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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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ADVANCED MINIBUS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016 |
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FOR |
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ADVANCED MINIBUS LIMITED |
ADVANCED MINIBUS LIMITED (REGISTERED NUMBER: 06965921) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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ADVANCED MINIBUS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ADVANCED MINIBUS LIMITED (REGISTERED NUMBER: 06965921) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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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 |
8 |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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ADVANCED MINIBUS LIMITED (REGISTERED NUMBER: 06965921) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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Advanced Minibus Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year that the company has presented its financial statements under Section 1A "Small Entities" of |
Financial Reporting Standard 102 (FRS 102 Section 1A) issued by the Financial Reporting Council. The last |
financial statements, for the year ended 31 December 2015, were prepared under previous UK GAAP. The |
transition date to FRS 102 Section 1A is therefore 1 January 2015. |
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Adopting FRS 102 Section 1A has not resulted in any changes to the company's existing accounting policies |
which were being applied prior to transition. There was no change to the reported profit and loss account or |
closing equity position of the business for the year ended 31 December 2015 as a result of the transition, nor to |
opening equity position at the date of transition. |
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Turnover |
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of |
Value Added Tax. |
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In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done |
in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and |
contracts for on-going services is recognised by reference to the stage of completion. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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All fixed assets are initially recorded at cost. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
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ADVANCED MINIBUS LIMITED (REGISTERED NUMBER: 06965921) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal |
of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme. Contributions payable to the pension |
scheme are charged to profit or loss in the period to which they relate. |
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Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
transaction price. Any losses arising from impairment are recognised in the profit and loss account in other |
administrative expenses. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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ADVANCED MINIBUS LIMITED (REGISTERED NUMBER: 06965921) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
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COST |
Additions |
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At 31 December 2016 |
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DEPRECIATION |
Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Included in other debtors is £22,007 (2015: £13,059) in respect of prepayments and accrued income. |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Included in other creditors is £11,248 (2015: £8,714) in respect of accruals and deferred income. |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts (see note 9) |
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ADVANCED MINIBUS LIMITED (REGISTERED NUMBER: 06965921) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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9. | LEASING AGREEMENTS |
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Minimum lease payments under hire purchase fall due as follows: |
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Hire purchase contracts |
2016 | 2015 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
£ | £ |
Hire purchase contracts | 22,364 | - |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | £1 | 50 | 50 |
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A Ordinary | £1 | 50 | 50 |
100 | 100 |
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12. | OTHER FINANCIAL COMMITMENTS |
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Total future financial commitments, guarantees and contingencies which are not included in the balance sheet |
amount to £360,000 (2015: £450,000). |
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This amount is in relation to operating lease commitments which are payable over the next four years (2015: five |
years). |
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Section 1A of Financial Reporting Standard |
102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions entered into between two or more members of a group, where any subsidiary which is party to the |
transaction is wholly-owned within the group. |
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14. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end, the trade and assets of Advanced Minibus Limited were hived up into the parent |
company, Advanced KFS Special Vehicles Limited. Advanced Minibus Limited ceased to trade on 1 January |
2017. |