Company Registration No. 8343634 (England and Wales)
Avastec Limited
Annual report and unaudited accounts
for the year ended 31 December 2016
Avastec Limited
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Avastec Limited for the year ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Avastec Limited for the year ended
31 December 2016 as set out on pages
3 -
7 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Avastec Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2014. Our work has been undertaken solely to prepare for your approval the accounts of Avastec Limited and state those matters that we have agreed to state to the Board of Directors of Avastec Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avastec Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Avastec Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Avastec Limited. You consider that Avastec Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Avastec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RJ Wilber Ltd
Chartered Accountants
28 High Street
Bidford on Avon
Alcester
Warwickshire
B50 4AA
18 March 2017
Avastec Limited
Statement of financial position
as at
31 December 2016
Intangible assets
2,100
4,200
Cash at bank and in hand
19,900
29,433
Creditors: amounts falling due within one year
(36,346)
(51,047)
Net current liabilities
(2,214)
(3,014)
Called up share capital
2
2
Profit and loss account
-
1,344
Shareholders' funds
2
1,346
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 18 March 2017.
Stephen Taylor
Director
Company Registration No. 8343634
Avastec Limited
Statement of Changes in Equity
as at
31 December 2016
Share
capital
Profit
& loss
account
Total
At 1 January 2015
2
129
131
Profit for the year
52,945
52,945
Dividends
(51,730)
(51,730)
At 31 December 2015
2
1,344
1,346
At 1 January 2016
2
1,344
1,346
Profit for the year
38,874
38,874
Dividends
(40,218)
(40,218)
At 31 December 2016
2
-
2
Avastec Limited
Notes to the Accounts
for the year ended 31 December 2016
Avastec Limited is a private company, limited by shares, registered in England and Wales, registration number 8343634. The registered office and principal place of business is 17 St. Christopher Drive, Wednesbury, West Midlands, WS10 0GE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2016.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Avastec Limited
Notes to the Accounts
for the year ended 31 December 2016
4
Intangible fixed assets
Goodwill
At 31 December 2016
10,500
Charge for the year
2,100
At 31 December 2016
8,400
At 31 December 2016
2,100
At 31 December 2015
4,200
Goodwill is being written off in equal annual instalments overs its estimated economic life of 5 years.
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2016
292
3,549
3,841
At 31 December 2016
292
3,549
3,841
At 1 January 2016
132
3,549
3,681
Charge for the year
44
-
44
At 31 December 2016
176
3,549
3,725
At 31 December 2016
116
-
116
At 31 December 2015
160
-
160
Trade debtors
6,000
18,540
7
Creditors: amounts falling due within one year
2016
2015
Corporation tax
9,729
13,677
Other taxes and social security costs
4,987
4,314
Other creditors
21,630
32,996
Avastec Limited
Notes to the Accounts
for the year ended 31 December 2016
8
Share capital
2016
2015
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loans
-
8,185
-
8,185
The ultimate controlling party is Mr. S Taylor.
11
Average number of employees
During the year the average number of employees was 2 (2015: 2).