Company Registration No. 07229532 (England and Wales)
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 4
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
2,316
2,725
Investments
2
1
1
2,317
2,726
Current assets
Stocks
720
780
Debtors
735,176
905,342
Cash at bank and in hand
60,692
27,256
796,588
933,378
Creditors: amounts falling due within one year
(554,002)
(709,800)
Net current assets
242,586
223,578
Total assets less current liabilities
244,903
226,304
Provisions for liabilities
(463)
(545)
244,440
225,759
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
244,340
225,659
Shareholders' funds
244,440
225,759
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 8 November 2016
Mr D K A Patel
Director
Company Registration No. 07229532
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
15% reducing balance basis.
1.5
Investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
2
Fixed assets
Tangible assets
Investments
Total
£
£
£
Cost
At 1 April 2015 & at 31 March 2016
3,715
1
3,716
Depreciation
At 1 April 2015
990
-
990
Charge for the year
409
-
409
At 31 March 2016
1,399
-
1,399
Net book value
At 31 March 2016
2,316
1
2,317
At 31 March 2015
2,725
1
2,726
Holdings of more than 20%
The company holds more than 20% of the share capital of the following companies:
Company
Country of registration or
Shares held
incorporation
Class
%
Other significant interests
Krimpterm Limited
England
Ordinary
50.00
The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:
Capital and reserves
Profit/(loss) for the year
2016
2016
Principal activity
£
£
Krimpterm Limited
Importing goods for wholesale
764,209
295,172
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
100
AUTOMOTIVE & INDUSTRIAL CONSUMABLES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 4 -
4
Related party relationships and transactions
Loans to directors
Transactions in relation to loans with directors during the year are outlined in the table below:
Description
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
Mr D K A Patel - Director's Loan
3.00
14,194
142,254
1,477
158,179
(254)
14,194
142,254
1,477
158,179
(254)
Other transactions
Krimpterm Limited is a related party as the company is a director and shareholder of that company.
S
ales to Krimpterm Limited during the year totalled £
312,236
(2015- £
270,117
) and the amount outstanding at the year end was £
76,378
(2015 - £
85,317
)
which is included in trade debtors
.
Purchases from Krimpterm Limited during the year totalled £156,344 (2015- £130,219) and the amount outstanding at the year end was £19,525 (2015- £7,306) which is included in trade creditors.
In addition, during the year interest free loans were provided by the company to Krimpterm Limited totalling £
40
,000 (2015- £
24
0,000). The balance outstanding at the year end was £
47
0,000 (2015- £
430
,000) and is included in other debtors due within one year.