Company Registration No. 8343634 (England and Wales)
Avastec Limited
Unaudited accounts
for the year ended 31 December 2017
Avastec Limited
Statement of financial position
as at
31 December 2017
Intangible assets
-
2,100
Cash at bank and in hand
7,974
19,900
Creditors: amounts falling due within one year
(29,806)
(36,346)
Net current liabilities
(67)
(2,214)
Called up share capital
2
2
Profit and loss account
3
-
For the year ending 31 December 2017 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 10 August 2018.
Stephen Taylor
Director
Company Registration No. 8343634
Avastec Limited
Notes to the Accounts
for the year ended 31 December 2017
Avastec Limited is a private company, limited by shares, registered in England and Wales, registration number 8343634. The registered office 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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
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 2017
4
Intangible fixed assets
Goodwill
At 31 December 2017
10,500
Charge for the year
2,100
At 31 December 2017
10,500
At 31 December 2016
2,100
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 2017
292
3,549
3,841
At 31 December 2017
292
3,549
3,841
At 1 January 2017
176
3,549
3,725
Charge for the year
44
-
44
At 31 December 2017
220
3,549
3,769
At 31 December 2017
72
-
72
At 31 December 2016
116
-
116
Trade debtors
21,765
6,000
7
Creditors: amounts falling due within one year
2017
2016
Bank loans and overdrafts
2,825
-
Taxes and social security
20,897
14,716
Loans from directors
6,084
-
Avastec Limited
Notes to the Accounts
for the year ended 31 December 2017
8
Share capital
2017
2016
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 (2016: 2).