false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2016-04-01
Sage Accounts Production Advanced 2017 Update 3 - FRS
19,409
3,880
3,880
7,760
11,649
15,529
xbrli:pure
xbrli:shares
iso4217:GBP
06481484
2016-04-01
2017-03-31
06481484
2017-03-31
06481484
2016-03-31
06481484
2015-04-01
2016-03-31
06481484
2016-03-31
06481484
core:NetGoodwill
2016-04-01
2017-03-31
06481484
core:PlantMachinery
2016-04-01
2017-03-31
06481484
core:FurnitureFittings
2016-04-01
2017-03-31
06481484
core:MotorVehicles
2016-04-01
2017-03-31
06481484
bus:LeadAgentIfApplicable
2016-04-01
2017-03-31
06481484
bus:Director1
2016-04-01
2017-03-31
06481484
core:NetGoodwill
2016-03-31
06481484
core:NetGoodwill
2017-03-31
06481484
core:PlantMachinery
2016-03-31
06481484
core:FurnitureFittings
2016-03-31
06481484
core:MotorVehicles
2016-03-31
06481484
core:PlantMachinery
2017-03-31
06481484
core:FurnitureFittings
2017-03-31
06481484
core:MotorVehicles
2017-03-31
06481484
core:WithinOneYear
2017-03-31
06481484
core:WithinOneYear
2016-03-31
06481484
core:AfterOneYear
2016-03-31
06481484
core:ShareCapital
2017-03-31
06481484
core:ShareCapital
2016-03-31
06481484
core:RetainedEarningsAccumulatedLosses
2017-03-31
06481484
core:RetainedEarningsAccumulatedLosses
2016-03-31
06481484
core:BetweenOneFiveYears
2017-03-31
06481484
core:BetweenOneFiveYears
2016-03-31
06481484
core:NetGoodwill
2016-03-31
06481484
core:PlantMachinery
2016-03-31
06481484
core:FurnitureFittings
2016-03-31
06481484
core:MotorVehicles
2016-03-31
06481484
bus:FRS102
2016-04-01
2017-03-31
06481484
bus:AuditExemptWithAccountantsReport
2016-04-01
2017-03-31
06481484
bus:FullAccounts
2016-04-01
2017-03-31
06481484
bus:SmallCompaniesRegimeForAccounts
2016-04-01
2017-03-31
06481484
bus:PrivateLimitedCompanyLtd
2016-04-01
2017-03-31
COMPANY REGISTRATION NUMBER:
06481484
AMD Specialist Coatings (Holdings) Limited
|
|
Filleted Unaudited Financial Statements
|
|
AMD Specialist Coatings (Holdings) Limited
|
|
Year ended 31 March 2017
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
|
10
|
|
|
AMD Specialist Coatings (Holdings) Limited
|
|
Statement of Financial Position
|
|
31 March 2017
Fixed assets
Intangible assets
|
5
|
|
11,649
|
15,529
|
Tangible assets
|
6
|
|
24,046
|
49,264
|
|
|
--------
|
--------
|
|
|
35,695
|
64,793
|
|
|
|
|
|
Current assets
Stocks
|
6,260
|
|
6,067
|
Debtors
|
7
|
271,485
|
|
305,705
|
Cash at bank and in hand
|
31,549
|
|
5,677
|
|
---------
|
|
---------
|
|
309,294
|
|
317,449
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
372,821
|
|
372,981
|
|
---------
|
|
---------
|
Net current liabilities
|
|
63,527
|
55,532
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
(
27,832)
|
9,261
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
–
|
28,757
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
2,999
|
3,000
|
|
|
--------
|
--------
|
Net liabilities
|
|
(
30,831)
|
(
22,496)
|
|
|
--------
|
--------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
152
|
152
|
Profit and loss account
|
|
(
30,983)
|
(
22,648)
|
|
|
--------
|
--------
|
Shareholders deficit
|
|
(
30,831)
|
(
22,496)
|
|
|
--------
|
--------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
AMD Specialist Coatings (Holdings) Limited
|
|
Statement of Financial Position (continued)
|
|
31 March 2017
These financial statements were approved by the
board of directors
and authorised for issue on
27 December 2017
, and are signed on behalf of the board by:
Company registration number:
06481484
AMD Specialist Coatings (Holdings) Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 March 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 6 Derwent Court Earlsway, Team Valley Trading Estate, Gateshead, Tyne & Wear, NE11 0TF.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest £1.
Going concern
The financial statements are prepared on the going concern basis. In the director's opinion the company will generate sufficient resources from operations and has access to adequate funding to enable the company to continue in operational existence for the foreseeable future.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference
.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill
|
-
|
20% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant and machinery
|
-
|
20% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Motor vehicles
|
-
|
25% reducing balance
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
14
(2016:
19
).
5.
Intangible assets
|
Goodwill
|
|
£
|
Cost
|
|
At 1 April 2016 and 31 March 2017
|
19,409
|
|
--------
|
Amortisation
|
|
At 1 April 2016
|
3,880
|
Charge for the year
|
3,880
|
|
--------
|
At 31 March 2017
|
7,760
|
|
--------
|
Carrying amount
|
|
At 31 March 2017
|
11,649
|
|
--------
|
At 31 March 2016
|
15,529
|
|
--------
|
|
|
6.
Tangible assets
|
Plant and machinery
|
Fixtures and fittings
|
Motor vehicles
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 1 April 2016
|
12,717
|
1,129
|
55,373
|
69,219
|
Additions
|
4,051
|
4,245
|
–
|
8,296
|
Disposals
|
–
|
–
|
(
40,208)
|
(
40,208)
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2017
|
16,768
|
5,374
|
15,165
|
37,307
|
|
--------
|
-------
|
--------
|
--------
|
Depreciation
|
|
|
|
|
At 1 April 2016
|
1,732
|
87
|
18,137
|
19,956
|
Charge for the year
|
3,856
|
156
|
1,934
|
5,946
|
Disposals
|
–
|
–
|
(
12,641)
|
(
12,641)
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2017
|
5,588
|
243
|
7,430
|
13,261
|
|
--------
|
-------
|
--------
|
--------
|
Carrying amount
|
|
|
|
|
At 31 March 2017
|
11,180
|
5,131
|
7,735
|
24,046
|
|
--------
|
-------
|
--------
|
--------
|
At 31 March 2016
|
10,985
|
1,042
|
37,236
|
49,263
|
|
--------
|
-------
|
--------
|
--------
|
|
|
|
|
|
7.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
233,359
|
247,911
|
Other debtors
|
38,126
|
57,794
|
|
---------
|
---------
|
|
271,485
|
305,705
|
|
---------
|
---------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
233,012
|
175,690
|
Trade creditors
|
63,742
|
97,862
|
Corporation tax
|
62
|
9,316
|
Social security and other taxes
|
50,325
|
60,168
|
Other creditors
|
25,680
|
29,945
|
|
---------
|
---------
|
|
372,821
|
372,981
|
|
---------
|
---------
|
|
|
|
The company's trade debtors have been provided as security respect of £233,012 included in creditors: amounts falling due within one year (2016: Trade debtors and fixed assets have been provided as security in respect of £188,134 included in creditors: amounts falling due within one year).
9.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Other creditors
|
–
|
28,757
|
|
----
|
--------
|
|
|
|
In the prior year the company provided security over certain fixed assets in respect of £28,757 included in creditors: amounts falling due after more than one year.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2017
|
2016
|
|
£
|
£
|
Not later than 1 year
|
–
|
46,500
|
Later than 1 year and not later than 5 years
|
46,500
|
2,820
|
|
--------
|
--------
|
|
46,500
|
49,320
|
|
--------
|
--------
|
|
|
|
11.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
Transaction value
|
Balance owed by/(owed to)
|
|
2017
|
2016
|
2017
|
2016
|
|
£
|
£
|
£
|
£
|
Shareholder loan
|
–
|
–
|
8,600
|
(
668)
|
|
----
|
----
|
-------
|
----
|
|
|
|
|
|
The shareholder loan is interest free and repayable on demand.
12.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.
AMD Specialist Coatings (Holdings) Limited
|
|
Year ended 31 March 2017
The following pages do not form part of the financial statements.
AMD Specialist Coatings (Holdings) Limited
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
AMD Specialist Coatings (Holdings) Limited
|
|
Year ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of AMD Specialist Coatings (Holdings) Limited for the year ended 31 March 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of AMD Specialist Coatings (Holdings) Limited in accordance with the terms of my engagement letter dated 20 December 2017. My work has been undertaken solely to prepare for your approval the financial statements of AMD Specialist Coatings (Holdings) Limited and state those matters that I have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than AMD Specialist Coatings (Holdings) Limited and its director for my work or for this report.
It is your duty to ensure that AMD Specialist Coatings (Holdings) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of AMD Specialist Coatings (Holdings) Limited. You consider that AMD Specialist Coatings (Holdings) Limited is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of AMD Specialist Coatings (Holdings) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
A NICHOL & CO
Chartered accountant
191 New Ridley Road
Stocksfield
Northumberland
NE43 7QD
27 December 2017