines contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Basic financial assets comprise short term trade and other debtors and cash and bank balances. Basic financial liabilities comprise short term trade and other creditors.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Disposals |
( |
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At 31 December 2018 |
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Amortisation |
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At 1 January 2018 |
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Amortisation charge |
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Amortisation eliminated on disposals |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Page 7 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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Disposals |
- |
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- |
- |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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Eliminated on disposal |
- |
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- |
- |
( |
At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Leased assets
Included within the net book value of tangible fixed assets is £63,177 (2017 - £52,145) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £13,548 (2017 - £17,847).
Revaluation
The fair value of the company's Freehold land and buildings was revalued on
The company decided to take advantage of the transitional provision of FRS 102 to treat this valuation as deemed cost
Page 8 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
- |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Corporation tax |
62,000 |
29,000 |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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Page 9 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Loans and borrowings |
2018 |
2017 |
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Loans and borrowings due after one year |
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Finance lease liabilities |
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Redeemable preference shares |
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2018 |
2017 |
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Current loans and borrowings |
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Finance lease liabilities |
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Bank borrowings
Bank loans are secured on land and buildings owned by the company. |
Hire purchase agreements and finance lease liabilities
Hire purchase agreements are secured on the individual assets taken out on hire purchase.
Redeemable preference shares
The preference shares have a dividend payment of 2% and are redeemable at the discretion of the company.
Page 10 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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1 |
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1 |
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61,500 |
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61,500 |
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4 |
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4 |
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403,148 |
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703,148 |
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100 |
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100 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Page 11 |
AUK Supplies Limited
Notes to the Financial Statements
Year Ended 31 December 2018
Related party transactions |
Transactions with directors |
2018 |
At 1 January 2018 |
Advances to directors |
Repayments by director |
At 31 December 2018 |
Mr A Besley |
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Loan repayable on demand with no interest paid |
7,926 |
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( |
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Mr M S Besley |
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Loan repayable on demand with no interest paid. |
14,052 |
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( |
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2017 |
At 1 January 2017 |
Advances to directors |
Repayments by director |
At 31 December 2017 |
Mr A Besley |
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Loan repayable on demand with no interest paid |
10,995 |
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( |
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Mr M S Besley |
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Loan repayable on demand with no interest paid. |
48,287 |
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( |
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Page 12 |